Growing national appeal: The rise of commercial stallions in Victoria

Cover image courtesy of The Image Is Everything

In the past decade, there has been a sharp rise in the quality of stallions available in Victoria. Ten years ago, there were seven stallions in the state who stood for $22,000 inc GST or more. In 2026, we’ve already seen 14 horses announced at or above that price point with three standing over $55,000 inc GST.

This investment into quality reflects the strength of the Victorian buying bench, the VOBIS scheme and the willingness of local breeders to invest into property and bloodstock.

Yulong’s bold move created a massive boost

The shift in quality began in 2021 when Yulong expanded their roster. In 2020, there were seven stallions in Victoria standing at $22,000 inc GST or more, with none standing above $55,000 inc GST. This leaped up to 16 in 2021 with Written Tycoon being the only one standing above $55,000 inc GST.

“Over the last decade, the investment, standard and intent behind high-class stallions standing in Victoria has lifted significantly,” Yulong’s Harry King said.

“Incentives help, facilities help and marketing certainly helps, but ultimately the market follows performance.”

This year, there have been three stallions announced at a fee above $55,000 inc GST being Ghaiyyath (Ire), Toronado (Ire) and Street Boss (USA). There are another five announced at $33,000 inc GST, being Cylinder, Observer, Pierata, Schwarz, and Shamus Award.

“Yulong's the obvious one with their investment in the industry, but it's not just them. You've got Widden moving down, Lovatsville has set up in a pretty big way, Darley have horses like Ghaiyyath and Street Boss and their first season sire Observer which shows they’ve got belief in the Victorian economy,” said Swettenham Stud’s Marcus Heritage.

This change in investment in stallions has led to a change in broodmare owner behaviour.

Gallery: Stallions announced at a fee above $55,000 inc GST

“There's definitely been a change. Victorian breeders, now that they've got options down here, are more inclined to keep their mares local. They’ve invested heavily into the farms that they've built in Victoria, so now we've got commercial stallion options, it's really incentivised them to keep their mares local,” Heritage said.

“In the past, we probably didn't have enough commercial options where breeders even really considered (staying here), but now that we've got commercial stallions that appeal to them, there is less incentive for them to go all the way up to the Hunter Valley.

“This has also incentivised the Victorian stallion operations and the new ones setting up to really give Victoria go, so it’s has gone hand in hand in boosting the Victorian breeding industry.”

Rosemont Stud’s Ryan McEvoy shifted from the Hunter Valley to Rosemont six years ago and has seen the growth firsthand.

“The growth in Victoria is less about simply having more stallions, and more about a stronger commercial centre that's formed, particularly over the last five years,” said McEvoy.

“Victoria is no longer a value or a regional option. The state has become a legitimate, proper commercial state for stallions.”

Combination of investment streams

The boost seen as farms invest into better quality stallions has strengthened the Victorian industry across the board.

“We've clearly got more stallions now that have national relevance rather than horses in the past that have stood here with only Victorian appeal,” McEvoy said.

“In the last five or six years, the quality of stallions has become stronger and it excites me about the future of the state. Clearly the level of investment from the stallion farms combined with the proliferation of many of the country’s leading breeders being here is setting ourselves up for a really strong future.

“With that lens, we’ve been really determined to stand stallions that do have national appeal. We sat down and looked very hard at this five or six years ago and it’s not just us. Clearly Darley, Yulong, Swettenham and Widden are also working hard to stand those sort of stallions too.”

Rosemont Stud’s investment into seven figure yearlings paid off with the acquisition of Schwarz, a Group 1-winning son of Zoustar who stood his first season in 2025 and covered 143 mares with his first foals due in a month. Fellow first season sire Henry Longfellow (Ire) was also popular covering 121 mares.

“You also have to tip your cap to the major stud farms investing in Victoria. When you look across those farms, Victorian breeders have access to 42 local and international Group 1-winning stallions,” said Yulong’s Harry King.

The environment was key to Yulong’s choice

Yulong’s founder Yuesheng Zhang is a horseman first and foremost and the climate and environment was a key driver in choosing Victoria as their original base. The decision has been a major factor in other farms increasing their investment locally.

“Victoria gave us the chance to build a proper breeding operation from the ground up. Of course, the nutrient-rich land and suitable climate around Nagambie were major factors, but it goes further than that,” King said.

“There is a deep racing and breeding culture in Victoria, and we also feel the state, and Nagambie, is in an enviable position geographically, not only for horses but also our staff.

“Being based between New South Wales, South Australia and Western Australia gives us access to a broad group of breeders who continue to heavily support our Victorian roster.”

The quality of graduates from Victorian farms also mattered in the initial decision making.

“We are fortunate in Victoria to have a long history of champion racehorses being born, raised and developed here.

“Even on the international stage, Victoria has been strongly represented by horses and their sirelines such as Nature Strip, Black Caviar and Asfoora at Royal Ascot.”

VOBIS is a commercial driver of success

The Victorian Owners and Breeders Incentive Scheme isn’t new by any stretch, but the scheme has allowed Victorian breeders to think locally.

“The VOBIS money is strong and it’s certainly something that the Victorian buyers think of, as well as the breeders who race and go to those $20,000 or less stallions. There’s no incentive for a small breeder who retains them to race to send their mare up to the Hunter,” Heritage said.

And VOBIS incentivises a particular type of horse too, which flows into stallion choices for farms.

“With the prize money increases too, and how strong our racing is from a mile upwards, Victoria certainly has a wider range of stallions in that area,” Heritage said.

“The market as a whole is speed orientated but Victoria has always had good mile plus options. The market is also realising that having stallions with longevity who are able to get up over a trip and race in the Cox Plate and Guineas races has value. So that’s played a role in Victoria in being competitive with the Hunter Valley nowadays.”

VOBIS isn’t just about racing. The $30 million in bonuses paid each year is significant, and it flows through to the sales ring where buyers chase VOBIS qualified horses.

“Sales confidence has certainly followed, and that is a consequence. Inglis Premier is a strong shop front for Victoria bloodstock. The sale’s success can’t be denied and Inglis have done a great job at continuing to add to the quality and depth of that sale,” McEvoy said.

King concurs.

“VOBIS impacts the yearling marketing in an extremely positive way. For owners and trainers dealing with rising ownership costs, VOBIS adds another layer of upside,” said King.

“If they are comparing two similar yearlings, and one has access to VOBIS bonuses and VOBIS Sires opportunities, that can definitely influence the buying decision. It gives the buyer that little bit more confidence knowing that they have that VOBIS bonus in their backpocket, as well as the breeder.”

Longevity is beginning to matter more

Australia’s thirst for precocity isn’t waning with precocious looking yearlings still highly sought after in the commercial marketplace. However, the increase in prizemoney for older horses is seeing a change in the way breeders analyse stallions.

“I find more and more of our breeders are trying to breed a horse that will race through their three, four and 5-year-old seasons, whereas a few years back, everyone wanted 2-year-olds. Prizemoney is so strong, and the cost of producing a horse is expensive, so to trying to produce something that might only race for one season is very high risk. Breeders are now looking for longevity and often this means horses that can get out to a trip,” Heritage said.

“We can’t dismiss 2-year-old racing. It’s huge and commercial. If you can win a good race at two, especially with a colt, like we saw with Tron Bolt the other day, that sets up a stud career.”

Tron Bolt (Toronado {Ire}) became Swettenham Stud-based Toronado’s seventh Group 1 winner when successful in the G1 JJ Atkins Plate recently.

“We're still trying to breed precocious horses, but I'm finding more breeders are keeping in mind the ability for a horse to train on and I think that really comes from how much it costs to produce a horse and wanting to extend a horse’s racing career.

“(Soundness) is probably a factor in why breeding's got so tough at the sales with x-rays. The market is absolutely caning x-ray faults, and it’s for the same reason. The cost has to be sustainable by having a horse that's got longevity.”

There’s more to come with a strong future ahead

Yulong’s continual investment into Victoria might have begun the trend of increasing quality of stallions, but it’s the future that they see as most exciting.

“We are very fortunate in Victoria to have a passionate, proactive and loyal network of breeders, owners, and race clubs. There is a real hunger to maintain the success of the past, but also an openness to give new sire lines and new ideas a chance,” said King.

“Breeders and owners are investing heavily, and buyers and trainers have seen Victorian-based stallions produce horses that sell well and perform at the elite level.

“And when you consider that 43% of Victoria’s stallion population is yet to have a runner, it points to a significant amount of upside still to come. I think the depth and commercial appeal of the Victorian stallion market is only going to keep increasing.”

The growth of Victoria isn’t due to one factor. And a strong eco-system requires investment across many facets of the Thoroughbred industry.

“We’ve grown as a state as a combination of those things; better stallions, more farm investment, and stronger incentives (through VOBIS),” McEvoy said.