Inpex worker influx to drive up Darwin real estate values and rents
Media release - 24th February, 2015
A major influx of workers to support the next phase of the Inpex LNG project at Blaydin Point will push up Darwin property prices by as much as 5% by the middle of 2015 and rents by as much as 15%, according to Glenn Grantham, General Manager, Raine & Horne Darwin.
“Currently, the supply of properties for sale and rentals is outstripping demand, however with the Inpex Project shifting up a gear, it’s expected that 8,000 workers will be employed at the Blaydin Point complex by July,” said Mr Grantham.
“This is more than double the number of workers involved in the first phase at Blaydin Point and significantly, it will inflate Darwin’s population by 5% in a matter of months.”
“The Darwin rental market will be hard pressed to meet the demands of additional workers and this will force down rental vacancy rates and push rents rapidly.
“I wouldn’t be surprised if the Inpex factor adds 15% to average rents in Darwin by July, which will attract the eagle eyes of savvy local, interstate and overseas investors.”
It also means that the pendulum, which is currently swinging in favour of buyers, will bend back towards landlords and owners.
“There is a short window of opportunity before buyer demand starts to outstrip supply in Darwin and prices start rising,” said Mr Grantham.
“If you’re considering buying a Darwin property to live in, or invest, the advice is to get in now before Inpex workers swamp the rental market and create a knock on affect that takes the sales market with it.”
“We’ve just listed a three bedroom house at 4 Kabbarli Court, Karama for sale from $550,000 to $590,000, which is great buying,” said Mr Grantham.
“If this property was in Driver, a suburb in Palmerston, which has similar style of housing, it would be worth over $600,000. Yet Karama is closer to Darwin, which makes it a suburb to watch in 2015.”
For further media information contact:
Glenn Grantham, General Manager Raine & Horne Darwin on 0418 803 222
Andrew Harrington, National Communications Manager on 02 9258 5400