Geraldton: Mining Hub of the Mid West

Geraldton is in a great economic position right now. Geraldton’s real estate market prices are still that of a small town, while the mining industry has produced thousands of jobs in the region. There is a fair amount of affordable, quality land for sale in Geraldton, and it is much more affordable than other mining towns in Western Australia. This has turned Geraldton into a very nice place to live in, and one that is starting to see quite a bit of demand.

The Mid West’s mining boom peaked in 2006-2007, when the mines produced $3.2 billion worth of resources, including onshore petroleum. Part of the reason the numbers were so high was that commodity prices were high at the time, but the output was still impressive.

Though good, solid numbers for 2012 aren’t yet available, the most-quoted ones come from the 2009-2010 years. The value of the mining industry in the Mid West was estimated at $2.5 billion, and the on-shore mining of natural gas and crude oil contributed another $52.5 million.

The highest was gold, at $816.6 billion; that worked out to 32.3% of the entire industry. Nickel, talc, and cobalt contributed 17.8%, or $449.9 million; zinc, copper, and lead brought in 17.1%, or $431.8 million; iron ore contributed 16.4% or $415.7 million, all by itself, and chromite and heavy mineral sands came in at 13.3% or $337.8 million.

Current numbers are hard to come by, but the Mid West was slated for a total of 38 mining projects as of 2010, and a recent graph from the Mid West Major Projects Summary indicated that there are 43 current projects. This will require more expenditures for infrastructure, including a new port at Oakajee and a heavy gauge rail line to transport minerals from inland to port.

This means that the area is growing, and that those who get in now will probably enjoy some impressive growth of property values in a few years. The mining boom is estimated to continue for a minimum of ten years, which means more growth and more jobs. The Australian Bureau of Statistics estimated that there could be as many as 76,000 more jobs than skilled workers by as soon as 2015.

Contact Ray White Real Estate in Geraldton at 9965 7600 for more information.