Houses in the new Beaumaris Secondary College zone are fetching $412,500 more than those just outside the catchment, new figures show.
The price gulf between homes inside and outside the zone is the largest of any government school in Melbourne.
Real Estate Institute of Victoria data reveals houses in the Beaumaris Secondary zone earn a $1,622,500 median price, while those in a 1km radius outside the zone have a $1.21 million median.
Buxton director Noel Susay said demand for the area had been boosted by the school’s opening a year ago.
“We find people are selling houses to purchase properties in the zone, and even parents with children in primary school are selling to get in early,” Mr Susay said.
“The catchment goes into pockets of Mentone and Cheltenham, so we’re also seeing an impact there.”
The state-of-the-art school, which accepted its first students last year, is turning heads with its Melbourne Cricket Club-funded sports facilities.
Mr Susay said zoned properties could double in value in the next 10 years, with the help of new facilities.
“The closer you can buy to the school the better, because population growth and high demand often lead to a school’s borders tightening,” he said.
“It’s also a good market for investors because the rental market is getting stronger in the zone, with families who can’t afford to buy opting to lease instead.”
Hodges Sandringham director Stephen Wigley said parents had even moved children from private school Mentone Grammar to save on fees.
Hampton Primary School also had the third highest premium for public primary schools in Melbourne, with a $195,000 difference between houses in the zone and those just outside it.
Mr Wigley said competition to get into top primary zones had become just as frenzied as secondary.
REIV president Robyn Waters said parents were digging deep to live in coveted primary school boundaries, where houses were tightly held.
“Location within a well-regarded public primary school zone is important for increasing numbers of parents who plan to send their children to a public primary school followed by a private secondary college,” she said.
McKinnon Secondary College attracted the fourth highest premium for homes inside secondary school zones.
Homes in the catchment had a $1.548 million median price, $157,500 more than those just beyond the boundary.
SUBURB PROFILE: Beaumaris