Sydney parents spend $1m extra on homes to secure public school spots

Prestigious high schools are driving up nearby home values by as much as $1.3m. Picture: Rohan Kelly Sydney parents are paying $1m more for some homes in prestigious public school catchment areas as part of the “school-zone effect” uncovered by shocking new analysis. Research from property valuation firm Opteon reveals homes inside Sydney’s coveted school catchments sell at a 10 per cent premium compared to similar homes just across the boundary. Property valuer at property investment firm Suburbanite, Anna Porter, said location always drives home values but schools can be just as important as other amenities for families. MORE: Elite Aussie school demands entire public street Suburbanite principal Anna Porter is a property adviser and valuer and said family demand can quickly translate into property value. MORE: Where to find property bargains under $400k “Sydney shows just how powerful the school-zone effect can become,” Ms Porter said. “When families are competing for a limited number of homes within a tightly held catchment, they’re not just buying the property. “Two very similar homes can be only a few streets apart, but if one gives a family access to a highly sought-after pu...