Imagine a prestigious girls’ school, steeped in over a century of history, forced to sell off a piece of its legacy just to stay afloat. This is the stark reality facing Genazzano FCJ College, one of Melbourne’s oldest Catholic girls’ schools, as it puts a prime piece of real estate on the market to tackle mounting debt. But here’s where it gets even more intriguing: this isn’t just about numbers—it’s about the survival of an institution in an era of shifting demographics, rising costs, and fierce competition. And this is the part most people miss: the sale of this property isn’t just a financial decision; it’s a last-ditch effort to ensure the school’s future.
Founded over 137 years ago, Genazzano FCJ College has been a cornerstone of education in Kew, with annual fees for Year 12 students currently standing at $39,629. Yet, despite its prestige, the school has operated at a loss for nine out of the last 12 years, from 2013 to 2024. The 2024 annual report paints a grim picture: to remain viable, the school must sell a neighboring 628-square-metre property at 12 Moonbria Avenue, valued between $2.1 million and $2.3 million. This land, once home to a residence demolished in 2019, is now the school’s lifeline. Without this sale, auditors warn, there’s a ‘material uncertainty’ about the school’s ability to continue as a ‘going concern’—a term that simply means the school might not be able to meet its financial obligations.
But here’s the controversial part: while the school’s financial struggles were mentioned in the 2024 report to parents, the plan to sell the property was conspicuously absent. Instead, the report highlighted broader challenges like demographic shifts, rising operational costs, and increased competition. It also revealed that the school is being kept afloat by a $6.5 million loan from the Catholic Development Fund, due to expire in 2034, and a $2 million overdraft facility. The directors’ plan? Use the proceeds from the property sale to pay down long-term debt. Yet, despite these challenges, the school managed a modest $62,569 surplus in 2024 and had nearly $9.73 million in fees to support operations.
In a statement, the school’s spokeswoman framed the sale as a strategic move, claiming the Moonbria Avenue block became surplus after the recent handover of the former convent from the FCJ Sisters. The convent, now repurposed for archives and a second-hand uniform shop, sits at the corner of Moonbria Avenue and Mont Victor Road. She assured that the school remains financially sound, with no cuts to programs, and reaffirmed its commitment to high-quality education. But is this enough to convince stakeholders?
Enrollment numbers tell a different story. Since 2014, when the school had 1,095 students, numbers have plummeted to just 680 last year, according to MySchool data. The spokeswoman attributed this decline to cost-of-living pressures, changing demographics, and payroll tax changes, making private education increasingly out of reach for some families. But is this decline irreversible? Or is there more to the story?
The Catholic Development Fund, when approached for comment, deferred to the school’s college council, leaving the public to wonder: What does the future hold for Genazzano FCJ College? And more importantly, what does this say about the broader challenges facing independent schools today?
As we reflect on this story, it’s hard not to ask: Are we witnessing the beginning of a trend where historic institutions are forced to sell off parts of their heritage just to survive? Or is this a unique case? We’d love to hear your thoughts. Do you think the sale of the property is a necessary evil, or is there another way forward? Share your opinions in the comments below.
