Schools can sometimes dictate where families buy or rent property. Schools can also be ridiculously expensive. One way to get around the high cost of education is to live in a neighbourhood with good public schools. It can save a family with two kids some serious money.
“A private school education at a public school price” is how Peter Koulizos, program director of the master of property degree at the University of Adelaide, describes the quest that many parents undertake.
You only have to look at the numbers: the bill for two kids with 13 years of education each at government schools will be around $137,000 compared with perhaps three times as much, and even up to $600,000, for a metropolitan private school. A Catholic education costs less than half that of a private school at around $254,000, according to figures from the Australian Scholarship Group.
Koulizos says public schools with a gifted and talented stream, languages and internationally recognized International Baccalaureate streams are popular.
But the only way you can gain a valuable spot in a highly ranked, non-selective public primary or high school is to live in the catchment zone. This means that if you are planning to move, you need to buy or rent a property within that boundary.
New arrivals in Australia, who are often keen to get their children into good schools, are helping to push up property prices in these areas.
Property can be scarcer and prices up to 10% higher, says Koulizos.
Esta historia es de la edición March 2020 de Money Magazine Australia.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor ? Conectar
Esta historia es de la edición March 2020 de Money Magazine Australia.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor? Conectar
An outrageous, beautiful monopoly
Telstra's mobile business is a cash machine with few competitors, giving it the highest returns in the world.
Drop the anchor to judge value
Buying and selling decisions should be based on where a stock price is going, not where it has been.
Powering the AI boom
Beyond the software and chipmakers, where will the energy come from?
Get into life
Tucked inside super are products that can protect you from life's inevitable uncertainties.
Paths to home ownership
Taking the road less travelled can sometimes deliver unexpected benefits.
Sold! Quick ways to add value
Small, strategic changes can have a big impact on the look and feel of your home. And get you a better price on auction day.
Money lessons the kids need to know
Your children can learn a lot from your past money mishaps. Here are eight financial conversations I have had with mine.
Property-investing rules: are they likely to change?
The pressure for the government to curb the tax benefits of tax concessions, such as negative gearing and the capital gains tax discount, is unrelenting. Most recently, independent senators David Pocock and Jacqui Lambie proposed five options for paring back investment property tax concessions, with savings to the Federal budget of up to $60 billion over the next decade.
What's love got to do with it?
A rollercoaster of emotions could be driving poor crypto behaviour.
Are we ready to be cash-free?
Saying goodbye to our piggy banks too soon could leave small businesses in the dark when problems arise.
