The meteorite was captured falling towards Lake Eyre by a network of remote cameras that also helped identify its orbit.
'It is a big deal': Cameras identify orbit of meteorite
The meteorite is the first result of a new observation network of 32 remote cameras across WA and South Australia.
Called the Desert Fireball Network, the cameras helped to narrow the search area to a 500 metre line.
Mechatronic engineer Jonathan Paxman said the fall site of the meteorite was very difficult to access, being more than six kilometres from a remote part of the lake's edge, and with the surface quite soft in places due to recent rainfall.
"The fact we have managed to retrieve the meteorite at all is remarkable," Dr Paxman said.
The fact we have managed to retrieve the meteorite at all is remarkable.
Jonathan Paxman, mechatronic engineer
Professor Bland said the meteorite was thought to be a chondrite or stony meteorite, providing an example of material created during the early formation of the solar system more than 4.5-billion-years ago.
The meteorite is also one of only 20 worldwide with an identified orbit, allowing the team to track it back to its original asteroid.
"This meteorite is of special significance as the camera observations used to calculate the fall positions have also enabled the solar system orbit of the meteorite to be calculated, giving important contextual information for future study," Professor Bland said.
"It is a big deal because space agencies like NASA or JAXA will spend a billion dollars trying to get to an asteroid and bring a sample back, so potentially we can do it for a lot less than that."
The researchers have asked the local traditional owners, the Arabana people, to name the meteorite in their language after a feature of Kati Thanda-Lake Eyre.
Meanwhile the team has already identified another 10 crash sites to investigate.