Aspirational parents are pushing up property prices and driving competition in the catchment zones of some of Brisbane’s most popular schools, according to new data.
Domain Group data revealed median house prices in some school catchment areas rose as high as 16.8 per cent over the past year.
Place agent Ben Smith, who sells in and around Coorparoo and Holland Park, said many parents now went property hunting armed with a “20-year plan” for their children.
“They carefully research the primary school, high school and sometimes even university options – and then they come to me wanting to find property within that specific catchment,” he said.
“People are prepared to pay a premium for to live in certain catchments; buyers are giving it a lot more thought than they might have a generation ago,” Mr Smith said.
You don’t have to pay the earth to own a property within a great catchment zone.Jo Langstaff , Ray White
“Prices are certainly continuing to go up here and I don’t see that trend slowing down anytime soon.”
Only a handful of Brisbane’s most academically successful high schools are public – but what does it cost to live in the catchment zones for these schools?
Mansfield State High School
Mansfield, 11km southeast of the CBD, is colloquially known as Brisbane’s “bible belt” due to the number of people who have settled there to be close to Christian schools and churches – but it’s the local state high school that is driving demand for property.
Domain Group data showed Mansfield’s median house price has risen by 13 per cent in 12 months to $640,000, however starter homes can still be found under $500,000.
Local agent Kevin Manning said the most common question he received from prospective buyers was: “Is this in the Mansfield State High School catchment?”
“The interest is staggering and it really has evolved and stepped up over the past couple of years,” Mr Manning said.
“Not everyone can afford to purchase inner city property required to be in the catchment zone of somewhere like Brisbane State High … buyers have caught onto the fact this is where your child can get one of the best public educations in the state without having to buy a million-dollar home.”
Indooroopilly State High School
Encompassing suburbs such as Indooroopilly, Chapel Hill, Taringa and Toowong in its catchment, local Ray White agent Jo Langstaff described the entire area as “one of Brisbane’s best education precincts”.
“The question of schools and catchment zones is raised so often by my clients, but it’s not just about Indooroopilly High,” she said.
“People buy here with a whole life plan for their kids in mind. Primary school catchments are very important and people will always pay a premium to be in the Ironside State School catchment. Later on, it’s about being close to high schools.
“Everything is here and people specifically move into this area and position themselves because of that.”
The median house price for Indooroopilly is $749,000 but prices for property in surrounding suburbs such as Chapel Hill start at around $500,000, Ms Langstaff said.
“You don’t have to pay the earth to own a property within a great catchment zone,” she said.
Brisbane State High School
The impact of Brisbane State High School’s success on property prices shows no signs of abating – in West End, the median house price increased by 16.8 per cent over the last year.
Tony Andrew, agent at Drakos Real Estate West End, said “it was just about the most popular question” put to real estate agents selling in the West End, Highgate Hill and South Brisbane areas.
“It’s often a deal breaker. If a property isn’t within the catchment, it’s out,” he said.
“The aspirations of parents wanting to get their kids into this school has definitely pushed entry level prices up because they buy into the area any way they can. That often means buying the cheapest housing in the area,” he said.
Unfortunately, the cheapest housing is not so cheap anymore. Since January this year, the lowest house sale price recorded in West End was $635,000, and the median house price for West End is now $1.08 million.
Kelvin Grove State College
Listed as one of the top five public secondary schools on Better Education, Kelvin Grove is part of a unique “education precinct” that caters for prep to Year 12 and beyond.
Three kilometres from Brisbane’s CBD, Kelvin Grove has a median house price of $721,500, having increased by 4.6 per cent over the past year.
Mario Sultana, agent from Place Newmarket, said buyers were increasingly seeking out homes with their children’s entire education in mind.
He said he recently sold a house at Vale Street, Kelvin Grove, to buyers who specifically wanted a property within walking distance of the school.
“There are also some of Brisbane’s best private schools within a short distance, such as Brisbane Grammar School; parents know they’re spoilt for choice here.”
The Gap State High School
Property within the catchment for this popular high school in Brisbane’s northwest ranges from multi-million-dollar acreages to modest 1970s brick homes in the $500,000s.
Paul Hughes, from LJ Hooker Ashgrove, said great local public schools helped draw buyers further out from neighbouring suburbs like Ashgrove.
“The school doing so well means it’s more attractive for people to buy that bit further out. While you might compromise on character in The Gap, you get one of Brisbane’s best schools and much better value for money,” he said.
Mr Hughes said many of his inquiries were from buyers wanting property within the catchment of the local primary school, Hilda Road State School, as well as the secondary school.
Original article published at www.domain.com.au by Ellen Lutton 15/7/16