'Get rich quick'' schemes to sell schools in Sydney's inner suburbs over the past 20 years have backfired, parents and public education advocates say, with many of the remaining schools now close to full and the state government exploring the need for an inner-city high school.

More than $45 million was raised by the sale of public schools in Redfern, Vaucluse, Chippendale and other suburbs, while schools in inner suburbs where student populations are now growing were converted for TAFE and other education services.

The former site of Vaucluse High School. Credit:James Alcock

An Inner City Schools Working Party was formed this month by the NSW Department of Education and Communities in response to growing calls for an inner-city high school, but options are limited by the lack of space in the inner suburbs.

Just over 10 years ago, under former Labor premier Bob Carr, the Education Department began a push to close or amalgamate schools due to dwindling enrolments.