In an effort to combat rising house prices, the Northern Territory government has decided to release 50 apartments in Karama, Darwin for rent to eligible workers in the region for a significantly reduced rental fee. This is good news for the local economy, allowing for more people to move into the area and begin working – which could offer significant benefit to owners of commercial property in Darwin.
This new move to charge 30 per cent below market value for rent will help people who may otherwise be forced out of the market to make a stake in the Northern Territory capital and secure their own residential accommodation in the area. Deputy chief minister of the Northern Territory Peter Chandler said the program was a part of the Real Housing for Growth strategy, which aimed to provide 2,000 new affordable houses across the territory by 2016/17.
"Located across from the Karama Shopping Centre, these brand new apartments offer convenient access to schools, transport and are close to the city, Casuarina and Palmerston," said Mr Chandler in a 26 September statement.
The scheme has already rolled out 370 new dwellings in the region, with an additional 100 extra units currently being constructed across Darwin and Palmerston for people's accommodation benefit.