Cover image courtesy of Magic Millions
With 21 yearlings sold for $100,000 or more, up from 17 in 2024, the Magic Millions National Yearling Sale continued the year’s trend of strength at the top with buyers picking over lots with increasingly less risk taking shown. The sale’s popularity with vendors was demonstrated with a larger catalogue in 2025, with 381 horses listed, up from 328.
Magic Millions staff’s commitment to getting horses sold was shown with an increased clearance rate in 2025, at 76 per cent at the end of the two day sale, up on 71 per cent at the same point in 2024.
With the larger catalogue and higher clearance rate, this resulted in a jump in volume with 249 horses sold, compared to 195 in 2024, the aggregate jumped up from $8.3 million in 2024 to $10.3 million in 2025.
“It felt as if there was more appetite from the international markets at this sale. That’s evident when you see how many horses were sold internationally. Those buyers created a good foundation which supported the improved clearance and growth,” said Magic Millions Managing Director Barry Bowditch.
“It felt as if there was more appetite from the international markets at this sale. That’s evident when you see how many horses were sold internationally.” - Barry Bowditch
The clearance rate at this sale has steadily grown over the last five years from under 70 per cent in 2021 to over 77 per cent in 2025.
| 2025 | 381 | 252 | 77.06 | $ 10,352,000 | $ 41,079 | $ 25,000 |
| 2024 | 399 | 253 | 72.16 | $ 8,382,500 | $ 42,551 | $ 27,000 |
| 2023 | 357 | 218 | 71.24 | $ 10,066,000 | $ 46,174 | $ 30,000 |
| 2022 | 410 | 271 | 73.84 | $ 14,387,000 | $ 53,089 | $ 30,000 |
| 2021 | 432 | 265 | 69.92 | $ 15,068,000 | $ 56,860 | $ 35,000 |
Table: Clearance rate over five years
International interest over time
This year saw a big leap in international buyers at this sale with 41 per cent of all sales heading to New Zealand or Asia, up from 20 per cent in the past four years. The loss of Singapore and Macau has been replaced with emerging marketplaces in Malaysia, Thailand, South Korea, and Indonesia, while Philippines held strong and Hong Kong purchased more horses than typical in 2025, averaging 12 for the past four years then leaping up to 23 this year.
Barry Bowditch | Image courtesy of Magic Millions
“And most importantly, the (international buyers) were all ends of the market. Hong Kong buyers were present at the middle to top end, China in the middle of the market, as well as South Korea, and then Philippines, Thailand, Malaysia and Indonesia all played at the lower to middle end,” said Bowditch.
New Zealand stayed fairly static, purchasing 17 lots which is virtually the same as their five year average of 18 lots a year although it fluctuates a bit.
| QLD | 74 | 94 | 107 | 106 | 136 |
| NSW | 56 | 53 | 54 | 105 | 103 |
| VIC | 25 | 29 | 18 | 37 | 46 |
| PHILIPPINES | 24 | 31 | 7 | 22 | 3 |
| HONG KONG | 23 | 13 | 15 | 6 | 15 |
| NEW ZEALAND | 17 | 13 | 25 | 13 | 25 |
| MALAYSIA | 13 | 0 | 11 | 0 | 20 |
| THAILAND | 13 | 0 | 0 | 0 | 0 |
| SOUTH KOREA | 11 | 0 | 0 | 0 | 0 |
| CHINA | 11 | 6 | 5 | 0 | 0 |
| WA | 8 | 3 | 0 | 6 | 0 |
| SA | 2 | 1 | 3 | 1 | 5 |
| INDONESIA | 1 | 1 | 1 | 0 | 0 |
| SINGAPORE | 0 | 8 | 2 | 21 | 2 |
| MACAU | 0 | 0 | 6 | 2 | 2 |
| ACT | 0 | 2 | 5 | 2 | 1 |
| TAS | 0 | 0 | 5 | 4 | 2 |
| SOUTH AFRICA | 0 | 0 | 0 | 1 | 0 |
| Total International | 113 | 72 | 72 | 65 | 67 |
| International percentage | 41% | 28% | 27% | 20% | 19% |
Table: International sales over last five years
Later sale, later birth date
With the sale topper born in December, this sale - held at the end of the sales season - appears to be finding a niche in the market for later foals. It’s not just the sale topper, as a huge 19 per cent of the catalogue were born in November or December.
The four horses born in December achieved an average which looks incredible, but this is skewed by the sale topper, and the four of them represent the breadth of the entire market, selling for $850,000, $140,000, $26,000 and $1500.
| February | 3 | $ 193,333 |
| August | 50 | $ 29,610 |
| September | 71 | $ 28,880 |
| October | 102 | $ 34,127 |
| November | 48 | $ 41,240 |
| December | 4 | $ 254,375 |
| Total | 278 |
Table: Month of birth of sold lots
This sale also included three horses by Extreme Choice who were born to Northern Hemisphere time, with the trio averaging $193,000. “The other anomaly this year was the Northern Hemisphere-bred Extreme Choice yearlings, which was a great initiative by Baramul Stud,” said Bowditch.
Extreme Choice | Standing at Newgate Farm
“And having a December foal sell to Yulong as the top price of the sale shows that the right horse sells well despite a perceived disadvantage. Obviously we encourage people to serve their mares in September as that’s good for our January sale, but I think this sale shows there’s confidence in the market for later foals and that the right horse presented here can sell well. It shows breeders and stallion owners that a longer season for a stallion has viability and there’s a market for later foals.”
The sale topping colt was born on December 19, 2023 and he’s by Extreme Choice from winning mare Samarmeteors (Northern Meteor) who has already produced Group 2 winner Prost, who was recently announced by Aquis Farm as standing his first season in 2025.
Quartile Analysis shows shifts over time
The five-year quartile analysis of this sales shows the shifts in the four sectors of the market over time. Of interest, the lower end of the market at this sale has stayed fairly static over the past five years while the top end has contracted in line with the sale’s contraction. This is different to most of the rest of the sales across the 2025 season, where the top end has seen strong growth and the lower ends have struggled.
| 2025 | 252 | $ 41,079 | $ 99,884 | $ 31,843 | $ 15,514 | $ 5,536 |
| 2024 | 253 | $ 42,551 | $ 91,797 | $ 29,817 | $ 14,151 | $ 3,190 |
| 2023 | 218 | $ 46,174 | $ 104,654 | $ 35,492 | $ 14,685 | $ 4,092 |
| 2022 | 271 | $ 53,089 | $ 121,994 | $ 37,512 | $ 19,683 | $ 7,019 |
| 2021 | 265 | $ 56,860 | $ 121,250 | $ 37,811 | $ 16,478 | $ 5,431 |
Table: Quartile sale analysis over five years
It’s been a tough yearling season for many vendors in the middle and lower end, and this sale’s figures show that while it feels like it’s getting worse, at this sale, at least, it’s not. This sale’s top end tends to fluctuate a lot with sale toppers in the past five years coming up between $400,000 and $850,000, so the overall figures may simply reflect a catalogue that isn’t overly consistent each year.
