In demand: buying and selling in top school zones

When it comes to securing their child a place at one of the state’s best schools, Melbourne parents are willing to go above and beyond.

Top-performing schools only take students who reside in their catchment zone, and unscrupulous parents have been known to ‘borrow’ a relative’s address or even purchase a second (empty) property. These schools often require the parents of enrolling students to sign a residency declaration, and some go as far as visiting the address in person to verify that the student actually lives there.

The competition for a home within the zone of a top school is intense, and that demand is reflected in the price of nearby properties. Within this school zone, house prices can be anywhere from 5% to 20% higher than the median price for the remainder of the suburb. One street past the boundary prices drop, and sometimes dramatically. For those selling within a school zone, the location is often the starting point of the marketing campaign. Some canny parents even buy strategically when their child is a toddler to guarantee them a place at a desired high school.

This has always been true of elite private schools, but it’s now the case for Melbourne’s best public schools, too. Parents who want academic excellence without the perceived elitism will pay extra to live near schools like University High School, Princes Hill Secondary College and Strathmore Secondary College. With private school fees creeping ever upwards, these buyers see paying extra for a home as the better investment; when their children finish school and it comes time to sell, there will be a queue of young families lining up for the property. Houses or apartments within school catchment zones are always in demand, with parents studying Year 12 results as carefully as local property listings.

There are risks when purchasing property close to a school like this, including heavy weekday traffic and noisy weekend sporting events. As well, the boundaries of these zones occasionally change, causing outrage among anyone pushed outside the boundary.

If you’re keen to buy close to an in-demand school, it’s wise to contact the school first and determine their exact residency requirements. Then contact local real estate agents and let them know where you want to buy – that way, they can add you to their database and notify you as soon as a suitable property becomes available.