RELATED: \u2018More complex\u2019: Grim warning for Victorian homebuyers<\/a><\/p>\n
Victorians flocking to Albo housing gamble<\/a><\/p>\n \u2018Really hits\u2019: Vic\u2019s mortgage stress hotspots revealed<\/a><\/p>\n Meanwhile buyers in Glen Waverley and Mt Waverley generally need $1.5m to $1.7m to access the region\u2019s highly regarded educators.<\/p>\n PRD Real Estate classed areas as affordable where their median house or unit price was below the Greater Melbourne median.<\/p>\n Parts of Seabrook and Point Cook were the only spots where median house prices of $776,500 and $823,500 respectively still provided affordable access to sought-after Alamanda K-9 College.<\/p>\n Schools where PRD Real Estate found no affordable house or unit options included Glen Waverley Secondary College, Highvale Secondary College, Mt Waverley Secondary College, Balwyn Primary School and Serpell Primary School.<\/p>\n Even unit affordability is tightening, with only five primary school catchments and 11 secondary school areas offering median unit prices below the Melbourne benchmark while still providing access to top public schools.<\/p>\n PRD Real Estate chief economist Dr Asti Mardiasmo said the data showed the traditional family house had become increasingly detached from access to Melbourne\u2019s most sought-after public schools.<\/p>\n \u201cIf your goal is to secure a place for your child in a top 10 public school, the reality is increasingly clear: your best chance is likely through purchasing a unit within the catchment,\u201d Dr Mardiasmo said.<\/p>\n The PRD chief economist said buyers still determined to purchase a house in a top school\u2019s catchment would need to expand their budgets significantly.<\/p>\n \u201cIf your priority is a house, you are now forced to pay a premium, often above Melbourne\u2019s median house price, to access these top-performing public schools,\u201d Dr Mardiasmo said.<\/p>\n \u201cUnits remain an option, but if your preference is firmly a house, then something has to give.\u201d<\/p>\n Ray White Mt Waverley\u2019s Jacob Biviano said buyers targeting Highvale Secondary College, Glen Waverley and Mt Waverley Secondary Colleges generally needed about $1.5m to $1.7m to have a chance at buying.<\/p>\n \u201cThe more central areas, particularly those closer to train stations, can be much higher,\u201d Mr Biviano said.<\/p>\n \u201cIn some cases, the land value alone can be around $2m or more.\u201d<\/p>\n The agent said buyers could still technically enter some school-zone markets, but the goalposts had shifted as budgets tightened and supply thinned.<\/p>\n \u201cSomeone who may have had a $1.7m budget before might now be working with $1.5m, so they are still in the conversation, but only for certain properties, in certain pockets,\u201d he said.<\/p>\n Mr Biviano said families were still reluctant to compromise on the number of bedrooms they needed, but were giving ground on bathrooms, garage space and land size.<\/p>\n \u201cThe biggest compromise we are seeing is buyers accepting a townhouse instead of a freestanding house,\u201d he said.<\/p>\n The agent added that Glen Waverley and Mt Waverley home values were still holding up despite broader market pressure because of their school zones, public transport, family-friendly streets and strong local amenity.<\/p>\n Real Estate Institute of Australia president Jacob Caine said suburbs with highly regarded government schools had become some of Victoria\u2019s most tightly held markets. He added that REIA research had previously shown homes within highly regarded school catchments could attract a premium of about $300,000 compared with similar homes outside those zones.<\/p>\n Mr Caine said families were weighing that against private school fees, which could easily exceed $500,000 over the course of a child\u2019s education.<\/p>\n \u201cIt\u2019s no longer a simple property decision, it\u2019s a trade-off between lifestyle, financial capacity and long-term opportunity for their children,\u201d he said.<\/p>\n Mr Biviano said buyers could still technically enter some school-zone markets, but the goalposts had shifted as budgets tightened and supply thinned.<\/p>\n \u201cSomeone who may have had a $1.7m budget before might now be working with $1.5m, so they are still in the conversation, but only for certain properties, in certain pockets,\u201d he said.<\/p>\n Affordable unit pathway still availableSecondary schools<\/p>\n McKinnon Secondary College<\/p>\n Box Hill High School<\/p>\n University High School<\/p>\n Auburn High School<\/p>\n Brentwood Secondary College<\/p>\n Alamanda K-9 College<\/p>\n Primary schools<\/p>\n Wheelers Hill Primary School<\/p>\n Beverley Hills Primary School<\/p>\n South Melbourne Primary School<\/p>\n Murrumbeena Primary School<\/p>\n Affordable house pathway still availableSecondary school<\/p>\n Alamanda K-9 College<\/p>\n Sign up to the Herald Sun Weekly Real Estate Update. Click here <\/a>to get the latest Victorian property market news delivered direct to your inbox.<\/p>\n MORE: Allan govt\u2019s housing tax pain killing home dream<\/a><\/p>\n Retailers, developers circle Peter Stevens site<\/a><\/p>\n Ultimate Melb entertainer\u2019s paradise set to smash record<\/a><\/p>\n david.bonaddio@news.com.au<\/p>\n Originally published as Top Melbourne public school zones hit $1.7m barrier<\/a><\/p>\n<\/p>\n
\u201cFamilies from Victoria, interstate and overseas are targeting these areas because they offer access to high-quality public education without the often prohibitive cost of private schooling,\u201d Mr Caine said. <\/p>\n