Daily News Archive
Daily News Subscription
Magic Millions Perth Final Select Average Up 8.3%
Overall at the conclusion of the 3-day Select Section of the Magic Millions Perth Sale, 270 yearlings sold for a cumulative $12,060,500 (down 8.3% on last year's 319 sold for $13,152,000). The cumulative average of $44,669 was up 8.3% (last year $41,229). The clearance rate was 67% (last year 77%). Magic Millions acting managing director David Chester commented: "As has happened at all auctions around Australasia this year, the quality lots proved popular & sold accordingly." However Chester also noted: "The lower end of the market was tough & we obviously would have liked the clearance rate of 67% to be higher. The economy hasn't helped - particularly the high Australian dollar. We had lower levels of visitors & trade from abroad - although we still had buyers from Malaysia, Singapore & South Africa. Buyers, as we expected, were very selective & this has become the norm around the region over recent years."