Projected population growth in Northern territory highlights development plans
Population projections for the Northern Territory have revealed plans for the future growth of the region. The predictions for the next 30 years could be beneficial for potential investors to be aware of, especially those interested in securing residential properties in the coming years. Charles Darwin University researchers have been working in collaboration with the state's Department of Treasury and Finance to map growth and the characteristics of these movements.
Treasurer Dave Tollner said these figures would be brilliant for helping the future planning of the state's infrastructure and services. Because most government budgetary processes generally only project forward five years, this data will fit into a wider perspective of the Northern Territory's development.
During the 30-year period it has been estimated that the annual growth rate will be 1.5 per cent, with the Greater Darwin area expected to have the largest level of growth. The projected population increases are expected to be 43,154 people by 2026 - making Greater Darwin's share of the state grow from 56 per cent up to 58 per cent.
This could present a great option to consider purchase property for the future with an expanded portfolio into the Darwin region making sense in the long run.
"We are serious about building the Territory of tomorrow by attracting investment and creating real jobs through developing the North. The Territory needs to think strategically to deliver an economic future for a growing population by expanding our industrial base," said Mr Tollner in a July 30 statement.
"We are also delivering real action on releasing more land for residential development, with $45 million allocated in the recent Budget to deliver land for 6000 new dwellings in the Darwin and Palmerston areas."
Looking further into the future means more forward thinking plans can be made, helping to focus the overarching development of the state in the coming years. Being able to track this and plan further ahead for infrastructure needs will aid the streamlining of future city planning and state growth.
Mr Tollner said the information will be used to lay out "a blueprint for future residential, commercial and industrial development in the Greater Darwin area". With the capital city expected to grow so much, it could be worth investigating the potential for property investment in the region.
Get in contact with a real estate agent to begin discuss the potential investment opportunities available to you in the developing Northern territory area.