How much is a good public school zone worth?

[Pianissimo]

I'm looking at Balwyn north for an IP. Just come across with one property that asked for $150k lower than others in the suburb because it is out of Balwyn High School zone.

It makes me wonder how much does that catchment zone cost? I know it costs at least $100k and Balwyn high school is a really good school. However, most of my friends who are able to buy in the zone, still send the kids to the private schools nearby. So is it just a psychological effect to pay the premium to buy in the zone?

 

[Aaron_C]

I personally think it's silly but people do what people do. Same thing for Glen Waverley, Mount Waverley school zones.

 

[Pianissimo]

I think it is silly too. But should I just follow what people do and get the money and go by paying $150k more?

 

[travelbug]

You could have a little side business going to recoup some money. I've heard of people offereing to pay owners water rates in order to have documentation to prove they live in the school zone.

We had 2 families with the same address at our school. OOPS!! They got called into the prinipals office.

Some schools are "poerceived" as being better. It's not always the case. One near me gets higher prices. The RE agents advertise that it's in area. It has an OC class and people assume their child will get into it if they are at the school but it goes on results. Also an OC class is only as good as its teacher. Lots of schools offer extension classes it's just not acknowledged like OC classes. Our school is like that. We get better results than lots of OC classes. That is why people cheat to try to get in.