Darwin Blog

One operator is anticipating long-term annual average property growth of between seven and 10 per cent.

Raine & Horne general manager Glenn Grantham said the federal government’s $2.5bn infrastructure investment in the Territory as well as a string of “significant technology and aviation projects” would attract ongoing Territory investment, particularly in the Top End.

The Albatross aircraft proposal and Darwin H2 Hub are driving the growth vision.

“The massive budget investment, along with projects such as manufacturing of the legendary Albatross flying boats in Darwin and the Darwin H2 Hub - a renewable energy generation and hydrogen production plant - will generate thousands of new specialist jobs in the NT capital,” Mr Grantham said.

“These extra specialist workers will put pressure on the already tight rental market and support

generous long-term growth, as more southern state investors start to absorb the economic and real estate potential offered in Darwin.

“We already have a current rental climate in Darwin that we have not seen since the Inpex era of 2013 and 2014.

“We’ve had huge demand from rentals, and our vacancy rates since Covid have been almost zero. It’s what we call a virtual zero and this factor is attracting strong southern state investor interest.”

The rental statistics are alarming.

Raine & Horne manage about 1200 Top End rentals and currently have only 13 vacancies.

“It was effectively zero because none of those properties were actually vacant at the time,” Mr Grantham said.

He singled out the Albatross project for a special mention.

Sydney-based entrepreneur Khoa Hoang is behind the push to revive the Albatross, which were manufactured in the United States between 1947 and 1961.

His plans include establishing a manufacturing plant in Darwin to revive the aeronautical workhorse, which could employ up to 350 people.

The hi-tech seaplanes will feature digital avionics and state-of-the-art turboprop engines from the world’s leading aircraft engine manufacturer, Pratt and Whitney.

“The Albatross project will require large numbers of expert workers given the extremely specialist technology involved in these seaplanes,” Mr Grantham said.

“These employees will be sourced overseas and will only add to our tight rental markets.

“Between the Albatross project and the H2 Hub, we will add 3200 new workers to the Territory’s population of 250,000.

“This is a big deal and will further squeeze Darwin’s extremely tight rental market and contribute to long-term average annualised capital growth of 7-10 per cent over the next decade as more investors pounce on local property opportunities.

“We already have an extremely tight rental market with vacancy rates close to zero and yields as high as 8 percent that are at least double those investors can find in the southern capitals.

“The combination of more workers, excellent yields, historic low vacancy rates, and the prospect of decent capital growth have southern state investors buzzing with many buying sight-unseen after looking at virtual tours.

“Undoubtedly, savvy mum and dad investors realise the best way to invest in the opportunities

offered by the NT economy is through our real estate markets.”

For all your real estate sales and property management needs in Darwin, and Palmerston or
to find out about the auction process, contact Raine & Horne Darwin on 08 8941 8941.