How good schools are pushing up property prices

The potential for a better education is a huge carrot for homeseekers but there are other factors they need to be wary of.

OPINION

For many prospective homebuyers, securing a residence in a highly desirable public school catchment zone is a top priority when searching for a new home.

Living within the boundaries of an enrolment-managed public school ensures access to quality education without the expense of private school fees, driving up demand and property prices.

Sought-after schools often face overcrowding issues, prompting the government to implement enrolment management plans to regulate out-of-catchment enrolments.

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Townsville parents camp outside Pimlico State High School overnight to try and secure their out-of-catchment children a spot.

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These schools, known as “enrolment managed” schools, prioritise enrolment for students residing within the designated catchment zone.

Properties located within catchment areas for in-demand public schools with enrolment management plans in place garner heightened buyer interest.

Homes within sought-after school catchment zones can sell for up to 10 per cent more than the median price of the suburb they are situated in.

This price disparity can be significant, even for properties within the same suburb that are otherwise similar.

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REBAA president and Streamline Property Buyers managing director Melinda Jennison

It’s important to note that school catchment zones often do not align with suburb boundaries and may traverse multiple suburbs.

Enrolment managed schools may have irregular catchment boundaries, necessitating thorough research by buyers to determine the specific catchment area for their desired school.

The discrepancy between suburb and school catchment zone boundaries can result in substantial variations in house prices from one street to the next.

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This phenomenon also explains why properties within certain school zones may outperform those within the surrounding suburb in terms of price appreciation.

Fortunately, buyers can leverage online resources provided by the government and educational institutions to identify school catchment boundaries.

These resources offer maps and search tools to help buyers ascertain whether a property falls within the catchment zone of their preferred school.

For example, Brisbane State High School (BSHS) boasts a highly sought-after catchment area due to its academic and sporting excellence.

Properties within the BSHS catchment zone command premium prices, reflecting the value buyers place on access to this prestigious educational institution.

Similarly, catchment areas for other reputable secondary schools like Indooroopilly State High School and Mansfield State High School also influence property values in their respective areas.

Exterior of Mansfield State High School.

In addition to secondary schools, enrolment managed primary schools such as Ironside State School, Rainworth State School, Ascot State School, and Wilston State School are highly sought after by parents seeking quality primary education for their children in Brisbane.

In summary, school catchment zones play a crucial role in determining property values in Brisbane.

Buyers prioritise properties within desirable catchment areas, leading to increased competition and higher prices.

Understanding school catchment boundaries is essential for navigating the Brisbane real estate market effectively.

*** Melinda Jennison is the president of the Real Estate Buyers Agents Association of Australia (REBAA) and the managing director Brisbane-based Streamline Property Buyers.

Originally published as How good schools are pushing up property prices