SOME Gold Coast parents are paying up to $400,000 extra just to be close to the city’s most prestigious schools.
A home within walking distance of the exclusive The Southport School would cost up to 20 per cent more than a house a few streets away, said First National Southport sales manager, Shane Moule.
“There are definitely certain streets around TSS that can be between $300,000 and $400,000 more expensive than other areas in Southport,” he said.
“For a house on the Southport Park side of the suburb, your average house price is about $500,000 to $600,000 but on the other side of the Gold Coast Highway and Ferry Rd, prices are quite easily $950,000 plus.
“In areas like Winchester St, there is always premium to live there and they tend to attract higher socio-economic families.”
The median house price in the exclusive TSS precinct east of Ferry Rd was $775,000 in the 12 months to October — $260,000 higher than Southport’s median house price of $515,000.
Fletchers property consultant Mark Saveall said the prices people were willing to pay to live in the TSS precinct were “crazy”.
“In some of those areas it’s just nuts what people will do,” he said.
“I know of one family who sold their house in Newcastle and are renting a property in Southport just so they can be near the school.”
Nicole Shenko bought a house through Mr Saveall that is within two kilometres from TSS so her son Jack would be near the school when he starts prep this year.
“We were living in Broadbeach Waters and even though it is only 6.5km away there, the traffic just got so bad when I was taking Jack to pre-prep, I just couldn’t stand the drive,” Ms Shenko said.
“We originally wanted to live behind Southport Park but as a single mum I just couldn’t afford that area and here ticks the boxes — Jack will be able to walk to school when he’s older and that was my main priority, to be close by.”
Lucy Cole Southport sales specialist Jim Sherrah said families looked to make long term investments in the area, meaning properties were tightly held for about 15 years at a time.
“People who buy homes in that area tend to stay there for 12 and 15 years time and because of that there is never much new stock and a lot of sales happen off the market because people are waiting for properties to become available,” he said.
“People are definitely paying a premium because you can’t really get into that area for less than $800,000.
“That way their children can walk to rowing in the morning and parents don’t have to drive as far for drop-off and pick-up.”
But it’s not just the properties around the Gold Coast’s most prestigious private schools that attract a premium.Leading state school Varsity College — where Education Queensland has implemented a School Enrolment Management Plan due to demand — are also driving the market up in Robina and Varsity Lakes.
The median house price in the Varsity College catchment area precinct was $570,000 in the 12 months to October — $25,000 more than the suburb’s median house price of $545,000.
Real estate near Merrimac’s All Saints Anglican School also increased in value in recent years, said RE/MAX Regency Gold Coast agent, Stuart Legg.
“People do pay a premium to live near the school,” he said.
Originally published on: http://www.goldcoastbulletin.com.au/