Breeding & Racing Magazine

NZB Yearlings Premier Section Average Down 27%

Overall during the 2-session Premier Section at the NZ Bloodstock Karaka Sale, 366 yearlings sold for NZ$53,330,000 (down 31% from last year's 387 sold for a record NZ$77,115,500). The NZ$145,710 average was down 27% (last year NZ$199,265) & the NZ$100,000 median was down 33% (last year NZ$150,000). The clearance rate was 77% (last year 86%). NZB managing director Petrea Vela commented: "There's no doubt the market was strong in places, but buyers are selective, as they can afford to be given the current climate. Clearly the market is experiencing a downturn, but in light of the fact that our 2007 figures were records at the time, to be in that range is still a good result for the industry. In particular, the activity of our local buyers has been very heartening & demonstrates their confidence in our industry even in these uncertain times."