Darwin-Inpex decision getting closer

I watched the local news last night and they said that Inpex have signed the docs in which they now cannot pull out of so we're expecting the final announcement within the coming days.

I guess there will be lots more money floating around for the 30 years it's set to run for and will create loads of jobs. Thats gotta' be good for everybody.
 
investor2009 said:
I watched the local news last night and they said that Inpex have signed the docs in which they now cannot pull out of so we're expecting the final announcement within the coming days.

I guess there will be lots more money floating around for the 30 years it's set to run for and will create loads of jobs. Thats gotta' be good for everybody.
Click to expand...

Just another mega project to add to the list for construction over the next 5 years. Gorgon, Wheatstone and Inpex alone are enough to stretch our resources, the rest is just gravy. :D
 
Inpex, Total leaders heading to Dariwn

"Leaders from foreign companies expected to build a giant gas project in Darwin are converging on the city, amid speculation they are poised to seal the deal.

The $US32 billion Ichthys project has been tipped to transform Darwin's economy, with modelling showing it will add almost 18 per cent to the NT's gross state product each year during its 40-year life.

There has been increasing speculation the gas project will be signed off on Friday, although neither the joint venture partners nor the NT government have confirmed this"...

"The project will inject an estimated $3.5 billion into the Australian economy each year and require about 2,700 workers during peak construction. It will create 300 sustainable jobs."

http://news.ninemsn.com.au/article.aspx?id=8401995
 
Inpex says yes to final investment decision

http://www.smh.com.au/business/game-changer-lng-project-approved-for-darwin-20120113-1pya2.html

'Game changer' LNG project approved for Darwin


http://www.abc.net.au/news/2012-01-13/130112-inpex-announcement/3770578?section=business

"Mr Kuroda says about 3,000 workers will be needed for the onshore construction phase, with a further 1,000 offshore.

"Once the project is in operation, we will require approximately 700 permanent positions," Mr Kuroda said.
 
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investor2009 said:
What I don't understand is this: The NT News has just told that the 2700 worker camp has just been approved for Howard Springs, I actually live in HS too by the way. All good, but weird they would say that before the apparent final decision has been made..

Anyhow, I don't really see how this could affect house prices here in Darwin because the workers will have FREE accommodation at the workers camp and will be fly in/fly out. ?
Click to expand...

But the project isn't as simple as bringing in a whole lot of construction workers to build the plant. Where are the people building the workers camp going to stay during its construction? How about the companies and people providing the engineering services for the Ichthys project? And the companies providing other services for the project?
 
Also, I believe that Families will not receive free accom. They will be required to either rent or buy in Darwin. My bet is for the outer suburbs surrounding Palmerston as they're closer to work. Well, onward and upward people :) I'd be suprised if we see anything like Karratha, but I'm expecting good growth from it
 
Could be a rewarding time if you hold property in Palmerston and Darwin generally. My guess is rents will increase by 15%+ this year. Given the high costs of maintaining property in Darwin (agents fees 9% + gst, high council and utilities costs, expensive tradesmen, costs of termite treatments, water damage due to heavy rain, 3 airconditioners per house that run fairly constantly and air-conditioner maintenance costs) I think landlords might be in for some long overdue catch-up.
 
Me too. We've been flat for 2 years now..
And speaking with some big boys up here with huge porfolios, they tell me Darwin doubles in value every 5 years. The one who told me that runs a REA Company too. He said to me 'Why would you buy anywhere else'? He couldn't understand why I bought something interstate. It was a very inspiring dinner we had here one night and I was very lucky to chat with them. I'm amazed at the size of these guys investments.
 
"Not necessarily. I work FIFO and many I work with have the opposite attitude. Invest back home as you know it better. If they are FIFO, they will be working 1, 2, 3, or 4 weeks of 10-12 hour days and then flown straight home, so it's better if the property is back home." hermatite.

see your point.

But I can just picture the spruikers and touters out there saying "your mad, why invest in your home town when you can double, triple your money in Darwin"

And no doubt they will have charts and paperwork showing how much a better return Darwin will give.
 
I was offered a position on inpex's project management team which I turned down because it involved relocation to Darwin... Too damn hot and tropical for me.

The camp will be for FIFO blue collar workers, white collar workers will be looking for rentals even if working FIFO. With a construction workforce of 3000 you can expect another 1500 will be there to manage and supervise the works.
 
Oh no, these guys are friends, not spruikers. Rich guys I look up to.
It won't affect me if you buy here or not just quietly.



datto said:
"Not necessarily. I work FIFO and many I work with have the opposite attitude. Invest back home as you know it better. If they are FIFO, they will be working 1, 2, 3, or 4 weeks of 10-12 hour days and then flown straight home, so it's better if the property is back home." hermatite.

see your point.

But I can just picture the spruikers and touters out there saying "your mad, why invest in your home town when you can double, triple your money in Darwin"

And no doubt they will have charts and paperwork showing how much a better return Darwin will give.
Click to expand...
 
http://www.ntnews.com.au/article/2012/01/14/283241_ntnews.html

"Ray White principal Korgan Hucent predicted property prices would increase by 10 per cent within the next 12 months and rental properties could be up by 10 per cent to 20 per cent."

Your Investment Property magazine 13 Jan: Darwin: Australia's next property hotspot?

http://www.yourinvestmentpropertymag.com.au/news/darwin-australias-next-property-hotspot-121469.aspx

"The project, which will see natural gas pumped into the city for processing into liquefied natural gas (LNG), is expected to boost the Northern Territory’s gross state product by 18% per year over the course of 40 years, says Inpex.

In dollar terms, Inpex expects the Ichthys gas project to boost the Australian economy by $3.5bn per year.

As well as the financial gains that are expected to be made in the Territory as a result of the project going ahead, population growth is on the agenda: 2,700 workers will be required during construction of the project and 300 for its ongoing operation.

“We’ve already got some favourable investment conditions in the Territory, and with an economic driver like Inpex into the bargain, we’re set for an unprecedented growth phase here, regardless of what happens in the global economy,” said Property Council Northern Territory division president Brendan Dunn."
 

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UPDATE. A friend who has recently pulled his house off the market after 12 months with no sale has been prompted by the REA to place it on again. They have just had 3 seperate calls for inspection just today. The Agent says people are beginning to panic buy. Prices may be moving very soon.
 
When I look at houses in suburb my IP is in (Gunn in Palmerston area) seems a lot of sellers have withdrawn their offers or properties have sold.

Now just over one page of houses shown as opposed to 4 pages recently...8 of 21 houses shown are under contract.

http://www.realestate.com.au/buy/pr...activeSort=price-asc&includeSurrounding=false

Early days yet. Would like to see the rents climb (in part to defray the high holding costs...aircondition maintenance costs are scarey with 3 A.C.'s running constantly).

When I look at rentals only 10 properties available from $470/week up to $680/week

http://www.realestate.com.au/rent/p...activeSort=price-asc&includeSurrounding=false
 
Just heard the latest on the radio, I can't find an article about it but then again I haven't looked very hard either. Job growth has eclipsed last years predictions for this year, we are now leading the country in terms of, well, pretty much everything. The vibe on the ground is very positive already.

I can also confirm your last comment Ajax, most suburbs seem to have a similar report.
I've noticed a slight increase in new listing prices, I can only really say that because there are a few listings on unit complexes that I have holdings in that have recently popped up for more than I've ever seen sell for. I had to sell one of those a few months ago for a deposit and sold it to a friend. Hes really happy about that now!
 
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