So what makes Tennant Creek stand out? Well let’s begin with the announcement this week by the Northern Territory Government that it had decided on a company to build the NEGI. And for those of you, like me, that are over three and four letter acronyms, that stands for the North East Gas Interconnector.
Essentially a whopping big gas pipeline to connect into the one currently running between Darwin and Alice Springs, that will carry gas between Tennant Creek and Mt. Isa, which will in turn connect to the pipes serving the eastern seaboard.
The announcement indicated that a facility – which in layman’s terms for we who are not educated in the sciences of gas works will be a big pumping station – will be built and located in Tennant Creek. Along with this the company building the pipeline stated that it was their intention to undertake much of the pre-construction and pipe work in Tennant Creek.
Tennant has, over its industrious and illustrious past, played host to the mining of gold, copper, manganese and phosphate. It is also the regional service hub for the huge pastoral stations producing premium beef cattle.
And what has happened to property prices in Tennant Creek. In September 1999 you could have purchased a house for a median price of $51,000. In September 2015, just 16 years later, this median price has risen by over 336 percent to $222,500. In fact in December 2014 the median price actually reached $291,250.
It’s not my place to suggest that the announcement of a major $1.3 billion economic project based in Tennant Creek would have an effect on either residential or industrial land…BUT… if you’re investing in property and looking for something a little different, you might just want to ‘Google’ Tennant Creek.
(GAICD, FAIM, CIPS, PHF, GradCertMigLaw, Commissioner for Oaths NT)
Chief Executive Officer
Real Estate institute of
Northern Territory (REINT)