Victorian families paying premiums to live near top schools

Research shows families in Victoria are paying hundreds of thousands of dollars extra for homes near good government schools.

Transcript

00:00I'm outside Frankston High School in Melbourne's outer south and new research shows parents

00:07are willing to pay a lot more for a house in this area to make sure their kids get a

00:11spot in the school.

00:13Analysis from the Real Estate Institute of Victoria compared the average house price

00:18within the school catchment compared to the house price just outside the catchment and

00:23houses in this zone are going for an average of 20% higher than those just outside the

00:29zone.

00:30And that's a pattern across Melbourne where parents are willing to pay a premium for houses

00:34that are located within good school zones.

00:37We've seen that the highest premium is for Williamstown High School in Melbourne's west.

00:42There's also big premiums being paid around Glen Waverley and Auburn in the east of Melbourne.

00:47Now there is a link between good academic results and house prices but parents we've spoken to

00:53say it's not just test results that attract them to good schools.

00:56There are just so many opportunities and the teachers are very invested, the coordinators

01:01are very contactable.

01:02A lot of people worry that it's a large school but you're definitely not a number.

01:06The coordinators know me by name if you've got any concerns, it's fantastic.

01:10There is a link also between apartments and school zones but it's not as stark as the difference

01:16between the house prices.

01:18GEDAIL