Infrastructure development in Northern Territory could be great for investment
Opportunities for property investment abound in the Northern Territory, where the state government has contributed more than $413 million towards the development of infrastructure in remote and regional areas of the state. Over the last 12 months, this infrastructure has been developed across the whole Northern Territory - highlighting a commitment to sustained advancement in the area.
Minister for Infrastructure Peter Styles said retaining vital assets was an important aspect of investing this much into state development. When involved with the resource industry, it's important for the government to provide necessary infrastructure for residents in the state to keep them productive.
With the knowledge of state investment in Northern Territory infrastructure, now could be the perfect time to take the plunge and expand your investment property portfolio for your future. With people needing accommodation, regional real estate could be a fantastic choice.
"We have spent more than $413 million on infrastructure, which includes $127 million on roads this financial year. More than 95 per cent of our contracts have been awarded to local Territory companies in the past eight months," said Mr Styles in a March 22 statement.
"We are committed to boosting the Territory's economy and maintaining and developing our vital infrastructure assets. Developing and building essential infrastructure to regional Territory is part of our government's plan to deliver for the bush and help drive the development of Northern Australia."
Some of the projects being undertaken across the state include a $2 million upgrade of Jungawa Road and Namarada Drive, $4.7 million towards upgrades on the Red Centre Way, and $3.7 million towards ten new truck parking bays through Central Australia.
Furthermore, some of the projects expected to begin in the near future include the construction of multipurpose police stations at Yuendumu and Arlparra, upgrading the Docker River Aerodome and Utopia Aerodrome, and an upgrade for Canteen Creek Remote Health Centre.
These developments are a great opportunity for the continued growth of the Northern Territory and could offer a number of investment property options for smart investors. With the expected population boom heading towards the nation, this could help to expand your property portfolio - especially in conjunction with the strong resource sector in the country.
Now could be a great time to start considering the choices available and begin looking into real estate developments across the state.