A DARWIN real estate agent believes recently revealed plans for a $1 billion gas pipeline to be built in the NT will boost confidence in the Top End property market.
Central Petroleum Ltd, the NT’s largest onshore gas producer, last week revealed a proposal to build a 950km pipeline for transporting gas from the Amadeus gas basin to a number of east coast markets — a project that could create hundreds of new jobs.
A memorandum of understanding has recently been signed, with construction expected to begin in 2022 and first gas delivery in 2024.
Raine & Horne Darwin general manager Glenn Grantham said the proposed project would bolster already surging buyer demand for real estate in the Territory.
“This project which will deliver more jobs to Darwin is excellent news, particularly given consumer confidence in this city is already relatively robust after weathering the COVID-19 pandemic,” he said.
Raine & Horne Darwin general manager Glenn Grantham. Picture: Keri Megelus
“The Territory’s low infection rates allowed life in Darwin to return to normal much faster than in other capital cities, and this has translated to real estate market confidence.
“Second and third-time buyers are actively seeking properties priced between $600,000 and $800,000 in premium suburbs and this upgrader demand had driven up prices by as much as 5-10 per cent, since April when COVID-19 lockdowns were enforced.”
Real Estate Institute of the NT chief executive Quentin Kilian said private sector investment was critical to real estate confidence in the NT.
“It is important that we have this economic activity because that is the only thing that’s going to lead to jobs growth, and jobs growth will lead to major activity in the real estate market,” he said.
“If we have these first private sector projects taking that leap of faith to invest in the Territory, then others will follow.”
For more real estate news, see the NT News real estate liftout inside Saturday’s issue of the paper.
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