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Buying into School Zones: The Good, The Bad and The Ugly

Buying into School Zones: The Good, The Bad & The Ugly

Maybe you have kids… perhaps you want children… or maybe you just want a solid return on the home you want to buy. It could be all of the above. You open the newspaper and once again, another article about which is the hot spot school zone to buy in. There is a lot of talk about how buying into the right school zone will be the most important real estate decision you’ll ever make. But which one? And more importantly – can you afford it?

Media love to predict a property hot spot and no city has been talked about more than beachside suburb, Frankston. With Frankston High School ranking in the best of Melbourne’s government schools, many homebuyers are prepared to pay a top price to buy within it’s catchment area.

The Real Estate Institute of Victoria has highlighted Frankston as top of the list for suburbs that pay a premium price to live within a school zone. According to the Herald Sun, Frankston High School is a driving force in real estate median prices.

“Real Estate Institute figures showed Frankston High was the second most frequently mentioned school in 67 real estate ads, behind Balwyn High School with 84. But houses near Frankston High drew a 16.9 per cent price premium, compared with a 4 per cent for Balwyn North homes.

 Frankston High School principal John Albiston said there was huge demand from families outside the zone to attend his school — “hundreds” had applied for Year 7 this year, but only a handful were accepted.

“Real estate agents have always told me houses in the zone are more expensive than similar houses outside the zone,” he said. He believed out-of-zone parents were better off changing houses than paying for a private education.” (Kathryn Powley, Herald Sun January 30, 2015) 

Experience has shown that choosing an area is often the easy part when coming to buying a home. Actually finding a property that fits your needs and reflects the way you want to live can often prove hard or downright impossible. 

Professional builders are seeing a growing trend that solves this dilemma and puts families in homes that suit their lives in the area that they want to be.

The face of Melbourne real estate is changing with Knockdown Rebuilds becoming a popular solution to entering into an ageing suburb. A pokey house in the right area need not be a hindrance to buying into a postcode. 

An outdated three bedroom, one bathroom house in the right street can be an absolute dream come true when you engage a Custom Builder.

Holbrook Homes have seen a notable spike in families buying into an area that they want, then choosing Knockdown Rebuilds to achieve their dream home. 

Listen to what our very own Professional Builder says about the growth in clients asking for Knockdown Rebuilds: 

“There is absolutely no need for families to live in a home that doesn’t suit them. We have been inundated with clients asking to build the house they want in the area that suits them best. 

Customers are always surprised how easy it is to clear a block and put up a home they design themselves. It is often way more affordable than renovating or just putting up with a house that no one even likes! 

Frankston is the perfect location for a knock-down rebuild because it is still affordable, it has the pull of Frankston High and of course the amazing beach. Prices are still on the rise there so it looks like a sound choice. We are always delighted to build a home that clients will actually love and its always smooth sailing when they work with us.”

With school zones being a driving force in where to live and where to buy, Professional Builders should be the first port of call in finding a solution to live the life you want, in the post code that offers the best in life.

Click on the Button to read another one of our Blog Posts: The Pros & Cons Of Building In A New Estate