A property located in the zones of some of Melbourne’s most sought after state schools can add many hundreds of thousands to house prices, according to the Real Estate Institute of Victoria (REIV). 

The REIV analysis found that the price difference can be significant in suburbs that are located in some of Melbourne state primary and secondary schools zones adding up to $425,000 to house prices when compared with the median price for houses outside those school catchments.

Access to education can add to home value just as well as an extra bedroom or garage in a house, noted the REIV report. “Buying in new school catchments could be an important consideration especially in growing outer suburbs.”

Meanwhile, Melbourne properties are continuing to sell like hotcakes according to the latest ‘Days on Market’ data from the REIV. The research has revealed the average Melbourne house takes 34 days to sell, down from 42 days this time last year. Outer Melbourne is the fastest-selling area in Metro Melbourne with suburbs in the outer ring taking just 33 days to sell on average, marginally ahead of Middle Melbourne on 34 days with Inner Melbourne homes taking 41 days to sell in January 2020.

Warranwood and Montrose in Melbourne’s East have the shortest waiting periods across the State, with the average property taking just 15 and 16 days to sell, just over two weeks.