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June 7, 2024

Platinum Sponsor Manheim provides a view of the Used Equipment Market

Some heat has come out of Australia’s used agricultural equipment market this year, following on from price spikes and equipment shortages seen throughout the COVID period. But there’s some positivity on the horizon, particularly beyond June once we enter the next financial year.

With supply chain issues easing, there’s greater supply of new tractors and other farm machinery, which has impacted yields on lower-hour used assets. The smaller operator market for older and more affordable assets has contracted in key regions due to lower crop yields and its impact on the bottom line.

Weather always plays a substantial part in affecting the agricultural sector, particularly smaller operators in the market for sub-$100,000 assets. So too do prices on fresh produce such as fruit, vegetables, meat and dairy, all of which have jumped significantly due to inflation.

Western Australia and South Australia have been unusually dry, and northern New South Wales uncommonly wet. Further to this, growers in NSW are dealing with less income due to last year’s drought, limiting their ability to capitalise on the expected stronger crop yield this year.

There are still pockets where the market is strong, notably Queensland. So too are we seeing a strong performance in the New Zealand farming and growing market, which is about 12 months ahead of where Australia sits right now. Over the Tasman things are bouncing back, and tractor prices are up.

Looking ahead, we expect large 4x4s and harvesters will jump by somewhere around 20% come August and September in Australia, on account of the new tax year. The expected La Nina event this year should bring plentiful rainfall. As always, John Deere assets are in the strongest demand from buyers.

Manheim Industrial is a leading auctioneer across the agricultural, transport, civil and mining sectors, with national auctions and teams on the ground with decades of experience mapping the market, maximising vendor returns, and unearthing the best assets for prospective buyers.