State of Markets - NT December 2012
Essential information, plus expert insight on what is shaping the national property market...
NORTHERN TERRITORY
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Fast Figures
- Weekly family income: $2,110 (SQM Research)
- Median rent: $225 (ABS)
Building cover scheme set to proceed
Northern Territory’s Residential Building Cover Scheme will proceed in 2013 under the new Country Liberals government.
Business minister Peter Chandler has responded to concerns raised by the Master Builders Association about the commencement of building cover in the Territory, which is set to provide a safety net for investors wanting to build a home.
“The package earmarked to commence on January 1, 2013 includes the establishment of a fidelity fund to provide residential building cover in the event of the death, disappearance or bankruptcy of a builder, regulated progress payments, and establishment of a Commissioner of Residential Building disputes,” Mr Chandler said.
Mining to grow in prominence
Mining in the Northern Territory is to grow in prominence and looks set to expand into new regions, according to the minister for mines and energy, Willem Westra van Holthe.
Mr Westra van Holthe told the audience at the recent ‘Mining the Territory’ conference of his intentions, outlining a number of investment and exploration development opportunities.
“Working with industry in a partnership approach to achieve better outcomes for all stakeholders was the key theme of my address,” he said.
“I want to make it clear that the [new NT chief minister Terry] Mills government views the mining industry as being fundamentally important to the future growth and prospects of the Territory,” he said.
“I am very keen to meet with the leaders of this industry sector to see where improvements can be made and what the Mills government can do to facilitate growth and support project development.”