News & Insights

Australia’s biggest industry auction set for $30m in sales

Original Source: australianmining.com.au

The Yatala heavy machinery auction in Queensland (hosted by Ritchie Bros. Auctioneers) is expected to clear over $30 million worth of equipment today as a result of rising demand to meet the needs of Australian infrastructure projects, particularly in Queensland and New South Wales.

Industry analyst Rich Lewis, a director at machinery and equipment provider Iron Capital, suggested a growing demand across the country due to new opportunities. In Queensland, projects such as the Bruce Highway, Gateway Motorway North and Inland Rail have all contributed to what he calls an infrastructure boom.

“Increased spending from Federal and state governments, new opportunities from private equity and the ever-growing role of offshore capital in Australia’s big ticket infrastructure projects, means we need more machines on the ground than ever before”, he said.

“We’ve had the mining boom, and now it’s like we’re entering an infrastructure boom.”

The auction has over 1,000 items up for sale and is expected to be attended by up to 2,000 bidders (both online and in person), including international bidders from countries such as Canada, Vietnam, the UAE, Poland, Ireland and Argentina.