Infrastructure development for the Northern Territory good for investment
Infrastructure investment has become one of the main focuses of the Northern Territory government, which could result in stronger economic conditions in the state. As a result, these conditions could lead to a good environment for investment property or commercial real estate buyers to invest in.
The Northern Territory government awarded a $1.19 million contract to GHD Pty Ltd this week to conduct a Regional Infrastructure Study. This is to help highlight the potential projects that need to be undertaken across the state in order to make it as competitive and economically-viable as possible.
Minister for Infrastructure Peter Styles said the results of the survey would be used to indicate locations where infrastructure investment across both regional and remote parts of the Northern Territory could help to unlock "economic growth potential" over the next 30 years.
"We are aiming to produce a prioritised program of regional infrastructure works for the whole of the Territory following extensive industry and local community consultation," said Mr Styles in a February 24 statement.
"The study will provide us with the evidence base needed to make better use of available funding in delivering essential infrastructure to support future resource, tourism, agriculture and the fisheries sectors and developing regional communities."
Naturally, strong infrastructure development is the backbone of any great area where people will be living and working. The amount of investment placed in finding key areas for development shows the effort the government has placed into making the Northern Territory a better place to live and work.
The study will be taking aim at a wide range of different infrastructure options. For example, transportation needs for the region will be a major aspect reviewed during the survey, with entire logistical supply chains analysed, as well as the need for roads, bridges, ports and aerodromes.
Furthermore, utility infrastructure such as power supply, water, and telecommunications will be thoroughly investigated. Finally, general community services like housing, schools and health centres will also be considered - with the overarching goal of making the Northern Territory a stronger economy over the next three decades.
With these developments occurring over the next 30 years, now could be a great time to purchase investment property in the area, in order to provide accommodation for workers and other individuals moving into the newly rejuvenated area.