Japanese resources giant Inpex has made the long-awaited announcement that its $33bn Ichthys gas project will go ahead, fuelling speculation that Darwin’s property market is set to take off.
The project, which will see natural gas pumped into the city for processing into liquefied natural gas (LNG), is expected to boost the Northern Territory’s gross state product by 18% per year over the course of 40 years, says Inpex.
In dollar terms, Inpex expects the Ichthys gas project to boost the Australian economy by $3.5bn per year.
As well as the financial gains that are expected to be made in the Territory as a result of the project going ahead, population growth is on the agenda: 2,700 workers will be required during construction of the project and 300 for its ongoing operation.
“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,” said Property Council Northern Territory division president Brendan Dunn.
The announcement comes hot on the heels of the results of the latest Property Council-ANZ Property Industry Confidence Survey, which found that NT is now the top ranked state or territory for property investor confidence.
The quarterly survey, which polled 2,800 property industry professionals across all Australian states and territories in December 2011, gave NT an index rating of 145. This beat fellow resource-led states Western Australia (127) and Queensland (113) into second and third places respectively.
A score of 100 represents a neutral level of confidence, with anything above this figure representing positive sentiment towards the prospects of the state or territory’s property industry. The national average was 107.
“These figures tell us that investors see a very healthy long-term outlook for the Territory’s economic future,” said Dunn.
ANZ head of property Paul Braddick added that this high level of confidence in NT’s property market is being fuelled by the Territory’s large number of resource projects.
“These projects should underpin solid growth in economic activity, employment and property demand through 2012,” he said.
Is Darwin Australia's next property investment hotspot? Have your say on our property investment forum.
With interest rates at their lowest for more than 50 years, there are some great rates available. The best thing to do is to compare rates from all the lenders. Let us help take the leg work out of doing this - Compare Home Loans now
Top Suburbs :
Get help with your investment property
Do you need help finding the right loan for your investment?
When investing in property, it is important to make sure that you not only have the lowest available rate that you can get, but also have the correct loan features for your needs.
Just fill in a few details below and we'll then arrange for a local Aussie Mortgage Broker to contact you and work out what features or types of loans are right for your needs. We'll even help with the paperwork. Plus and appointment is free.
We value your privacy and treat all your information seriously - you can check out