Melbourne’s popular school zones have long had an impact on surrounding property prices and top education catchments have continued to notch significant growth throughout the pandemic.
Buying within proximity to Melbourne’s top-performing schools has always been competitive, with demand from families and investors consistently pushing prices upward. Over the past year, house prices in 38 Melbourne catchments have skyrocketed with increases of more than 20 per cent, according to the most recent Domain School Zone Report.
Balwyn High School, East Doncaster Secondary College and Ringwood Secondary College have always remained steady contenders in Melbourne’s east. However, as prices in these zones can differ by up to 10 per cent, it is common for buyers to be priced out of their desired area.
So, what is the secret to purchasing within your budget in a popular school zone?
As always, do your homework. Start by researching a handful of areas and schools you like. Instead of having only one school in mind with no wiggle room, have a selection of four or five to increase your chances of finding a home that doesn’t break the budget.
Look for areas slated for change. Most popular catchments will have new or soon-to-be upgraded infrastructure as well as premium schooling. Ringwood Secondary College’s zone has increased exponentially over the last ten years. This growth is in part due to the school but also the surrounding infrastructure. I recommend visiting council websites for information on future plans and buying into the area in the early stages of planning or development. This will aid your decision making, expand your choices and make for a smart investment.
Lastly, while paying a premium for a home isn’t possible for every family, good schooling can be. Renting near your preferred school is always an option and should not be disregarded.
Buying a home and your child’s education are two big decisions and often need to go hand in hand. For expert advice, call the Philip Webb Real Estate team.