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Property News

Northern Territory developments could depend on residential property investment approvals

May 30, 2012

The substantial resource developments being undertaken in the Northern Territory over the next few years are widely recognised to have the capacity to deliver significant contributions to the wider economy.

However, this extensive boost in highly dependent on other commercial factors - with chief minister Paul Henderson telling reporters that he believes the capital city in particular has the potential to be a spring of residential property success.

Mr Henderson asserted: "I am calling on the banks today to see Darwin as a boom town, not as a bust town they are seeing in many other centres, particularly in Victoria and other parts of the nation."

The minister went on to explain there are around 4,000 lots of land available to developers in the capital, along with more than 2,000 apartments and townhouses.

He stated that the projects in question needed more in the way of investment "to get these projects out of the ground" and called on financial institutions to examine their potential returns.

With the large number of workers expected to be needed to operate the Ichthys gas plant in the Browse Basin - not to mention the supplementary services this increase in population is sure to require - it is easy to see why the minister is keen to encourage residential property investment in the region.

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