Business news from across the Northern Territory: Latest highlights include the Federal Government splashing $24 million for infrastructure projects across the Territory, the NT Government falling behind on meeting its housing build goals, and the Darwin rental market tightening as demand increases. Also making resource news is Tanami Gold reporting promising drilling findings at the Jims gold mine.

Economy

Feds splashing $24 million for infrastructure projects across NT ahead of election

The Federal Labor Government has allocated $24 million for infrastructure and community facilities in the Northern Territory. This includes $7 million for infrastructure to support the construction of up to 730 homes in Katherine East and $4 million for the Nitmiluk Tourism Services Precinct master plan. The Central Australian Regional Community Precincts will receive $4.7 million for planning, while the Ngurratjuta Service Hub will receive $4.8 million for expansion, including a climate-controlled art storage facility. Additionally, $1.1 million is designated for the Urapuntja Community Splash Park, and $2.7 million will be invested in road and rail safety improvements.

Construction and real estate

NT behind in meeting its housing goals

The Territory Government faces challenges in meeting its housing construction goals, falling significantly behind the target of 11,427 new homes by 2029. Industry leaders Ruth Palmer from the Property Council NT and Luis Espinoza from the Housing Industry Association have raised concerns after only 122 homes were completed in the last quarter, 78.6 per cent below the target.

They emphasised the need for urgent action, such as fast-tracking urban infill projects and simplifying approval processes, to address the housing crisis. Mr Espinoza also highlighted issues like a lack of skilled labor and excessive regulation as additional barriers to meeting these targets.

Darwin rental market tightens as demand increases

The Darwin rental market tightened due to increased demand in 2024, even as rental prices remained stable. The REA Group Rental Report highlighted an 18.4 per cent growth in new listings, but a 6.5 per cent decrease in overall rental supply, remaining significantly below the decade average. Inquiries per listing rose by 31.3 per cent, and properties spent an average of 23 days on the market.

Despite the jump in demand, Darwin’s median advertised rent had one of the smallest increases compared to other capitals. The popularity of rentals in the $550-$600 range and in northern suburbs was noted. Rental demand also grew in the regional Northern Territory, though the average inquiries per listing saw a significant annual decline. Overall, while some rental pressure was easing, the market remained tighter than pre-pandemic levels.

Resources

Tanami Gold reports promising drilling findings at the Jims gold mine

Tanami Gold NL has announced the successful conclusion of a drilling program at the historic Jims Gold Mine, which is part of their extensive field activities for the 2024 season under the Central Tanami Project. The drilling results revealed high-grade gold intercepts, particularly a notable segment of 3.80 meters at 268.34 g/t gold, highlighting the area’s significant mineralization potential.

These findings support the company’s exploration initiatives in the Tanami Region. However, final assays for additional targets are still awaited, which could influence future mining strategies and stakeholder interests. Tanami Gold NL focuses on gold exploration and mining and works in a joint venture with Northern Star Resources Limited, primarily focusing on the Central Tanami Project in the Northern Territory.