Looking to buy into one of our state’s top school zones?
Well you might be in luck, as new data has revealed some of the best buying opportunities in our top public primary and secondary schools.
PRD analysis of SA’s top Government schools as ranked by bettereducation.com.au has revealed that while it can be expensive to buy into our most popular schools, it is possible to get in on a budget.
Take Glenunga International High School. In order to get your children into this zone you could buy a median-priced home in Hyde Park for $2.95m. You could also buy a $1.28m house in Eastwood.
Unit buyers stand to save even more, with a median-priced unit at Hazelwood Park getting you into the zone for just $636,000.
Click here to view the interactive table
Marryatville High School also has a wide price bracket, with buyers baulking at the $3.2m needed to get into Rose Park finding a more affordable option in Evandale at $874,000.
Unit hunters could secure their spot for just $476,000.
PRD Real Estate chief economist Dr Diaswati Mardiasmo said the amount needed to buy a house in a prized school zone was significant.
PRD Real Estate chief economist Dr Diaswati Mardiasmo. Supplied
“Looking at the median of all of these schools on the list, which is about $1.5m to $1.6m, with a 20 per cent deposit, that works out to be about $8000 a month in repayments, which is significant,” she said.
“In Adelaide if you want to buy a house in a top 10 primary or secondary catchment, you need to be prepared to pay almost double the median monthly payment amount and that’s a lot to ask for.”
She said while buyers could certainly save money by opting for a unit, they needed to consider whether it was the most appropriate form of accommodation for them.
She said as well as looking at the current median, buyers can pick a hotspot by looking at suburbs where prices had fallen.
Parents are spending big bucks to get their kid into the perfect school zone. Pic: iStock
In SA, this includes Leabrook in both the Burnside and Linden Park Primary School zone, where the median house price has fallen $500,000 in the past 12 months, or in Tusmore in the Norwood International High School zone where the median is down $390,000.
“If you look at data from recent years you can see suburbs that have had a decline in growth and see if you can target those instead of the suburbs that everyone knows about,” she said.
Harris Real Estate agent Daniel Oliver, who sells in the Glenunga International High School zone, said it was the driving factor behind most of his purchaser’s decisions.
What price would you put on your child’s education? Pic: iStock
“I get asked about school zones quite frequently, especially by families with children or those planning for the future,” he said.
“Buyers recognise that homes in desirable school zones tend to experience strong demand and consistent capital growth, making them a sound long-term investment.”
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