Student housing an opportunity for future of NT economy that needs diversity

The NT government has become too reliant on mining and resources and must consider the property industry as a growth opportunity for the future, writes Ruth Palmer.

The Northern Territory economy has long been reliant on the mining and resource industries. However, as the global economy shifts towards a more knowledge-based model, it is becoming increasingly important for the Northern Territory to diversify its economy and embrace new industries.

One area of potential growth is the property industry, which has the potential to not only boost the economy but also create new jobs and opportunities for Territorians.

The growth of student housing is one way the property business can help to economic development.

With Darwin now home to a world-class university campus due to open in 2024, there is a significant demand for quality student housing in the city, as well as an imminent severe shortage.

CBD buildings should be repurposed. Photograph: Che Chorley

Industry can draw into this demand and generate a new income source for the local economy by creating purpose-built student housing.

In addition to offering quality housing for students, this will motivate more students to remain in the Northern Territory after graduation, thereby adding to the development of the local workforce.

Furthermore, the existence of students in the CBD can benefit the local business.

With more students residing and learning in the city, local companies such as restaurants, cafes and retail shops are in high demand.

This can help to boost economic development while also providing an eager prospective worker supply for our hospitality industry, which is in dire need.

Reactivating vacant buildings is another method for the property industry to help economic growth.

There are many empty properties across the Northern Territory that need to be repurposed. The Northern Territory government can generate new prospects while reducing the number of derelict buildings in the community by urging property owners to repurpose these structures.

Darwin CBD. Photograph: Che Chorley

However, draconian rules presently make repurposing old buildings difficult for developers and property owners.

As a result, it is critical for the Northern Territory government to revise these policies in order to promote innovative solutions for repurposing old stock.

Another area of possible development for our sector is urban infill.

Instead of focusing solely on unleashing new land for development, the government should concentrate on building brownfield areas in the CBD.

This will not only help to decrease urban sprawl, but will also encourage a greater variety of living options in the market.

Property Council NT executive director Ruth Palmer.

Industry can also help to revitalise older parts of the city by developing brownfield sites, providing new possibilities for businesses and residents equally.

To summarise, the Northern Territory economy has the potential to expand and broaden through the property sector, and we call on the government to collaborate with industry to develop innovative and much-needed accommodation solutions for the entire Territory.

Our sector can play an essential part in stimulating economic development by developing purpose-built student housing, reactivating vacant buildings, and concentrating on urban infill.

The Northern Territory government has a crucial function in supporting the property industry by implementing appropriate policies and incentives to promote the growth of a varied and thriving economy for the advantage of all.

Originally published as Student housing an opportunity for future of NT economy that needs diversity