Latest data collected from the Real Estate Institute of Victoria (REIV) shows that properties located in schooling and education catchments are attracting premiums compared to those outside the zones.
This is no surprise given that, along with proximity to transport, infrastructure and employment opportunities, schools and education are some of the major drivers of economic growth in residential property.
Along with creating stronger capital growth prospects, purchasing in school zones has a tendency to attract stronger rental demand, improve tenant stability and maintain demand throughout the lifecycle of ones investment.
One of the homes zones earmarked in the latest report was for McKinnon Secondary College, which achieved significantly higher prices than those outside the catchment area.
The median house price for homes within the zone was $1,500,000 compared to a median of $1,195,000 for homes in the same suburb but outside the school zone.
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