Cars might slow down in school zones, but property prices don’t 

You’ve probably heard that property prices are on the decline in 2023, however, there are certain areas still attracting high sales prices. Read on to find out if you’re living on a modern-day gold mine. 

A recent report by Domain has found that properties situated in government school catchment zones are attracting higher sales prices compared to those located outside of the zones. The annual School Zones Report conducted by Domain revealed that nearly half of both primary and secondary school catchment zones have outperformed the house price growth of the suburb they are located in. 

According to Domain’s Chief of Research and Economics, Nicola Powell, the high demand for housing in specific school catchment zones comes as no surprise. Nicola explains, “When people are looking for a home, we know that they’re looking for a lifestyle, and education is a big part of that, no matter what part of Australia you live in or your housing budget.” 

It’s important to note that school catchment zones can cross multiple suburbs, which may not include the suburbs in their entirety. Data from the Australian Bureau of Statistics outlined that 64.5% of students attended government schools. Within the combined state capitals, 49% of state primary schools and 48% of state secondary school catchment areas are outperforming their respective suburb’s price growth. In regional Australia, 46% of primary school catchment zones and 100% of high school catchment zones report stronger price growth. 

Domain’s report highlights the top 10 primary and secondary school catchment zones, which all reported higher than 28% housing growth annually, with many of the list-topping zones located around the outer fringes of Australia’s capital cities. Seven primary school zones and nine high school zones were in Queensland, making it the dominant state. 

Dr Powell noted that despite the growth experienced in these areas, most are well under their capital cities’ median house prices, highlighting the impact of the past years’ cost of living environment. The evidence in the report suggests that government school catchment zones are attracting higher sales prices, with education playing a significant role in the lifestyle that people are looking for when searching for a home. This trend is likely to continue, with catchment zones near beaches and parks becoming increasingly popular for families, and affordability remaining high on property wish lists. 

If you’re currently living in a state school zone and want to know how much your property is worth for rent or for sale, contact our team today for a free property appraisal.  

Source: Domain