State of Markets - NT June 2012
Essential information, plus expert insight on what is shaping the national property market...
NORTHERN TERRITORY
Fast Figures
- 38%: Population growth in NT for which net migration is responsible (ABS)
- 7.3%: Percentage of NT households in public housing (ABS)
Darwin growth driving new infrastructure
Darwin is gearing up for future growth, with new rail corridors in the planning phase, according to Chief Minister Paul Henderson.
“As well as providing new housing at Palmerston East and the future city of Weddell, we’re planning for future construction of rapid transit corridors along key routes when required,” Mr Henderson said.
The project will become commercially viable once the population of Darwin reaches 255,000; in the meantime, bus services will be the main beneficiaries of funding.
“To support the Territory as we gear up for growth we’ve invested in new express services,” he said.
Greater cover for investors during construction
Northern Territory investors should feel confident, following the announcement of a fidelity fund to protect them from unanticipated events during construction, according to Minister for Lands and Planning Gerry McCarthy.
The Territory’s Residential Building Cover package, set to commence on 1 January 2013, will help protect those looking for a new home and should allay concerns about the future, Mr McCarthy said.
“As we enter the next stage of Territory growth we need to ensure that home buyers – and builders – feel confident they are protected from unforeseen circumstances during construction.
“This new package is about ensuring consumer protection while maintaining a healthy industry.”
The package covers investors in the event of a builder’s death, loss of registration or insolvency. It also covers non-compliance and a low standard of workmanship, ensuring that contracts will still reach completion.