Revealed: Where prices could double from hospital boom

Queensland is experiencing a $160 billion hospital construction boom, reshaping its property market and creating new hotspots where prices could double in 10 years. Analysis by Hotspotting for Fresh Start Advisory highlights 84 major hospital and medical center projects across the state, with suburbs like Coomera, Toowoomba, Redcliffe, and Bundaberg expected to see significant price growth due to sustained demand from hospital staff. The impact of hospitals on property markets differs from other infrastructure projects, as they generate both construction and operational jobs, attracting workers across all income levels. Coomera, for example, has seen a 21% median house price increase in the past year and a 13% average annual growth over five years, with two major hospitals under construction. Experts predict further growth in surrounding suburbs like Upper Coomera, Pimpama, and Willow Vale. The Sunshine Coast serves as a case study, where property prices doubled after the $1.8 billion Sunshine Coast University Hospital opened, drawing high-paying specialists from across Australia and internationally. Terry Ryder, founder of Hotspotting, noted that hospital projects create long-term demand, unlike transport or sporting infrastructure, which often have localized or short-term effects. Redcliffe Hospital is set to undergo a $2.1 billion expansion starting this year, further boosting demand in the area. The operational workforce of hospitals can reach up to 5,000 staff, ensuring consistent demand for housing near these developments. Fresh Start Advisory’s Frank Ambesi emphasized that hospitals drive demand across the entire property spectrum, from luxury homes to affordable housing, making them a key factor in long-term real estate growth.