Parents eager to send their kids to Preston West Primary are ready to splash cash in order to secure property in the school’s zone.
According to new data from the Real Estate Institute of Victoria, there is a $100,000 median price difference between homes in as well as outside the Preston West Primary School zone.
Inside the Preston West Primary School zone, the median house price sits at $1 million, while it sits at $900,000 for those just outside the Preston West Primary School area.
Real Estate Institute of Victoria President Joseph Walton said that properties near some of the best primary schools of the city were becoming more sought after.
“While suburbs zoned for the state’s top secondary schools have seen significant price growth for a number of years, now too are homes within the catchment area of quality public primary schools,” Mr Walton said.
“Rather than paying private school fees, parents of school-aged children are looking to invest that money in the family home, buying into areas zoned for some of the city’s best public primary and secondary schools.”
He said that the majority of buyers were families with primary school-aged children as well as couples who planned to have children or were expecting their first child.