Real estate markets across the territory have benefited from the establishment of the Northern Australian Infrastructure Facility (NAIF) two and a half years ago, according to Glenn Grantham, General Manager, Raine & Horne Darwin.
Since 2016, NAIF has announced funding for a range of projects across the Northern Territory totalling $185 million. This infrastructure spending includes a $150 million conditional approval to Northern Territory Airports (NTA) as part of a $300 million expansion package across airport sites in Darwin, Tennant Creek, and Alice Springs.
The airport project involves an estimated 1,000 jobs through the construction phase, approximately 500 indirect jobs generated through the supply chain, and over 140 new ongoing positions. Glenn said, “Much of this money is being spent on the RAAF Base Tindal in Katherine.
“This investment will create jobs in Katherine and underpin real estate demand in the Territory’s fourth-biggest city.”
In Darwin, the NAIF is supporting the multi-hundred million-dollar development of a new campus for Charles Darwin University in the inner city. “This new 8-10 storey campus could bring an extra 1,000 residents to Darwin on completion,” said Glenn.
Another major project, the $200 million Westin Darwin Hotel, on Darwin Harbour waterfront, will prove a significant boost for local tourism, by attracting business conferences and holidaymakers. “The Westin project has just started and will add to the waterfront near the passenger terminus. This is the first-ever 6-star resort built in the Northern Territory,” Glenn said. The $200 million luxury hotel will create more than 500 construction jobs and around 150 ongoing positions[i]. “These jobs will prove good news for real estate markets close to this major construction project.”