Tough times finally seem to be behind Top End property investors, as major projects open up a world of growth potential
Northern Territory property investors are continuing to ride high on a wave of confidence brought about by numerous projects occurring in the Top End. A slow year for property across most of the country seems all but forgotten as the entire greater Darwin area prepares for significant economic and social change.
The first big impact will come from the recently approved gas deal between Japanese company Inpex and its French partner Total, which is worth $33bn and aims to produce around 8.4 million tonnes of LNG each year once up and running.
NT Property Council president Brendan Dunn says the impact on local jobs will be staggering.
“The requirement will be something like 3,000 jobs for principal contractors,” he says.
“They’re building a village with that capability now, and there will be a requirement for rental accommodation on top of that village, so the outlook is very strong.”
Dunn says the effects of the industrial side of the project will begin to be felt in the second half of 2012.
The eagle has landed
Another exciting project is the upcoming US base extension. President Obama and Prime Minister Gillard recently announced plans to upgrade defence facilities in Darwin, to allow for several thousand US marines to be rotated.
“There is a new policy of having the capability for the US to deploy from the Top End,” says Dunn. “There will also be close cooperation on training and perhaps even some joint facilities down the line. Most of the troops will be housed in barracks, but there will be some support people requiring accommodation a lot of the time and it will also be good for local businesses.”
Other projects include a new jail in Howard Springs, which will be completed in 2014, and a number of mining ventures.
“All of Darwin will benefit,” says Dunn. “Residential property has already started to surge since November and we expect a strong flow-on for the next couple of years.”
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