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The Secret Agent Report

A monthly online publication by Melbourne buyers advocates Secret Agent to help buyers, researchers and industry professionals navigate the local property market.


Read our latest report: Melbourne's Supply of New Developments



The Secret Agent Report - School Zones

March 2015

School Zones

School Zones (Download PDF)

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I have never let my schooling interfere with my education.”
– Mark Twain 

School zones are of fundamental importance when considering property prices. Whether you are looking to have children or not, properties are bundles and the reality of the urban landscape is that many different attributes are wrapped up in the price.

In this month’s report, Secret Agent conducted a study to compare the performance of public schools with house prices in the surrounding region. The primary aim was to uncover the answer to the question: what is the real, unseen price of education in the housing market and how much do rankings influence this?

Excerpt:

One of the most important decisions you may make as a parent is where to send your child to school. You can spend hours researching schools, studying what they offer, their reputation, yearly VCE results and overall school ranking. Imagine spending all that time researching to find what you believe is the perfect school for your child, only to be informed that they will not be accepted because you do not live in the school’s zoning. If only you had known this when you purchased your family home!

Public secondary schools in Melbourne are separated into zones. The bulk of enrolments will come directly from these zones, making the decision on what area to settle down in a potentially crucial factor for parents. While private schools are not affected by the same zoning restrictions, many impose a heavy financial burden on the household budget, especially if the choice between public and private has to be made for several children.

School zones are of fundamental importance when considering property prices. Whether you are looking to have children or not, properties are bundles and the reality of the urban landscape is that many different attributes are wrapped up in the price.

If you are a future home buyer, a school zone should be taken into account as this will affect how others view a property and potentially push prices up. This means you could be overpaying for a property because it is within a school zone, even if this is not relevant to you. The school zone effectively comes with the house and you will pay for it regardless as a result of market pricing.

Secret Agent has a responsibility to look at pricing and determine what effect school zones are having on inner city properties. Different school zones may have different impacts depending on their ranking and popularity. This study set out to compare the performance of public schools with house prices in the surrounding region. The primary aim was to uncover the answer to the question:

What is the real, unseen price of education in the housing market and how much do rankings influence this?

 


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