New data from Domain shows the important role Aussie parents have played in the boiling-hot property market, with house prices near key school catchments as much as 45 per cent higher today than they were 12 months ago.
High schools had a bigger impact on house prices this year than primary schools, while the reverse was the case in 2020.
Property values in nearly every secondary school catchment zone (94 per cent) and primary school catchment zone (84 per cent) saw annual increases.
Homes near Barrenjoey High School, based in Sydney’s ritzy Northern Beaches, took the nation’s top spot for the highest price rise with a median price of $2,802,500, or 45 per cent higher than the year prior.
Meanwhile, properties surrounding Burraneer Bay Public School in the southern suburbs of Sydney are now valued around $2.1 million, representing a 44.8 per cent rise from this time last year.
Domain chief of research and economics Dr Nicola Powell said lifestyle factors and proximity to education institutions were major factors for parents and investors alike in the decision-making process.
“Some school catchment zones are achieving 10 to 20 per cent more in price. It shows that Australians are prepared to pay for easy access to public schools.” Mr Powell said
The COVID-19 pandemic and subsequent lockdowns have had the opposite effect of dampening house prices, with experts predicting that property values – already at all time highs – have further yet to go.
State by state, here’s a breakdown of the school catchment zones that have led to the greatest house price increases: