14 July, 2020
AuctionsPlus records dramatic 62 per cent increase in cattle turnover
AuctionsPlus has recorded a dramatic 62 per cent increase in cattle turnover for the 2019-2020 financial year. AuctionsPlus Chief Executive Officer Angus Street said the priority among vendors had shifted from a simple disposal of cattle during the drought period as feed resources disappeared, to a total focus on optimising price during the current market boom.
"AuctionsPlus' key attraction in a rising market like this, with buyer demand after rain, is in broadening the competition base" Mr Street said.
"The surge in turnover in the past six months is all about the size of the buyer audience during a period of high prices."
Mr Street said that buyers in the current markets were also looking in detail for cattle with the attributes they were seeking, and the large number of online listings was catering for that.
"It’s about providing the information to make a more informed buying decision" Mr Street said.
For vendors, AuctionsPlus price results on young cattle in the past financial year were 10 to 15 per cent greater than Eastern Young Cattle Indicator figures posted the same week, and the process avoided saleyards transaction costs and transport.
"Past history suggests that buyers tend to be a little more confident to jump online during times of rising markets" Mr Street said.