Monash homeowners’ straight-A school zone plays
Homeowners in prized school zones are holding on to their straight-A properties for longer, as the value of an education booms in Melbourne’s east.
Since 2009, sales of properties with two or more bedrooms in the Glen Waverley Secondary College zone have almost halved, according to new data from the Real Estate Institute of Victoria.
After 250 properties were sold in the area in 12 months ten years ago, just 135 were sold last year.
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REIV chief executive Gil King said vendors were becoming more aware of the value added by prized school catchments.
“It indicates that properties are being tightly held by current owners who want to maintain their coveted base in the catchment,” Mr King said.
“School zones are one of the main factors that families with young children consider when looking to buy a home — particularly those who plan to send their children to a public school.”
A regular star pupil among state schools, Glen Waverley achieved an elite median study score of 33 in the 2018 VCE.
Ray White Glen Waverley agent Tory Liu said sales numbers had also been affected because people were living in the area for longer, as falling prices made owners hesitant to sell.
“Because the market is falling a little bit — not only in Glen Waverley, in the whole of Australia the same thing is happening — now it is really hard for the vendors to put their property on the market again,” Mr Liu said.
“And also, lots of people are actually buying in the Glen Waverley school zone to live in, so they’ll live in the property for a long time,” Mr Liu said.
Mr Liu recently sold 5 Timber Lane, Glen Waverley — in the catchment zone — for $2.408 million, significantly above the suburb’s median price of $1.261 million, according to CoreLogic data.
“For overseas buyers, if they compare the Melbourne house prices to Shanghai or Beijing, they see the value,” Mr Liu said.
“The most important thing is the house is well presented so they can fall in love with it.”
Mr Liu said the impressive four-bedroom home sold to a family eager to take advantage of the high school.
“He bought this property because his son is attending high school very soon,” Mr Liu said.
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