State of Markets - NT May 2012

NORTHERN TERRITORY

Fast Figures

• 2.4: Number of people per household projected for 2031 (ABS)
• 9%: Northern Territory employment from tourism (Tourism NT)

Govt floats dual occupancy option

The Northern Territory Government has proposed a dual occupancy option for property owners with blocks of over 100 square metres.

Dual occupancy blocks would still be required to go through the development consent process, including all the relevant assessments, public exhibitions and hearings.

The changes will be relevant to those whose blocks currently contain just one dwelling, are not affected by the one per cent storm surge and have only one point of vehicle access.

More than 50 per cent of the ‘Greater Darwin Region Land Use Plan: Towards 2030 Consultation Paper’ responses suggested dual occupancy.

Darwin population up 50 pc by 2030

Investors in Darwin will see demand in the property market soaring off the back of future resources projects, developments and government initiatives.

A new government strategy has been announced that will see Darwin’s population grow by more than 50 per cent by 2030.

Chief Minister Paul Henderson has released the Greater Darwin Plan, a strategic framework that will guide the growth of Darwin city and the surrounding region.

“This plan will help Darwin grow by up to 70,000 extra people over the next 15 years while maintaining the unique character of our communities and suburbs,” Mr Henderson said.

Hotspotting.com.au founder Terry Ryder said now is the time to buy if investors are convinced by the Inpex gas project and other initiatives.

“This isn’t something with a two- or three-year horizon, it’s going to extend decades into the future,” Mr Ryder said.