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Good schools affect house price

A LINK exists between high performing schools and the property values of properties surrounding those schools, says Hegney Property Valuations managing director Gavin Hegney.

“It is no coincidence that a number of the State schools which achieved very high TEE results are located in suburbs where property values are rising strongly,” Mr Hegney said.

People investing in the Perth property market should become more educated about the influence schools have on residential property values, he said.

“For example, in Rossmoyne, the median house price has increased by 10.6 per cent for the year ending September 1999 which was more than double the Perth metropolitan average,” Mr Hegney said.

“This education factor has flowed into parts of nearby Willetton where home values have increased by more than ten per cent over the past six months as a result from a flow-on effect from property value rises in Rossmoyne.

“An interesting trend in these suburbs with attractive schools is that house prices tend to peak in the months preceding the school year, as parents try to buy properties before the school term begins,” he said.

Suburbs with exclusive private schools such as Peppermint Grove, Mosman Park and Swanbourne have a pronounced push in property values during November and December, while property values are at their lowest in the cycle around June and July during the middle of the school year.

“This education factor can play an important role both in the re-sale of the property and the demand for tenants if you choose to rent the property,” Mr Hegney said.

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