Property prices up to 10% higher in popular school zones
- Haynes Wileman
- Mar 7, 2023
- 2 min read
Property prices in popular school zones across Australia have outperformed by as much as 10%. Domain’s latest School Zones Report reveals that property prices in almost half of Australia’s primary and secondary school zones have outperformed the house price growth of the suburb they are located in. The data shows that parents are willing to pay a premium for homes in locations that make their children eligible for enrolment in popular or high-performing government schools.
Domain’s chief of research Nicola Powell said that demand for lifestyle and education is a key driver for homebuyers, but affordability sits at the top of the list of priorities.
The data also shows that Australia’s housing market downturn has had a varied impact on school catchment zones’ house prices, with the smaller capitals showing more resilience than Sydney and Melbourne.
For Sydney, just 46% of primary school catchment zones and 44% of secondary school catchment zones outperformed their respective suburbs.
The data for Melbourne was a touch higher with 50% of primary school zones outperforming and 47% of secondary schools.
Meanwhile, at the other end of the scale, property prices in many of Hobart’s government school zones were higher than the suburbs they are located in – 57% of primary school catchment zones and a huge 82% of secondary school catchment zones outperformed.
Sydney school catchment zones that have had the greatest annual house price growth..
Domain’s data shows that annual house price growth in 46% of Sydney primary and 44% of Sydney secondary school catchments analysed surpasses the respective suburb price growth, with 88% of primary school and 95% of secondary school catchments seeing up to 10% more growth compared to the suburb they are located in.
The top school catchments are spread across Sydney, buyers largely favour areas that are growing and offer affordability, with the majority sitting below the overall Sydney house price.
House price growth varies between neighbouring school catchments too.
For example, the Artarmon Public School catchment has seen the largest annual increase at 44% while the nearby North Sydney Public School in Waverton dropped 13%.
Comments