Public Schools Popularity Drives Real Estate in Sydney
When choosing where to buy a home or where to live, there are many considerations that one should look into. These include important amenities and establishments nearby and accessibility to certain types of services. One of the growing priorities these days in Sydney is the availability of public schools, as more parents prefer to send their children to these schools given their increasing popularity.
According to Domain News, there is a mini-boom in the real estate market in catchment areas buoyed by an increase in popularity of public schools in Sydney, Australia. Parents take this as the number one factor in choosing where to buy a home.
Domain's report noted that enrollment in Sydney's public schools rose to 6.4 percent from the 2012 level, with nearly 500,000 children being enrolled this year in the metropolitan areas as of last February. The increase can be attributed to the larger number of school-aged children, as well as changing preferences among parents and retention rates between grades, said the NSW Department of Education. The trend is likely to continue given the Department of Education's announcement that it will invest over $60 million to create new schools in inner Sydney to address the shortage of places.
Property Wire reported that the value of homes in Australia's capital cities climbed 3.3 percent in the first quarter of this year compared to the same period in 2015 based on the CoreLogic April home value index. In Sydney, house values peaked at 18.4 percent last July and then has recorded moderate increases at about 8.9 percent in the past year. Property Wire quoted CoreLogic research director Tim Lawless saying, "The results show value growth moved at a faster pace compared with the final three months of 2015 when capital city dwelling values slid 1.4% lower off the back of weaker market conditions in Sydney and Melbourne."