It's been common knowledge for some time now that top schools have a habit of forcing up property prices, but the latest figures seem to confirm this fact. The Real Estate Institute of Victoria (REIV) revealed that demand for Melbourne's best public secondary schools is so high that house prices are valued as much as $600,000 higher than in other parts of the city.
"Rather than paying private school fees, parents of school-aged children are increasingly investing that money in the family home and buying into areas zoned for top performing public schools," said REIV CEO Geoff White.
It's something you might want to think about if you are looking at property for sale in St Kilda. A real estate agent will be able to talk through your options, whether you've got your sights set on a particular catchment area, or would ideally like to avoid these locations.
If you look at the latest Australian Bureau of Statistics (ABS) data, it's perhaps not surprising that demand for good schools is growing. The group revealed that between 2014 and 2015, there was a 1.5 per cent rise in the number of students enrolled in Australian schools.
This increase was higher among government than non-government schools, although there was a 2 per cent rise in the number of youngsters attending independent establishments.
The REIV revealed that the greatest price difference in Melbourne is among the homes that have been zoned for University High, which is located in inner-northern Parkville. Properties within this catchment area had a median price of $1.39million, while those within a kilometre of the area registered a median value of $799,000.
Make sure you get in touch with us for help finding your real estate in St Kilda, regardless of whether or not local schools are on your radar.