School zones impact McKinnon real estate prices

Having access to the best schools is a real coup for any family, but have you ever thought about how much you’re paying for the privilege? The Real Estate Institute of Victoria (REIV) has shed some light on the issue, showing that a good education could be costlier than some buyers realise.

The rising price of McKinnon real estate

In many parts of the state, the REIV revealed that the median price of two-bedroom homes in public school zones was significantly higher than those outside the border zone.

This is certainly the case for McKinnon real estate. Properties that are in the zone for McKinnon Secondary College are valued at a median of $1.5million. This compared to an average of $1.19million in the same suburb, but outside this zone.

“Rather than paying private school fees, parents of school-aged children are increasingly investing that money in the family home and buying into areas zoned for top performing public schools,” noted REIV CEO Geoff White.

Demand for schools reaches fever pitch

The Australian Bureau of Statistics revealed that more children are attending the nation’s schools, which might help explain some of this trend. In 2014 and 2015, the number of students enrolled in schools increased 1.5 per cent, while the amount of youngsters attending independent schools was up 2 per cent.

Victoria witnessed one of the greatest increases in student numbers over the course of the year, up 1.9 per cent. Independent school enrolments in the state were up 2.3 per cent.

With schools often being a deciding factor in where to live, it’s important to enlist the help of a real estate agent in Carnegie. Matt Hurlston and his team are ready to help you find a home that offers the best opportunities for you and your family.