Sat's Domain paper, the real estate section of The Age, featured an article on how parents are pushing up house prices in The Zone, those parts of the eastern suburbs where good state schools are found.
Apparently, just being in The Zone can add 15-20% to the price of a home!
The article highlighted a couple who migrated from South Africa 18 months ago and paid a premium for their home "in a very specific part of Balwyn".
The father was quoted as saying: "I targeted Balwyn North, to be in the zone of Balwyn High School."
Great forward planning, when you consider his son is only 5 this year, and it will be at least 6 years before he becomes eligible to enrol at the school.
A real estate agent says they had a recent auction in The Zone that went for nearly $200K over the reserve. More than 200 people attended the auction and there were about 10 bidders.
"The Asian parents place a lot of emphasis on the significance of education and it has certainly had the impact of driving the prices up."
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