In November 1984, an official announcement was made that the Newmarket Saleyards would be closed the following year. Although the closure had been discussed for almost a century, economic hardship and drought conditions, as well as the decentralisation of the livestock industry and urban development affected the viability of the yards. The yards operated until 1987, when an employment trust was formed to dismantle the yards, assisted by more than 100 long-term unemployed. The yards were redeveloped by the state government under the Lynch's Bridge project, which now has approximately 6,100 residents.