Darwin Blog

MAJOR NEW MINING PROJECT ADDS FURTHER FUEL TO BUOYANT DARWIN REAL ESTATE CONFIDENCE

Major gas proposal could create hundreds of new jobs for Darwin
Darwin’s ability to reopen for business in June has buoyed buyer confidence with real estate values up by as much as 10%
Rental vacancies have fallen below 1% as more workers stay put in Darwin

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Darwin, Australia (24 August 2020) A significant new infrastructure project will drive up demand for Darwin real estate, which continues to weather the COVID-19 storm.

“Property market confidence in Darwin will be boosted after onshore gas producer Central Petroleum announced plans to pipe gas from the Northern Territory to east coast gas markets,” said Glenn Grantham, General Manager, Raine & Horne Darwin

The proposed $1 billion pipeline will be developed jointly by Australian Gas Infrastructure Group and Macquarie and is set to begin in 2022 with first gas deliveries by 2024[i]

Mr Grantham said, “This project which will deliver more jobs to Darwin is excellent news particularly given consumer confidence in this city is already relatively robust after weathering the COVID-19 pandemic challenge thanks to the swift action of the NT government.

“The Territory’s low infection rates allowed life in Darwin to return to normal much faster than in other capital cities, and this has translated to real estate market confidence.”

The bounce in upgrader activity, for instance is illustrative of the broader markets’ strength, according to Mr Grantham.

“Second and third-time buyers are actively seeking properties priced between $600,000 - $800,000 in premium suburbs and this upgrader demand had driven up prices by as much as 5 -10% since April when COVID-19 lockdowns were enforced in the Northern Territory.”

Raine & Horne Darwin recently sold a stunning three-bedroom family home on a large block at 12 Porter Street, Ludmilla that was on the market for upwards of $650,000.

“We received three offers for this property, and it sold for more than $680,000,” Mr Grantham said.

“Coming out of lockdowns earlier than other capital cities in June has enabled businesses to start turning over again while the unemployment rate in Darwin is well below the Australian average of 7.5%, and job certainty is fuelling real estate market confidence.”

While the real estate sales market is going into overdrive, rental markets continue to tighten with vacancy rates in Darwin falling below 1%, Mr Grantham revealed.

“With interstate borders in lockdown, more workers are staying in Darwin given our low infection rates and this situation is underpinning our record low vacancy rate.”

For all your sales and property management needs in Darwin and Palmerston, contact Raine & Horne Darwin on 08 8941 8941.

Glenn Grantham
General Manager
Raine & Horne Darwin

08 8941 8941
[email protected].

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