State of Markets - NT April 2012
Essential information, plus expert insight on what is shaping the national property market...
Northern Territory
Fast Figures
- 0.9%: Vacancy rate in Darwin (SQM Research)
- 11,500: Predicted shortage of dwellings in 2020 (HIA)
Subdivision laws eased to increase housing density
Property owners will soon be allowed to build a second dwelling on their land in a Northern Territory government move to alleviate the housing shortage.
To increase housing density, Darwin property owners with plots of 1,000 square metres or more will be able to subdivide the residential block into two. The plan should open up nearly 3,000 blocks for development.
Chief Minister Paul Henderson said relaxing the subdivision laws would help the region meet growth pressures, with the economy underpinned by strong resources projects.
The initiative forms part of a strategic housing package that has already seen the extension of the Build Bonus scheme until June 30, as well as increased temporary housing options throughout the Territory.
“These are carefully planned initiatives [to] offer affordable, appropriate housing to meet the needs of all Territorians and our short-term guests,” Mr Henderson said.
Darwin activity and employment to boom
An increase in activity in the Darwin region will require the government to bring in workers from overseas, government officials say.
“Darwin is set to experience huge growth, with demand for workers expected to outstrip local and national supply,” said immigration minister Chris Bowen.
The Federal Government has negotiated Australia’s first Regional Migration Agreement (RMA) for the Northern Territory.
“In the next few years, numerous major resource projects will create significant demand for skilled and semi-skilled workers,” minister for business and employment Delia Lawrie added.
The RMA is expected to be in place by June.