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ISCOVER
By Christina Zhou
Strong yields and housing demand are currently underpinning a market set for further growth, according to Empower Wealth's Ben Kingsley.
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With major resource projects set to reinforce the Northern Territory, Empower Wealth’s Ben Kingsley told The Adviser's sister publication Smart Property Investment that he favours Darwin’s market as an investment target.
“I like the underpinning of what the Darwin market has, it has a real shortage of available stock at the moment,” he said. “We’re seeing the decisions of the US government to put a military base in there and a large $35 billion [Inpex] project being built into that market.”
Final approval of a brand new $8 billion mine has been announced by the Northern Territory government, which is expected to fuel growth in conjunction with other resource projects in the region, representing a further boost to an already tight market.
Australian Ilmenite Resources’ SILL80 Project in the Roper area aims to export 300,000 tonnes of ilmenite annually, with $30 million already spent on exploration and initial development in the area.
“The approval of this mine site will see a brand new mineral industry for the territory,” said Jerry Ren, director of Australian Ilmenite Resources.
Minister for mines and energy Willem Westra van Holthe said the NT government plans to expand the mining and energy hub and “return jobs to the bush”.
