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The Northern Territory is looking to attract investors as strong yields and housing demand underpin a market primed for growth.
According to Empower Wealth's Ben Kingsley, major resource projects are set to bolster investment opportunities across the state.
“I like the underpinning of what the Darwin market has. It has a real shortage of available stock at the moment,” he said.
According to SQM Research, the residential vacancy rate in Darwin has been one of the lowest in the country, currently sitting at 1.3 per cent after steadily trending upwards for the past six months.
“We’re seeing the decisions of the US government to put a military base in there and a large $35 billion [Inpex] project being built into that market,” he said.
The final approval of a brand new $8 billion mine has been announced by the Northern Territory government, which is expected to fuel growth in conjunction with other resource projects in the region - this is a further boost to an already tight market.
Chief minister, Adam Giles, also announced development plans to attract investors to the state.
“As northern Australia grows as a diversified economy, there will be a continued influx of workers requiring an expansion of services for workers and their families," he said.
“To meet this demand, the Territory government has been identifying land for residential development and industrial and commercial facilities. At the same time, we are reducing red tape so that applications go through a fast, clearcut, quality process.
“The Territory is gearing up to lift northern Australian growth - our logistics infrastructure is achieving international benchmark standards with expansion and improvements which are underway in our ports and airports.
“We have a highly skilled, multicultural, multilingual and Australia’s youngest average age workforce, and we are speeding up land release so rental and homeownership are affordable."
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