Top School Zone for Housing Growth
Schooling zones have continued to increase in popularity, especially in the Melbourne’s inner suburbs, as the city’s population continues to grow rapidly, which is placing more and more pressure on enrolment limits for schools. It is only getting harder and harder for parents to afford to get their kids within the schooling zones, as Melbourne leads the whole country in terms of house price growth for each school catchment. Popular school zones in the inner suburbs have overtaken city-wide averages, by more than double in recent years.
According to Domain.com, they have showed that parents in all suburbs of Melbourne, regardless of the median house price, are facing the problem being out bid in certain schooling catchments. Some of Melbourne’s top schools had the honour of taking out the top 5 places in a national list comparing growth in secondary school catchments. Similarly, 5 of Melbourne’s primary schools made the national list.
The University High School is one of the most popular schools in Melbourne, has been forecasted to triple in size, due to the Victorian government, which was announced in October. This school was the second fastest growing area in terms of schooling zones in the whole of Australia. Parkville College is also another popular school in Melbourne that had an annual growth of 23.7 per cent, which help grew the catchment zone of Melbourne by 10.3 per cent in 2016.
One of the biggest questions that is asked about Parkville said our Senior Agent, Mark Ribarsky, was whether if a specific property is located within the zone of University High School. Mr Ribarsky said that he had buyers that were selling their current property, and moving 100 metres down the road and purchasing a property, just so that they were in the University High catchment zone. He also said that the demographic in this area were Australian Chinese, and overseas investors.
Many buyers are willing to give up family priorities like a backyard and a garage just so they are within the boundary of University High. They have gone to the extent where they would convert the garage into a third bathroom, just to make space for a whole family. Therefore, if you wish your property to gain capital growth over the short term and long term, any place that is close to a schooling zone in the inner suburbs of Melbourne will help you achieve this.
Annual growth figures of property prices were derived within Victoria’s government catchment borders in November 2015 to October 2016. The report was used to look at different perspectives when it comes to price growth, as back in the days we looked at housing growth in regions that were established on suburbs. The reason why Melbourne were presented so greatly on the list, was because it was overtaking all the suburbs in terms of population growth and median house prices.
However, catchment zones were not the only reason why Melbourne experienced strong growth in these schooling zones, this could be of a number of reasons. Macleod’s Charles La Trobe Secondary College is one of the leading high school in Australia, and was likely to be affected by the strong growth in house prices. Close to this school was Viewbank college which was a lot more popular, however it was believed that many people who weren’t able to afford to buy in Ivanhoe resorted to Charles La Trobe zone.
If you wish to purchase a property in Melbourne’s schooling zones, but you are unaware of how to do it, then consider hiring a Buyer’s agent Melbourne who can assist you through the entire process, and will inform you if you are in the catchment zone for a specific school that you like.
Article provided by Wise Real Estate Advice