NT a hidden gem for real estate investment
A number of recent projects are highlighting the Northern Territory's potential for investment.
Currently in the pipeline is an agreement to set up and develop a 10,000 hectare dragon fruit farm near Darwin. Minister for Primary Industry and Fisheries Willem Westra van Holthe is due to sign a Project Facilitation Agreement (PFA) with Tran Kim Chung, president of the CT Group, Vietnam, to usher in the development. Under the proposed plan, the CT Group would cultivate the 10,000 hectares within a 10-year time span.
"This is an exciting new announcement for the Territory and I am looking forward to to seeing how it prospers," said Mr Westra van Holthe.
Dragon fruit, also known as pitaya, needs a dry tropical climate, lots of sunshine and alternating wet and dry seasons to grow. These distinct requirements make the area around Darwin prime rural real estate for growing the fruit.
"In Vietnam, the use of artificial light is used to accelerate the fruit production," said Mr Westra van Holthe; "however due to the NT's unique climate, facilitation of faster production without the need for artificial light may be possible."
Area also appeals to property investors
The sparseness of residents also makes the Northern Territory an alluring locale for property investment.
"One of the features that makes the Northern Territory so attractive is our availability of land," said Mr Westra van Holthe. "This is an important factor if the Vietnamese producers wish to expand the initial operation at a later date."
Mr Westra van Holthe believes the farm's establishment will have a beneficial effect on the local economy through export market growth and job opportunities.
The PFA follows on the heels of the announcement that 11 new dwellings are set to be completed on Aboriginal land by the end of May in the small town of Wadeye, NT. To build the homes, the State and Federal governments both partnered with the Thamarrurr Development Corporation, a company formed by 20 local clan groups.
Around 60 locals were involved in the construction, which aims to provide much-needed accommodation for government workers. NT Housing Minister Matt Conlan hopes that the land investment will help attract employees such as teachers, police and health professionals, as well as benefit the town through the construction of associated infrastructure, new subdivision roads and the relocation of the airport taxiway.
Clearly the Northern Territory represents an untapped source of property investment opportunities. Those intrigued by the idea would do well to contact their local real estate broker for advice.