Darwin Blog

The NT News has picked up on what our General Manager, Glenn Grantham has been thiniking.  For the full media release, read below.

For the full NT News Article, click on the image.

 

Darwin property to win from massive infrastructure spend

• The proposed $20 billion solar farm near Tennant Creek will create thousands of jobs for NT workers
• The mining sector has $5 billion of new employment creating mine projects, including the $1 billion Mount Todd Gold Mine, Nolan’s $1 billion Rare Earths (RE) Project
• $216 million has been set aside to upgrade Kakadu National Park
• The historic signing of the $200 million City Deal will see the creation of a new education and civic precinct featuring a Charles Darwin University (CDU) campus.
• For more info on the NAIF and projects check out our blog here.
• For more info on the impacts of the CDU expansion click here.

Darwin, NT (15 August 2019): Property markets in Darwin are set to benefit from the thousands of new jobs to be created by the billions of dollars’ worth of infrastructure projects currently in varying stages of development across the Northern Territory.

The big-ticket infrastructure item is the proposed $20 billion Australia-Singapore Power Link, a 10-gigawatt solar farm and a 20-30 gigawatt hour storage facility near Tennant Creek[i].

This project has the potential to create 1000 jobs during the construction phase and 300 operational jobs, noted Glenn Grantham, General Manager, of leading local property firm Raine & Horne Darwin.

The mining sector is playing a leading role with around $5 billion in new job-creating mine projects, including the $1 billion Mount Todd Gold Mine, Nolan’s $1 billion Rare Earths (RE) Project and TNG’s $850 million Mt Peake vanadium-titanium-iron project.

 

The massive investment in the mining and resources sector includes the development of an onshore gas industry, which some reports are predicting will add 6,000 jobs to the NT’s current workforce of almost 129,000[ii].

 

However, there is more to the Territory’s economy than solar energy and mining said Mr Grantham. Tourism will secure and drive much-needed jobs with an investment of up to $216 million from the Federal Government to upgrade Kakadu National Park and support the township of Jabiru transition to a tourism-based economy.

 

The historic signing of the $200 million City Deal that is aiming to cement Darwin’s position as a liveable tropical capital city promises to also transform Darwin into a university town[iii]. “The multi storey campus will turn Darwin into a university city and bring hundreds of jobs to the capital during the construction phase, said Mr Grantham. “This project could be much bigger after private investment is factored into the equation,” he said.

 

There are plans for a $400 million ship lift has been confirmed for Darwin Harbour[iv]. There are also reports of a possible $300 million upgrade of naval facilities in Darwin, which could see more US personnel moving to the northern city.

 

“Our gross state product (GSP) is around $23.6 billion, so these tens of billions in extra investment is a massive deal for the Northern Territory, as are the additional employment opportunities they’ll generate,” Mr Grantham said.

 

“Don’t forget there are also 400 million people within a five-hour flight of Darwin. The potential for economic and population growth for this city is exceptional.”

 

Mr Grantham noted the mining projects set for the NT would also generate significant royalty incomes for the government.

 

“More mining royalty income will enable the NT Government to deliver more utilities, schools, roads, transport, and shopping centres, which will just add to appeal of Darwin as a great place to live.”

 

Big opportunities for interstate investors

 

With the median dwelling price in Darwin at a very affordable $395,119 and investment yields as high as 6%, the opportunities for interstate investors buying into the city’s property markets are enormous, according to Mr Grantham.

 

“More than 50% of the new jobs created by these projects must be given to residents living in the Northern Territory, and these people will need to live somewhere,” he said.

 

“Darwin will require thousands of additional dwellings to support the extra workers, and local investors can’t meet the increased demand alone.

 

“Growth and yield-hungry interstate investors can help us build and supply sufficient housing for the new arrivals and earn some good returns.”

 

For the latest news on the Darwin real estate market or to sell or buy a property, contact Raine & Horne Darwin on (08) 8941 8941.

 

-ends-

 

For further media information contact:

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

Courtney Wainwright, Communications Coordinator, Raine & Horne on 0435 797 392 

 

[i] http://newsroom.nt.gov.au/mediaRelease/31259

[ii] https://nteconomy.nt.gov.au/labour-market

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

[iv] https://business.nt.gov.au/news/2019/ship-lift-to-be-built-in-darwin