Essential information, plus expert insight on what is shaping the national property market...
- 1.7%: Darwin vacancy rate
- 4.6: Number of years taken to save for deposit in NT
Gas project to ignite Darwin property market
Darwin’s property market will see huge growth on the back of the $33 billion Ichthys gas project (INPEX), with the Northern Territory overall expected to see an annual gross state product increase of almost 20 per cent.
“The sheer size and duration of this project is such that the Territory’s investor appeal will jump as soon as the deal is finalised,” Property Council Northern Territory division president Brendan Dunn said.
“We’ve already got some favourable investment conditions in the Territory, and with an economic driver like INPEX into the bargain, we’re set for an unprecedented growth phase here, regardless of what happens in the global economy,” he said.
With 2,700 workers required to construct the project, and 300 for ongoing work, the population is also set to increase.
“This is a significant opportunity … and we must plan it and the continuing development of the Top End as a world class gas industry support centre.”
New transport centre opens
A $900,000 public transit centre is now operating in Humpty Doo.
The park and ride bus interchange will help make the rural area more attractive and will open it up, according to acting chief minister Delia Lawrie.
A similar project, Coolalinga Park and Ride, opened in late 2011.
“Feedback has been positive about Coolalinga, which has proved a handy transport gateway to the rural area,” she said.
The facility was built in line with the Territory 2030 strategy, with the state government budgeting a record $1.5 billion for infrastructure development in 2011/2012.
The new transport option may cut the cost of living for residents, Ms Lawrie added.