Insight

05.12.17  Property Trends

 

How Much Is Your School Zone Worth?

We meet plenty of families looking for properties in Sydney’s east who have one thing on their minds: buying into the right school catchment area.

As an eastern suburbs seller, it’s important to understand how this factor can be in your final sale price. Let’s take a look at where these buyers are focused and how their activity influences prices.

Where are the east’s best schools?

As outlined in our latest Eastern Suburbs Market Snapshot, Sydney’s eastern suburbs are home to some of the most sought-after schools in the city. Better Education’s 2016 data highlights top performers including Darlinghurst Public School, Sydney Grammar School – Edgecliff Preparatory, Woollahra Public School, Glenmore Road Public and Randwick Public School as some of the east’s top primary schools, with Sydney Girls and Sydney Boys High Schools also having a major impact on prices in their catchment areas. For a certain kind of buyer, a higher auction bid is worth it if they can secure proximity to these schools for the long term.

How much do school zones affect surrounding prices?

There’s no question that school zones are a factor for families buying into the east, but what can surprise sellers is just how much more these buyers can be willing to pay.

According to Domain’s latest School Zones Report, sales prices jumped by over 20% in Sydney’s 10 fastest growing school catchment areas in the year to October 2016.

Focusing on the eastern suburbs, the report reveals that houses near Vaucluse Public School increased by 26.8%, those near Glenmore Road Public School were up by 24.3% and buyers looking near Bondi Public School paid 23.2% more for their properties.

Does your agent understand your catchment area?

The question sellers need to ask is: Can my agent make the most of my school zone?

Putting together an intelligent campaign that speaks to school-focused families isn’t just about appealing to their current needs. These buyers are usually thinking longer term, looking to have access to a top local primary school while also factoring in future high school choices, not to mention the possibility that school catchment areas or enrollment criteria could change in future.

This can complicate the picture for sellers as well – focusing on just one segment of the market may not take your campaign far enough. It’s important that your agent is not only aware of how the local school catchment areas are set up around your property, but also able to talk convincingly about how your property could benefit buyers at each stage of their child’s education.

Questions to ask your agent

Before you prepare to sell in Sydney’s east, make sure you ask your agent these key questions about your local school catchment area:

  • Which school catchment area applies to my property?
  • Is there more than one school buyers may be interested in?
  • How will you pitch my property to families looking to enroll in these schools?
  • What can I focus on to make my home more appealing to these buyers?

The most informed, experienced agents will be able to answer these questions, making sure your property takes full advantage of its school zone.

Download our 2018/2019
Eastern Suburbs Market Report

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