Straight Up – Racecourses and real estate: Redevelop or relocate?

In a world of a surging cost of living, a housing crisis and increased urbanisation, are the wide-open expanses of the suburban racecourse in danger of being seen as a luxury that big cities simply can’t afford?

The recent announcement of Rosehill’s closure demonstrated that there is a price ($4.8 billion) at which such clubs would be prepared to pack up all that history and tradition and start again elsewhere.

Racecourses and real estate deals are nothing new, but metropolitan race clubs in this country have generally looked to sell off available space, while retaining the racing footprint and presence.

The decision of the ATC to cash in on Rosehill has drawn praise and concern in equal measures and it also places sharp focus on the future of Sandown, the under-utilised facility in prime suburban position in south-eastern Melbourne which has been subject to rumours of its sale for years.

Moonee Valley has confirmed its plans remain on track for a massive renovation, with its famous Cox Plate to be run elsewhere in 2026 as the track is given a 90-degree re-alignment, and a huge upgrade of its ‘tribute to the 1970s’ facilities.

Charlotte Mills, the MVRC’s Head Of Racing, spoke to The Straight’s Jessica Owers about her role with the club and shaping what racing will look like at the iconic track beyond the reconstruction. Mills brings a fresh perspective on how The Valley re-invents itself as a racing product.

Mills, Moonee Valley and the value of fresh perspectives

With the Moonee Valley Racing Club (MVRC) on the precipice of its greatest ever change, racing manager Charlotte Mills is in the thick of things.

The StraightJessica Owers

All this talk of ‘selling the farm’ might suggest thoroughbred racing has a money problem in Australia, but prizemoney continues to surge to record levels. Extraordinarily, the average prizemoney for a race in Australia has surpassed $50,000, while there will be 92 $1 million-plus races run in 2024.

Those stats, presented as part of Aushorse’s Investor’s Guide, point to continued optimism in the racing space, but particularly in the bloodstock market in 2024.

Average Australian prizemoney hits $50,000

The average prizemoney for an Australian horse race has surged past $50,000 for the first time, with a $1 million-plus race to be contested every four days on average across 2024.

The StraightBren O’Brien

Optimism is fuel at a yearling sale, and those who backed in the first-season sires in 2023 are being rewarded with freshmen sires already producing 18 individual winners and four stakes winners this season.

Run The Numbers – Hot’s Summer adds to scorching start for first-season sires

It has been a record-breaking start to the Australian season for the current crop of first-season sires.

The StraightBren O’Brien

That augurs well for the popularity of those sires when their second crops come through the yearling ring in 2024. With pre-Christmas yearling inspections on in earnest and catalogues for 2024 sales dropping regularly, there is plenty to whet the appetite.

Yulong, Rosemont stallions feature prominently in Premier Sale catalogue

The emerging influence of Yulong and the burgeoning strength of Victoria’s stallion offering is front and centre in the Inglis Premier catalogue

The StraightBren O’Brien

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Bren O’Brien, Founder and Managing Editor

The Straight