Unlike in any other big city in Australia, many parents have crowded the Melbourne property market in certain school zones.
Prices in these hotspots have been driven up, especially where the top schools are located.
In fact, research has shown that there are price differences of almost $400k when comparing suburbs inside and just outside popular school zones.
Sure the Melbourne property market had a significant slump in 2018 and early 2019.
However, it has more recently experienced a significant rebound and it’s a good time to consider buying.
Investing in a top-performing school zone can lead to substantial capital growth in the long-term.
Remember to make sure that any properties you’re looking at are actually within the zone and not just in the same suburb.
Brighton East
A smaller proportion of Brighton is also in this zone.
However, property prices are cheaper in Brighton East.
The median house price in Brighton East is currently around $1.7 million whereas units sit at about $815,000.
Rental yields are better for units (4%) than houses (2.5%) in Brighton East.
- Median house price: $1,700,000
- Median unit price: $815,000
- Average house rent: $780/week
- Average unit rent: $628/week
Mount Waverley
A difference of $137,000 was found between house prices in and out of the Mount Waverley Secondary College school zone.
Similar to the prices in Brighton East, houses come in at a median of $1.2 million whereas units are currently around $848,000.
The average rent is actually higher for units ($540) than for houses ($523), making their yield higher as well.
- Median house price: $1,200,000
- Median unit price: $848,000
- Average house rent: $523/week
- Average unit rent: $540/week
Doncaster East
Doncaster East is within an area where only about 67% of students finish high school.
Despite this, East Doncaster Secondary College has been performing well in recent years.
The median house price in Doncaster East is $1.1 million and for units is $643,000.
You can expect around $550 per week in rental income for houses and $480 for units.
- Median house price: $1,100,000
- Median unit price: $643,000
- Average house rent: $550/week
- Average unit rent: $480/week
McKinnon
McKinnon is in the school zone for McKinnon Secondary College, one of the best performing non-selective government schools in the state.
The difference between house prices in and out of the zone has been at least $157,500.
Median house prices are currently $1.4 million whereas median unit prices are $690,000.
- Median house price: $1,400,000
- Median unit price: $690,000
- Average house rent: $650/week
- Average unit rent: $520/week
Parkville
University High School is located right near the Melbourne CBD, making houses in the area quite expensive.
One of the suburbs in the University High School school zone is Parkville.
For houses, the median price sits at about $1.5 million and the rental yield is 3.1%.
For units, the median price is about $490,000 whereas the rental yield is an impressive 4.6%.
- Median house price: $1,500,000
- Median unit price: $490,000
- Average house rent: $900/week
- Average unit rent: $430/week
Glen Waverley
Glen Waverley is known to be the home of one of the most elite government schools.
Parents have been determined to get into the school zone, clear in the $321,000 difference between properties in and out of the catchment.
The median house price is currently $1.2 million and the median unit price is $788,000.
- Median house price: $1,200,000
- Median unit price: $788,000
- Average house rent: $530/week
- Average unit rent: $495/week
Box Hill
Box Hill High School is one of the best schools in Victoria with a median study score of 34 in the 2018 VCE.
There is also a $500,000 upgrade to the school that’s on the way, making it even more highly sought out by parents.
The median house and unit prices are about $1.2 million and $455,000, respectively.
- Median house price: $1,200,000
- Median unit price: $455,000
- Average house rent: $528/week
- Average unit rent: $400/week
Balwyn North
Last but definitely not least is Balwyn High School, another government school that has had a median study score of 34 during the 2018 VCE.
There is a focus on both student wellbeing and high exam results.
A large part of Balwyn North is in the school zone for Balwyn North.
Houses and units don’t come cheap with current medians sitting at $1.6 million and $815,000, respectively.
- Median house price: $1,600,000
- Median unit price: $815,000
- Average house rent: $650/week
- Average unit rent: $495/week
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Guest author: Ellen Orton is the Head of Business Operations at OpenAgent.com.au, an online agent comparison website helping Australians to sell, buy and own property.
from Property UpdateProperty Update https://propertyupdate.com.au/8-best-melbourne-school-zones-to-buy-in/
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