Parents paying high price for top school spot

SENDING your child to a toprated government school is becoming a costly exercise as house prices in the surrounding suburbs soar.

The Real Estate Institute of Queensland (REIQ) has compared the city’s public schools with their suburb’s median house price based on Corelogic data over 12 months. It reveals homeowners are taking on huge mortgages to buy a home in a top-rated school catchment zone.

These zones have become high on buyers’ wish lists with only those living in the relevant catchments entitled to enrol their children in that zone’s particular school.

The top-rated high schools on the Coast, as ranked by Better Schools, include Varsity College, Benowa State High School and Southport State High School.

House prices in Varsity Lakes have jumped 18.6 per cent over 12 months to $747,500, Benowa surged 21.4 per cent to $1.0925m and Southport jumped 21.2 per cent to $715,000.

For primary schools, Beechmont State School tops the Better Schools’ rankings followed by Broadbeach and Tallebudgera state schools.

Beechmont’s median house price is up 13.4 per cent to $527,500, Broadbeach Waters jumped 19.5 per cent to $1.46m and Tallebudgera is up 19.2 per cent to $1.24m.

LJ Hooker Property Hub agent Mitch Harrop, who predominantly sells in Varsity Lakes, said the Varsity College catchment zone was in hot demand among buyers.

“Every week people are calling me specifically to get into the catchment area here,” he said.

“Schooling is certainly a high priority for a large portion of buyers purchasing in the suburb. People are even willing to rent to get into the catchment prior to buying, just to secure their child’s position.”

Nicky Cunningham of Harcourts Broadbeach – Mermaid Waters said: “Being in the catchment is an important prerequisite for many buyers. I think they are willing to not quip on the sale price as much.”

Mother-of-two Stacey Scott lives in Varsity Lakes and has her daughter enrolled in Varsity College.

“After separating from my husband and having to sell our house before the pandemic,

I’m now priced out of the market,” Ms Scott said.

“I’m forced to rent in the suburb so my child can go to the school in the suburb she has grown up in.

“I knew it would be a struggle to get back into the catchment area.

“I was hopeful about entering the market when they announced the 2 per cent deposit for single parents (under the Family Home Guarantee) only to be deflated by the excessive increase of house prices.”

The REIQ annual figures were based on the 12 months to September, 2021, and then compared to the previous 12month period.