Alice Springs - Northern Territory
With the Darwin market still in the doldrums, Alice Springs is the only property market in the Northern Territory delivering positive performance. Prices have risen in the last year and rents are high relative to house prices, delivering high returns.
The Northern Territory Government appears serious about injecting further momentum into Alice Springs with plans to spend $90 million on infrastructure and new attractions. The CBD will be revitalised and an art gallery would be built along with a National Aboriginal Cultural Centre.
A large public service workforce is the key driver behind the economy and now, numerous resource projects are set to take off.
The $5 billion Mount Peake magnetite mine is approved while another $2 billion worth of mining projects are in the pipeline, promising hundreds of jobs.
The number of homes rented in Alice Springs is higher than the national average and vacancies are low, providing good prospects for investors.
This report covers the Alice Springs suburbs of Araluen, Braitling, Desert Springs, East Side, Gillen, Larapinta, Sadadeen and The Gap.