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• Explore the nexus of school quality and the property market when school ranking is available. • The spatial hedonic property valuation method was employed to analyze. • Use data of Brisbane public and private schools consisting with high, median and low ranking. • The results imply the capitalization of school values in both property and rent prices. • The results of this study can be a valuable input into school policy reforms. The demand for education is partly revealed by a higher demand for properties around good schools, which has been the basis for a number of empirical studies. This research attempts to explore the nexus of school quality and the property market when school ranking is clearly available to the public. The spatial hedonic property valuation method was employed to analyze selected Brisbane public (state) and private schools consisting of those with high, middle and low ranking in terms of average student academic school performance. The results imply the capitalization of school values in both property and rental prices. The research also demonstrates the spillover impacts of school development. Such impacts are higher in comparison to previous studies, which are supported by the average school performance considered in individual assessments. The results of this study can be a valuable input into school policy reforms. (JEL: H23, I20, I28, R21) [ABSTRACT FROM AUTHOR]