Original Publication: Smart Property Investment
|Darwin set for expansion|
A new suburb outside Darwin is just the beginning of a series of new stages which will see more than 5,000 homes built on the outskirts of the city.
The first of 750 new homes at the new suburb of Zuccoli will be coming out of the ground by early next year, with $12 million of power, water and road infrastructure now complete.
The action by the government is in response to Darwin’s critically low vacancy rate, sitting at just 0.4 per cent according to SQM research.
This gives Darwin a total of just 105 vacant properties in June, compared to Hobart with 720 vacant properties and Melbourne with over 12,000.
Chief Minister Paul Henderson said construction work will now start on 61 new individual blocks at the new suburb, which will be home to up to 750 dwelling by 2018.
In the second stage of development, Zuccoli will eventually be home to 2,400 new dwellings according to Mr Henderson.
“The Territory Government has invested $12 million to accelerate the release of land at the new suburb of Zuccoli as part of our massive land release program to get more homes out of the ground across Zuccoli, Bellemack, Johnston and Muirhead.
Bellamack will house approximately 750 dwellings when complete, and Durack Heights will have an estimated 882 dwellings when complete – the first 318 lots have been approved and blocks are on sale now.
Other developments across Darwin’s fringe include Johnston, where 78 new homes have been built, more than 300 units in are in various stages of construction and work has started on construction of Johnston stage two which includes an additional 284 lots.
When complete, Johnston will have up to 1000 houses and units.
Mr Henderson also claims the new greenfield city of Weddell, just south of Darwin, will house 50,000 people and planning work is “well underway.”