A new secondary school zone has shot to the top of the class to earn the highest property premium in Melbourne.
The typical house in the catchment for Beaumaris Secondary College — which accepted its first students last year and offers Melbourne Cricket Club-backed sporting facilities — is fetching $1,622,500.
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This is $412,500 more than a median-priced house in the 1km radius around the zone, according to Real Estate Institute of Victoria figures released on the brink of the new school year.
Parents are also continuing to pay big bucks to put down roots in ever-popular catchments like Glen Waverley Secondary College, in which houses are commanding $321,000 more on average than those just outside, Kew High School, $286,000, and McKinnon Secondary, $157,500.
Houses zoned for Mt Waverley Secondary, Camberwell High, Box Hill High, Frankston High and Parkville’s University High are also commanding big premiums.
REIV president Robyn Waters said the data also showed parents were digging deep to live in well-regarded primary school catchments, with an aim to kick off their kids’ educations strongly before sending them to private secondary colleges.
South Yarra Primary-zoned houses are fetching $335,000 premiums, Malvern East’s Lloyd St Primary, $222,500, and Hampton Primary, $195,000.
Hodges Sandringham director Stephen Wigley said competition to get into top primary zones had become just as frenzied as secondary, with saving on private school fees a big motivator at both levels.
He said parents were moving from other suburbs to get their children into the new Beaumaris Secondary, with some even shifting their kids over from private school Mentone Grammar.
With the school gearing up to take more students, Mr Wigley has seen an immediate boost in buyer numbers at open-for-inspections in the catchment this year — “all young families wanting to get into the zone”.
Last year’s VCE results show why the more established secondary schools named by REIV are in demand.
McKinnon and Box Hill High notably achieved median study scores of 34 out of a possible 50 to be among Victoria’s best performing government schools, closely followed by Glen Waverley Secondary and University High, both 33, and Frankston, Camberwell and Kew Highs, all 32.
Hocking Stuart Frankston director Adrian Foster said Frankston High zoning added at least 10 per cent to property prices, with the area offering other family-friendly perks including parks, the beach and the popular Overport Primary.
“It’s money well spent — the results (from the school) are continually strong,” he said.
Elizabeth Limpens picked Frankston High for children Ashton and Ava because of its “amazing reputation”, and because private school fees were too high.
She and partner Peter Mazalin are selling their renovated three-bedroom Frankston South house in the zone at 12 Hoadley Ave with $1.375-$1.475 million price hopes, but the kids will continue to attend the school.
Mr Mazalin said their home also offered striking water views from its elevated position, and was just “a few hundred metres from the bay”.
It’s being sold privately.
TOP SCHOOL ZONE PREMIUMS
Beaumaris Secondary College: $1,622,500 median house price in zone vs. $1.21m in 1km border = $412,500 difference
Glen Waverley Secondary College: $1.621m vs. $1.3m = $321,000 difference
Kew High School: $2.001m vs. $1.715m = $286,000 difference
McKinnon Secondary College: $1.548m vs. $1,390,500 = $157,500 difference
Mt Waverley High School: $1.31m vs. $1.173m = $137,000 difference
Camberwell High School: $2.1m vs. $1.98m = $120,000 difference
Box Hill High School: $1,285,750 vs. $1.2m = $85,750 difference
Frankston High School: $770,550 vs. $690,000 = $80,550 difference
University High School (Parkville): $1.395m vs. $1,327,500 = $67,500 difference
South Yarra Primary School: $1.7m median house price in zone vs. $1.365m in 1km border = $335,000 difference
Lloyd St Primary School (Malvern East): $1.98m vs. $1,757,500 = $222,500 difference
Hampton Primary School: $2.05m vs. $1.855m = $195,000 difference
Malvern Central School: $2.4m vs. $2.23m = $170,000 difference
Mt Waverley Primary School: $1,407,950 vs. $1.266m = $141,950 difference
Preston West Primary School: $1.06m vs. $920,000 = $140,000 difference
Fitzroy Primary School: $1.435m vs. $1.305m = $130,000 difference
Auburn South Primary School (Hawthorn East): $2.23m vs. $2.1m = $130,000 difference
Altona Primary School: $952,500 vs. $830,000 = $122,500 difference
Source: REIV, median sale prices for houses with two or more bedrooms for the year to December 31, 2018