East Toowoomba’s St Vincent’s Hospital driving $10.5m property boom within 300m

A major Toowoomba hospital is continuing to drive property prices in the immediate area, with $10.5m worth of real estate moved in the past few months.

HOT PROPERTY: Investors and businesses are snapping up residential properties within 300m of St Vincent's Private Hospital in East Toowoomba, with $10m worth of sales occurring in the past 12 months.

A leafy pocket of Toowoomba is enjoying an incredible real estate boom driven by the expansion of one of the city’s top hospitals, with $10.5m in residential property moving in the past two years.

The 300m radius around St Vincent’s Private Hospital in East Toowoomba is quickly becoming a major precinct, as investors and businesses look to snap up houses for short and long-term accommodation and allied health services.

Real estate data reveals 14 properties in streets like Herries, Curzon and Scott have been sold in the past two years.

It comes about 12 months after St Vincent’s, which celebrated a century in operation this year, opened its new $15m emergency department.

Hodge Real Estate’s Edward Hodge, who has sold about half of the properties for a combined total of nearly $5m, said half of them had been bought for new medical-related developments.

“There has been a huge amount of interest for investors and developers looking to get a foothold in the St Vincent’s precinct,” he said.

“Buyers know that social infrastructure such as schools and hospitals drive rental returns and capital growth.

“One hundred per cent are non owner-occupier — they’re either investment or developer-related acquisitions.

“At least 50% are likely to result in new medical-related development.”

The sales included a $720,000 price last year for a three-bedroom home on Herries Street and a four-bedroom brick cottage on Curzon Street earlier this year for $800,000.

Mr Hodge said as St Vincent's continued to expand, property in the surrounding area would grow in value.

“There have been some sellers who have got in early, but you could throw a dart around a 500m radius of St Vincent’s and as a seller you’ll have demand,” he said.

“The overarching reason investors head to that area is they’re making a long-term bet on social infrastructure delivering capital growth.

“This just builds on the fact that there is a large amount of money looking for stable rental returns with a clear path for capital growth.”

St Vincent’s was contacted for comment.

Colliers International’s Dominic Ryan, who has also sold property in the area, was also approached.

TOP SELLERS

• 81-83 Curzon Street – Not disclosed

• 88-90 Curzon Street – $1.75m (approx)

• 105/13-15 Scott Street – $809k

• 79 Curzon Street – $800k

• 22 Herries Street – $720k

• 1/78 Curzon Street – $695k

• 1/82 Curzon Street – $680k

• 14A Herries Street – $615k

• 8 Herries Street – $562k

• 90A Curzon Street – $545k

• 3 Cohoe Street – $440k

• 4E Herries Street – $400k

• 12A Herries Street – $315k

• 9/7 Scott Street – $291k

Total value: Upwards of $10.5m