Schools driving up NT property prices
TOP performing Darwin public primary schools are driving real estate demand for their suburbs — but the highest property growth rates are coming from lower performing schools.
In 2021, grade five students from Larrakeyah Primary School, Anula Primary School and Parap Primary School achieved the highest NAPLAN results in Darwin.
To score a spot in these top schools, prospective students benefit from a catchment zone address, an Education Department spokeswoman said.
“Children residing within the priority enrolment area have priority of placement within the school, over children outside the priority enrolment area,” she said.
Due to the selective enrolment process and an overall preference for students within school proximity, the catchment zones for Darwin’s best public primary schools are in high demand.
Elders Real Estate sales representative Derek Hart said good school zones were a priority for buyers.
“The people I am talking to want to get into schools with great reputations,” he said.
“As a result, house prices in these zones have gone up.”
A consistently high academic performer, Larrakeyah Primary School’s reputation has boosted real estate value within the catchment.
The average sale price of a house in Larrakeyah is $1.1m and the average weekly rental price is $950.
Raine and Horne sales consultant Adam Gulliford said Larrakeyah was a premier suburb and part of that claim was due to the primary school.
“Several people just want to buy a house in the catchment area to get into Larrakeyah Primary School,” he said.
“High performing schools will see an increase in the price of property, due to demand.”
While Larrakeyah Primary School has top grades and soaring real-estate prices, other primary school catchments are on the up, even without academic results to match.
According to a 2021 Domain report, the Wanguri Primary School zone has the highest median house price growth rate in the NT, at 24.9 per cent. However, the school is at the lower end of academic performance in year 5 NAPLAN testing.
The Nightcliff Primary School catchment comes in second place with a median house price growth rate of 24.9 per cent.
However, Mr Gulliford said the prosperous growth rates in these catchments were due to affordability, not the schools’ reputations.
“This is because their budget may not allow families with kids to purchase in the catchment areas with the highest [school] results,” he said.
While school catchment zones were hot spots in the real estate market, they were constantly changing, an Education Department spokeswoman said.
“Priority enrolment areas are reviewed regularly and can be altered to ensure that school infrastructure resources are used efficiently,” she said. “Enrolment trends and forecasted population trends are considered when reviewing priority enrolment areas.”
THE PEOPLE I AM TALKING TO WANT TO GET INTO SCHOOLS WITH GREAT REPUTATIONS
ELDERS REAL ESTATE SALES REPRESENTATIVE DEREK HART