Darwin Blog

New Charles Darwin University campus will contribute to evolution of Darwin’s property markets

Darwin, NT (23 June 2019): Charles Darwin University (CDU) is building a new multi-million-dollar vertical campus in Darwin’s CBD that could be a gamechanger for property markets in Darwin’s inner city and northern suburbs.

“The Northern Australian Infrastructure Facility (NAIF) is working with the university on a potential loan to boost the education facility,” said Glenn Grantham, General Manager, Raine & Horne Darwin.

“The NAIF funding is all but secured and is expected to be in the vicinity of $150 million. The plan is to start work on the vertical campus on Cavanagh Street in 2020.”

The NAIF loan will be in addition to the $100 million the Australian Government allocated to the new vertical campus[i]. The Northern Territory Government also pledged some funding through the City Deal projects. The City Deal is a partnership between the Commonwealth and Northern Territory governments as well as the City of Darwin.

CDU has 1,482 employees working fulltime and 23,000 students[ii] within its existing campuses at Casuarina and Palmerstone, as well as Alice Springs and Katherine. Mr Grantham said, “The Multi storey campus will turn Darwin into a university city and bring hundreds of jobs to the capital during the construction phase[iii].

“Once the campus is operational, the university is estimating there could be as many as 1,000 new residents seeking accommodation in the inner city and nearby suburbs.”

RTOs will channel overseas renters to Darwin

To underscore the magnitude of the announcement, already Raine & Horne Darwin is involved in discussion with registered training organisations (RTOs) in other states, who have recognised Darwin’s proximity to the massive student demand from Asia.

“The RTOs are indicating they want to channel their overseas students to the CDU’s new inner-city campus,” Mr Grantham explained. “The RTOs want to find out more about the availability of rental properties close to the new campus.

“We expect the extra students, academics and support staff will be seeking to buy and rent properties close to the new CDU campus, which is great news for current property owners, but the CDU expansion is sure to catch the eye of savvy southern state investors seeking healthy inner Darwin yields that can be as high as 8%.

Given the location of the new vertical campus, Mr Grantham expects it will underpin demand for inner city apartments, as well as the housing markets in suburbs such Larrakeyah, Stuart Park, Parap, Woolner and Bayview. 

“An influx of academics will also prove good news for housing markets in the northern suburbs too.”

$20 billion solar energy for Singapore will light up Darwin real estate

In addition to the new CDU campus, plans to build the world’s largest solar plant in Tennant Creek Northern Territory, and use it to help power Singapore, are progressing rapidly as the project seeks Major Project Status from the Northern Territory government, noted Mr Grantham.

Developer Sun Cable will produce approximately a fifth of Singapore’s electricity through solar power, sourced from the Northern Territory and transmitted via a high voltage direct current (HVDC) cable.

“As this cable will run under Darwin, it can contribute significantly to the city’s electricity needs and meet the need for an alternative power source,” Mr Grantham said.  

“This is a $20 billion project and is also a massive deal for the Darwin’s economy, local business, jobs growth and will ultimately light up demand for real estate.”

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

 

For further media information contact:

Glenn Grantham, General Manager, Raine & Horne Darwin on 0418 803 222

 

[i] https://www.cdu.edu.au/newsroom/city-deal

[ii] https://public.tableau.com/profile/penny.szybiak#!/vizhome/CDUAnnualReportStatistics/CDUStatistics-AnnualReport

[iii] https://www.cdu.edu.au/enews/stories/city-deal-announced