A new report from the Property Council of Australia’s Northern Territory Division titled “Incentivising Investment in the Northern Territory”, has highlighted a critical shortage of housing driven by insufficient investment, urging immediate government action to tackle the escalating housing demand in the region.
The report identifies significant investment opportunities in social and community housing, potentially supported by matching funds from the Housing Australia Future Fund.
Executive Director of the Property Council of Australia’s Northern Territory Division, Ruth Palmer is advocating for pivotal governmental reforms, including the appointment of a dedicated Territory Minister for Affordable Housing and the establishment of a specialised department focused on property sector investment.
“This report underscores the critical need for strategic government action to ensure a robust investment environment in the Territory.
“We also undertook a comprehensive Traffic Light Assessment of the 2015 Construction and Development Advisory Council report, Building a Better Territory.
“‘Get out of your own way’ was a report aimed to unlock the potential to building a better Territory.
“The Property Council and Deloitte has assessed the stages of the report’s recommendations which have been included in our document.
“We urgently require targeted initiatives to address the barriers stifling investment in our property sector.
“Without immediate action, we risk not only economic inaction but also failing to meet the basic housing needs of our population.
“Every moment of inaction puts more strain on our already overstretched housing resources.
“We have outlined a comprehensive plan that, if implemented, would not only stabilise but also drive growth in our property sector. It’s time for a concerted effort to turn these plans into action.”
NT Division President, Patrick Bellot added that it is paramount that the government commits fully to the recommendations laid out in this report.
“Our property sector must be encouraged to expand and meet the growing demands of the Territory and leveraging the National Housing Accord is also named as a crucial strategy to encourage investment.
“We believe that property should be at the forefront of governmental priorities at all levels.
“We are eager to worth with the government to ensure the NT is optimally positioned for investment success.”