Home and Property Development
The Real Estate Industry is a booming sector in Western Australia as of March 2021 because of the government’s initiatives. The HomeBuilder program, which was supposed to end in March, has been extended for another 12 months and enabled builders to meet the demands which resulted in homebuyers being less disappointed. Since then, Housing and Real Estate in Western Australia has been a good investment and properties are at a much higher rate of percentage.
Western Australia is thriving with assistance from its government in delivering the best solutions to maintain its established and reputable standards in providing the best quality in trade, property estate and many more.
World’s Largest Supplier of Iron Ore
In 2020, Western Australia’s supply of Iron Ore rose up to 4% compared to the previous year and in January 2021, Western Australia is the largest supplier of iron ore in the world accounting to 39% of global supply. Asia was accounted for 80% demand of iron ore in the world, China being the first with over 63% of the share gets its supply from Western Australia.
Between 2019 and 2020, iron ore price rose to 16% or US$94 a tonne but in December 2020 prices went up to 25% or US$155 a tonne.
With six mining companies who rank amongst the top 50 in the world are from Australia with up to 23 billion in market capitalization, three of them are based on Perth. This simply shows that Western Australia has a very flourishing industry despite what happened with the pandemic affecting the world on 2020.
Largest Producer of Lithium and other battery minerals
Western Australia is the world’s largest producer of mined lithium and produces most of the battery minerals. WA has been accounted for 49% of global lithium production in 2020.
Western Australia also ranked among the top 5 global producers for cobalt (4% global share), rare earths (7%) and nickel (7%) in 2020.
In 2020, WA has globally accounted for the 21% of the world’s lithium reserves and is second behind Chile. On the same year, WA accounted for 19% of the world’s nickel reserves and is the second largest.
Along with other battery minerals, the estimated expenditure of WA is 31% to $443 million in 2019-2020. This shows significant growth that production did not stop despite the pandemic last year.
Largest Supplier of Liquefied Natural Gas (LNG)
Australia is the second largest global LNG exporter, accounting for 21% of global LNG exports in 2019 and has overtaken Qatar as largest LNG exporter in 2021. Western Australia accounted for the 12% of global LNG exports and 59% of Australia’s supply of LNG comes from WA.
With five projects in Australia the first project: West North Shelf, a Western Australian company, is more than 30 years old and has established a reliable supply of quality LNG.
Asia is known to be the largest importer of LNG globally and with Australia closely located to Asia, it enabled the fast and efficient transportation of LNGs to countries that have medium and long-term contracts.