Houses near school development sites

[onion33]

I feel really stupid asking this question BUT I'll ask anyway.

If a former school site has 100 dwellings proposed, do the houses around that area go UP or DOWN in value?

I can see the arguments for both. E.g. House values in Macleod went up after Springthorpe development. But then there is more supply in the area so that could make value go down.

Thoughts?