Concord Hospital is set to benefit from a $341 million upgrade that will include specialist services for defence force veterans, additional inpatient capacity and a new cancer centre.
With dilapidated infrastructure, this injection of funding will see the hospital transformed into a world-class medical facility.
A revitalised Concord Hospital will benefit the entire Inner West community. However, what impact will it have for property owners in the vicinity?
The benefits of living near a hospital
Studies have found that health infrastructure is a key driver of where Australians choose to live. In fact, access to quality healthcare has surpassed employment as the most essential consideration in certain areas. With an ageing population in parts of Sydney, this is not entirely surprising.
In a survey by MWH Global, respondents were asked to indicate what services would improve their quality of life if they were located within close proximity. 53% of respondents listed: “Better access to hospital/specialist medical care/24-hour medical care”.
Demand to live within close proximity to health care services, particularly hospitals, has resulted in properties enjoying strong price growth in other parts of Sydney. Homes close to the new Northern Beaches Hospital have been achieving prices well above expectations.
It is often the case that along with new healthcare infrastructure, come a range of other changes. These may include additional public transport services, as well as rezoning to allow for greater residential densities in the areas surrounding the hospital. These also help drive up property prices, particularly as developers seek to acquire property to construct more apartments.
The development of more apartments surrounding hospitals is needed to house workers employed in the hospital, as well as older residents who are more likely to need regular access to healthcare services.
All this should result in property owners within close proximity of Concord Hospital experiencing significant asset value increases following the announced upgrades.
What about pitfalls?
There are a few potential pitfalls which owners should be wary of. Foremost among these is greater noise. Traffic levels may increase, and ambulance sirens at all hours of the day and night may put off some buyers from the area. Parking in surrounding streets may also become more difficult as many hospital visitors will seek to avoid the high fees charged at the hospital’s car park.
There may also be anti-social behaviour by some people attending the hospital, particularly those attending the emergency room at nights.
However, if you’re located close enough to the hospital to benefit from easy access, but not so close that you will be disturbed by increased noise and traffic levels, then your property should see its value rise.
For those looking to buy in the neighbourhoods surrounding Concord Hospital, now would be the best time to make your move. By purchasing a property before the revitalisation takes place, you’ll benefit from lower prices now, followed by strong asset appreciation once the upgrade is completed. Just be mindful to do your research. Take the time to look at the plans for the hospital precinct and avoid areas that will be subjected to increased traffic and other noise.
The team at Devine Real Estate are the experts when it comes to property in Sydney’s Inner West. Speak with us today to find the right property for your family in Concord and neighbouring suburbs.
Devine Real Estate
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