NSW will benefit from a $2.3 billion investment in world-class hospitals and health services in 2018-19, with a record $8 billion invested over the next four years for new facilities, upgrades, and redevelopments.
NSW Treasurer Dominic Perrottet, who handed down the 2019/2020 NSW Budget in June said there will be funding for 40 new, upgraded or redeveloped hospitals. According to government lobbying firm, Barton Deakin, there will be significant upgrades to Royal Prince Alfred Hospital ($750m), Westmead Hospital ($1b), Nepean Hospital ($1b), Campbelltown Hospital ($750m), Liverpool Hospital ($750m), Blacktown Hospital ($700m), Prince of Wales Hospital ($750m) and Concord Hospital ($341m).
Paul Pettenon, Principal of Raine & Horne Concord, said funding for Concord Hospital would have a significant impact on property values in Sydney’s Inner West. “The quality of the local hospital is always a matter for buyers. It’s not the only reason, but we have plenty of people buying in this area because they want to be near Concord Hospital.
“We have large numbers of last-home buyers buying properties in our region for what the hospital has to offer. Others buy in this region because their doctors or specialists operate from Concord Hospital and the nearby precinct.”
Paul says infrastructure improvements, whether its better roads or a hospital upgrade can underpin real estate values. “The upgrade of this older style hospital and the additional facilities will mean people won’t have to travel to Royal Prince Alfred Hospital in Camperdown and Westmead.
“This infrastructure improvement could add a few percentage points annually to capital growth for properties in Concord, as more downsizers are attracted to this area.”
At Liverpool Hospital there will be a major redevelopment of the Liverpool Health and Academic Precinct, including a Comprehensive Cancer Centre, expanded emergency department, surgical, maternity and neonatal care, inpatient and ambulatory care services. Vince Labbozzetta, Co-Principal of Raine & Horne Liverpool agrees that improvements to medical infrastructure typically translate to real estate market confidence. “There is no doubt that world-class hospital facilities will be an agenda items for first-time buyers seeking to start a family and downsizers,” Vince said. “Over the long-term as this news filters through to the market, it won’t hurt real estate values in Liverpool either.”