Real Estate Report Cards: The Price of Living Near Primary Schools
If you have kids or are planning to have them, one thing that you'll likely consider when buying a home is proximity to good schools. Of course, you want them to have the best education, and securing a place near the best schools will make things easier for both you and your family. But beyond personal convenience, is there actually more to owning a property near school zones? Why are they such a hot commodity in the real estate industry? Let's jump right into it.
Obviously, there is a notion that properties near primary schools command a premium and therefore make better investments. So, just how much better are the appreciation on these properties compared to others that don't have the same proximity? Let's take a look at some of the best primary schools in Singapore and see how the HDB and Condo prices fare up.
HDB | |||||||
| School Name | Within 1 km | 1.1 km - 2 km | PSF Gap | ||||
Average PSF | Average Price | Volume | Average PSF | Average Price | Volume | ||
| Pei Hwa Presbyterian Primary School | $816 | $1,126,924 | 33 | $612 | $828,854 | 49 | 33.3% |
| Nanyang Primary School | $642 | $632,706 | 28 | $574 | $436,981 | 86 | 11.85% |
| Raffles Girls' Primary School | $594 | $582,167 | 6 | $655 | $646,490 | 22 | -9.31% |
| St. Anthony's Primary School | $528 | $505,012 | 299 | $569 | $565,962 | 1,754 | -7.2% |
| Nan Hua Primary School | $692 | $630,047 | 304 | $583 | $550,185 | 272 | 18.7% |
| Tao Nan School | $638 | $574,188 | 143 | $654 | $618,581 | 51 | -2.44% |
| Princess Elizabeth Primary School | $597 | $573,882 | 1,185 | $537 | $527,248 | 954 | 11.17% |
| Henry Park Primary School | $800 | $707,756 | 204 | $653 | $608,931 | 404 | 22.5% |
| Holy Innocents' Primary School | $561 | $607,216 | 439 | $597 | $652,421 | 845 | -6.03% |
| St. Hilda's Primary School | $611 | $669,115 | 587 | $607 | $626,511 | 1,075 | -0.66% |
| Anglo-Chinese School (Junior) | $629 | $555,000 | 1 | $668 | $587,944 | 153 | -5.84% |
| Methodist Girls' School | $611 | $894,500 | 4 | $737 | $982,252 | 53 | -17.1% |
Source: PropNex Investment Suite
Condo | |||||||
| School Name | Within 1 km | 1.1 km - 2 km | PSF Gap | ||||
Average PSF | Average Price | Volume | Average PSF | Average Price | Volume | ||
| Pei Hwa Presbyterian Primary School | $2,147 | $2,219,801 | 385 | $2,162 | $2,394,518 | 413 | -0.69% |
| Nanyang Primary School | $2,557 | $4,006,807 | 377 | $2,010 | $3,192,002 | 120 | 27.21% |
| Raffles Girls' Primary School | $1,793 | $4,814,595 | 225 | $2,122 | $3,011,003 | 197 | -15.5% |
| St. Anthony's Primary School | $1,157 | $1,452,436 | 27 | $1,765 | $1,657,668 | 798 | -34.45% |
| Nan Hua Primary School | $1,807 | $1,725,321 | 456 | $2,234 | $2,387,314 | 425 | -19.11% |
| Tao Nan School | $1,729 | $1,951,695 | 238 | $2,121 | $2,192,420 | 939 | -18.48% |
| Princess Elizabeth Primary School | $1,357 | $1,399,986 | 78 | $2,081 | $1,886,369 | 552 | -34.79% |
| Henry Park Primary School | $2,276 | $2,600,038 | 328 | $2,053 | $2,569,179 | 386 | 10.86% |
| Holy Innocents' Primary School | $1,650 | $1,299,771 | 417 | $1,507 | $1,472,228 | 432 | 9.49% |
| St. Hilda's Primary School | $1,622 | $1,233,953 | 104 | $1,584 | $1,482,243 | 437 | 2.4% |
| Anglo-Chinese School (Junior) | $2,445 | $3,174,281 | 416 | $2,329 | $2,716,900 | 1,029 | 4.98% |
| Methodist Girls' School | $1,919 | $2,385,179 | 129 | $2,281 | $2,219,468 | 1,000 | -15.87% |
Source: PropNex Investment Suite
As you can see, the data does not necessarily suggest that being near primary schools directly adds value to your home. For HDB flats, the price differences seem to correlate more with the availability of projects in that location. When supply is low, the price naturally goes up, which is just the basic rule of supply and demand. With condos, the chart doesn't really reveal that their value has anything to do with school proximity either.
Still don't believe me? Let's take a look at some examples. These are the graphic sales trends of 3-room HDB flats and 3-bedroom condos located near Tao Nan School, Holy Innocents' Primary School, Nan Hua Primary School and Nanyang Primary School.
Source: PropNex Investment Suite
Condos that are slightly further from Tao Nan School are priced higher than those within 1 km. Meanwhile, HDB performed quite similarly.
Source: PropNex Investment Suite
Condos within 1 km of Holy Innocents' Primary School command a higher price than those within the 1.1 km - 2 km range, but it's the other way around for HDB flats.
Source: PropNex Investment Suite
Properties near Nan Hua Primary School are doing the inverse of those near Holy Innocents' Primary School. Condos within 1 km of Nan Hua are generally priced lower than the ones further away. However, the HDB flats closer to the school are slightly more expensive than their further counterparts.
Source: PropNex Investment Suite
Lastly, properties near Nanyang Primary school behave similarly to those near Nan Hua Primary School. The only exception is that condos have switched trends starting from late last year.
Each and every one of these examples beared very different results. One of the reasons why these data are inconclusive is because many schools are located near one another. So even if a property isn't close to one specific school, it may still be within proximity to another school in the area. This overlap makes it challenging to really know if proximity to any single primary school has any direct impact on property value.
Source: Maply
It's the same way with rental trends. Whether it's HDB or condo, it's hard to determine if proximity to the school is what drives these rates.
HDB 4-Room Rental | |||||||
| School Name | Within 1 km | 1.1 km - 2 km | PSF Gap | ||||
Average PSF | Average Price | Volume | Average PSF | Average Price | Volume | ||
| Pei Hwa Presbyterian Primary School | $2.99 | $3,353 | 19 | $3.03 | $3,395 | 29 | -1.32% |
| Nanyang Primary School | $3.72 | $3,621 | 19 | $3.50 | $3,752 | 30 | 6.29% |
| Raffles Girls' Primary School | $3.67 | $3,594 | 9 | $3.77 | $3,646 | 10 | -2.65% |
| St. Anthony's Primary School | $3.06 | $3,077 | 201 | $2.83 | $3,062 | 426 | 8.13% |
| Nan Hua Primary School | $3.82 | $3,711 | 207 | $3.41 | $3,498 | 199 | 12.02% |
| Tao Nan School | $3.49 | $3,233 | 107 | $3.36 | $3,413 | 43 | 3.87% |
| Princess Elizabeth Primary School | $2.97 | $3,234 | 230 | $2.99 | $3,133 | 423 | -0.67% |
| Henry Park Primary School | $4.03 | $3,904 | 73 | $3.66 | $3,702 | 257 | 10.11% |
| Holy Innocents' Primary School | $3.01 | $3,181 | 258 | $3.03 | $3,152 | 519 | -0.66% |
| St. Hilda's Primary School | $3.01 | $3,268 | 340 | $2.97 | $3,231 | 409 | 1.35% |
| Anglo-Chinese School (Junior) |
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