David Yang and his wife Debbie Qin secured a rundown house in Wishart . Pic Annette Dew
David Yang and Debbie Qin are set to swap their luxury inner-east Queenslander for a rundown three-bedder, just to guarantee their daughters a spot at one of the state’s best public schools.
The professional couple has zone-banked an entry-level 1980s build in Wishart, strategically buying into the ultra-competitve Mansfield State High School catchment years before their children need to enrol.
While the couple will hold onto their $2.25m blue-chip Camp Hill home to accommodate extended family, they are making the drastic downgrade themselves, move into the Wishart property with their two girls next year.
The couple opted for a top-ranked state school over a private school. Pic: Annette Dew
“In our Asian culture we really care about education for the kids, so we talked about it from when our daughters were very young,” Mr Yang said.
“We looked at the maps for Brisbane and found the best public schools because private school fees are too high.”
Place Advisory Data reveals the staggering premiums parents are paying to get into Brisbane’s top-ranked state school zones.
The figures shows buyers paid $400,000 more to get inside the line for Mansfield High. Home prices in Mansfield have jumped 12.1 per cent since last year to $1.45m, while neighbouring Wishart, also in-catchment, recorded 15.6 per cent growth to $1.28m.
Place Sunnybank principal Owen Chen said affluent families were willing to pay more for a well-positioned home in lieu of expensive private school fees.
“For two kids, families can avoid spending hundreds of thousands of dollars on private school fees by getting into the right catchment,” Mr Chen said.
“But the difference is that the money doesn’t disappear — it’s tied up in a property asset.
“It’s not necessarily that they’re spending less; they’re just choosing to put that money into real estate.”
Families are planning well in advance to guarantee entry
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Recognising property values inside the coveted Mansfield boundary were surging, Mr Yang and Ms Qin decided to strike early, purchasing their home through Mr Chen for $1.325m in October.
“We looked at the catchment and thought maybe we can buy a property first because house prices are going up and I’m not sure whether in the future we can still afford it,” Mr Yang said.
“We thought we would buy it now and hold it, and when we are ready, we will move in.”
To bypass fierce competition driving up prices for family-ready homes in the zone, the Yangs deliberately targeted a fixer-upper.
“That’s why I didn’t buy a house that everyone was fighting for,” Mr Yang said. “I bought an old house and am prepared to do the renovations. At least it gets us into the area.”
The house currently sits vacant while the family renovates, but they aim to move in with plenty of time to establish themselves in the community and ensure they have the strict residency documentation required before their eldest is due to enrol.
It’s one of the city’s most competitive family markets
For the family, the purchase serves not only as an education hack to avoid skyhigh private school fees, but also a bulletproof financial asset.
“Being in the catchment area, the price will be more stable,” Mr Yang said. “Maybe in the future, other families in a similar situation to us will be seeking to buy, so we will be able to get a better price.
“If you buy something in a good catchment, it reduces the risk compared to buying somewhere else.”
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