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Market Wrap

New Schools, and how it affects your suburb

It’s not a secret that suburbs located around school zones are hot ticket items. And although that won’t be changing anytime soon, there are some things happening across the state that you should consider if you’re looking to buy or sell in the near future. 

Victoria will welcome nine new government schools in 2019, in addition to the 11 that opened in 2018.  What exactly does that mean? It means that if you’re located in a soon-to-be desirable school zone, there is a likelihood that your home’s value will increase, potentially by as much as 10 – 15 per cent according to Wise Real Estate Advice. This is good news if you’re looking to sell.

Alternatively, if you’ve got a family and are looking to buy in a school catchment area, you can also use this to your advantage. Get a head start now by researching where the new schools are being built, the government website schoolbuildings.vic.gov.au outlines them all.

If you’re more interested in private schooling, Balwyn’s hockingstuart Director Maurice DiMarzio says, “if you have your heart set on a particular school but can’t afford the exact suburb, cast your net out to bridesmaid suburbs. But do make sure to check you remain in the catchment.”

Market Wrap