Schools’ performance has flow-on effect for property

GOOD schools make for good property values.

While the quality of the school, be it government or independent, may not affect the land prices of a suburb, it does affect the demand for houses in that area.

A case in point is Rossmoyne Senior High School, which has enjoyed a stellar year in terms of academic and sporting awards.

Rossmoyne Senior High School principal Megan Donovan said rumours indicated property values around Rossmoyne were at a 15 per cent premium thanks to the school.

Ms Donovan said the school’s success came both from the teachers and the community around it.

“The students here are very dedicated and the parents have been very helpful,” she said.

Rossmoyne-based realtor Hayes & Sons owner Christine Craig said while the 15 per cent premium was hard to quantify, demand for homes within Rossmoyne had taken off with the hype surrounding the school.

“If your home is within the school’s catchment zone then that is a definite benefit for sellers,” Ms Craig said.

“The capital appreciation within the Rossmoyne school zone is greatly outstripping that of its neighbouring suburbs.

“We are getting buyers asking specifically for properties in Rossmoyne.

“I had an example of a property that was just in Shelley and I had trouble moving it. The high school and two good primary schools have given Rossmoyne the edge.

Real Estate Institute of WA economist Lino Iachomella said the quality of the local school had a big impact on home-buyer demand.

“Suburbs such as Rossmoyne, Mt Lawley, Inglewood, Churchlands, Wembley Downs, Wood-lands, Subiaco, Nedlands and Floreat are all situated near good schools,” Mr Iachomella said.

“Plus in the western suburbs there are a number of good private schools.

“Of course there are other attributes affecting land values in those areas as well.”

He said the academic merit of a school was not the only thing that affected buyer sentiment.

“Often schools have a lot of open space and playing fields, which can be another appealing factor in the property market,” Mr Iachomella said.

p See Education focus, pages 14-15.

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