Parents of babies born this year will shell out half a million dollars to give their child a private education, according to new research.
The Australian Scholarship Group’s (ASG) Planning for Education Index released on Tuesday predicts parents in Sydney will pay $541,275 to privately school their children from kinder to Year 12.
This figure is almost on par with the current median Australian house price, which is $580,000, according to RP data.
Parents in Melbourne fare only marginally better, with families there expected to pay $502,088 by the time their children graduate.
The figures are down from the 2014 index, where a private education in Melbourne and Sydney was expected to cost $2000 more over the entire schooling period.
Research published last year by The Australian showed the cost of education at Australia’s most prominent private schools leapt by more than 5 per cent between 2013 and 2014.
This was considerably higher than the then inflation rate of 2.2 per cent.
Fees have also blown-out at public and Catholic schools, with the average cost of education over the past decade growing at more than double the rate of inflation, according to Australian Bureau of Statistics data.
The Planning for Education Index also compared the cost of public and Catholic systemic schooling, with regional schools significantly cheaper than those in metropolitan areas.
Nationally, the cost of a private education in a regional area was estimated to be more than $100,000 cheaper than a city private education.
At $338,264, Adelaide was the least expensive city to privately educate a child, followed by Brisbane ($360,398) and Perth ($367,541).
For children born in 2015, a public education is expected to cost an average of $64,000 from kinder to Year 12.
A systemic or Catholic school education is tipped to reach $228,120.
By 2032, the cost of Year 12 is predicted to be $58,722, which is almost double the current annual tuition fee at Australia’s most prestigious private schools.
The Australian‘s research showed most private schools in 2014 were priced between $20-30,000 per year.
ASG CEO John Velegrinis said their modelling also included the cost of school uniforms, computers, excursions, books and transport.
“There is a myriad of other costs involved including transport, uniforms and school books, excursions – which can create financial headaches if they’re not planned for,” Mr Velegrinis said.
“Education is one of life’s major investments – in some instances it’s an even bigger investment than the family home. What we’re advocating is that by putting a little bit away, parents are more likely to achieve the goals and aspirations they have for their children.”
Calls to the Association of Independent Schools of NSW were not returned.