29 Jan 2016

Australians 'buying keenly' at Karaka yearling sales

10:23 am on 29 January 2016

Revenue of up to $80 million is expected from the three days of the Karaka yearling sales, the company running the sales says.

New Zealand Bloodstock says $28 million was spent on Wednesday alone, with two-thirds of stock going to international buyers.

Chief auctioneer Joe Walls said the sector had had lean times lately and this had lifted things.

"We have had a number of leading Australian buyers stay on for the sale and buy very keenly.

"We also get buyers from Singapore and Hong Kong at the sale as well - but I think the underpinning market is the local market and helped this time by Australia."

Mr Walls said mainland China is also a major influence, particularly at the top end of the market.