It's turned over more than $11 million in stock in just over 12 months of operations.

The Northwest Saleyard Development group, which has plans for a site at Wesley Vale near Devonport, has completed a business plan, which it hopes to present to a public meeting early in the new year.

Group chairman Mike Badcock said a memorandum of understanding had been signed with the site's owner, detailing future working arrangements, and the development of a co-operative to run the site was proceeding .

"It's a no-brainer - people are desperate to have a more central saleyard, on the north-west coast of Tasmania," Mr Badcock said.

"It's fantastic for something the big end of town said would never work."

Smithton was opened after all livestock sales were concentrated on Powranna, just south of Launceston, following the closure of markets at Quoiba and Kilfaddy.

Mr Badcock said saleyards set the price for cattle and sheep.

"The one at Wesley Vale is going to be much more suitable for sheep, and at the moment there is no real sheep sale that is giving an indication of the true price."

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Ray White Rural livestock agent Noel Hardstaff said the success of the yards had been "outstanding".

"For something that started from nothing, to get where we are now, it has been a good way of selling livestock," Mr Hardstaff said.

A lot of beef cattle, for all over Tasmania and Victoria, were sourced from the Smithton area.

"Smithton will continue, even if Wesley Vale does go ahead.

"If you think about Wesley Vale, it's 150 kilometres from Smithton and 130km from Powranna - so Smithton is virtually in the middle.

"You have a few small farmers, and people forget about them, and they tend to use the yards, because they are convenient.'

But proponents of a rival plan, for a yards at Minna Road, Stowport near Burnie, Tasmania, say they should be up and running in May next year.

Minna Road Investments has bought the old Tioxide Australia plant, planning to build the yards on the factory's old settlement ponds.

The factory produced titanium dioxide, a whitening compound used in paints, plastics and more.

Mawbanna farmer Wayne Wells said the group had been granted Federal funding for a truckwash, on the site.

"We are working on another aspect, to go with the truckwash - but we can't say too much about that," he said.

"Once we get them on site, we will know where we are going to place our saleyard."

The federal government promised funding for four truckwashes, in Tasmanian, in 2019.

Mr Wells said it was expected to cost under $1 million to build the yards.

'We are waiting on a machine to come in and clear the site, hopefully that will be done before Christmas, so hopefully we will then get a fair idea where to place things."

The site would not require water, or sewerage, with all effluent contained on site.

"Once Minna Road gets up and going, there is only going to be room for one saleyards on the coast."

Mr Badcock said the viability of the proposed $1 million complex depended on state and federal funding.

"While the state government has expressed enthusiastic support for the proposal, it is yet to commit financially," he said.

He said there were indications the federal government would back the proposal, if the state government came on board.

'The committee believes the timing is right to receive federal funding, as we approach an election, but we early await the state's financial support to kick off the development."

He said the committee was confident there would be financial support, from the industry, as well.

The saleyard would also support mental health.

"We believe there is a very big need, especially for farmers to interact with each other - it's a lot more than a saleyard, its an agricultural hub."

Braddon state Labor MP Shane Broad, urged the government to "back this in.'

"This new market has been an outstanding success - we were told the community didn't need, and wouldn't support it, but I say the naysayers are wrong," he said.

"I would urge the government to get behind this proposal, it's been sitting on its hands, largely, when it comes to this."

He said the government had acted, when it gave $2 million to Scottsdale Pork in 2020 for a new abattoir.

"When this government wants to act, when they want to support farmers, they can find the cash."

A state government spokesman said it continued to support the future growth of the $615 million red meat sector, which included implementing recommendations from the Tasmanian Meat Industry Working Group, the establishment of a Red Meat Industry Development Officer position, and the investment of over $1 million to drive development in the sector.

"As a government we have always said that we remain supportive of any industry-led saleyard initiative that will improve the sustainability, efficiency and effectiveness of the red meat industry in Tasmania and is supported by a robust business case, and that those initiatives will require the direction and support of the industry," the spokesman said.

A spokesman for Deputy Prime Minister Barnaby Joyce said saleyards were an integral part of regional and rural communities.

"In his capacity as the Braddon Federal MP Gavin Pearce has spoken to our office on several occasions regarding possible funding options for a new saleyard, subject to a solid business case," the spokesman said.

Regional organisations seeking federal assistance for projects were encouraged to consider their eligibility for funding under programs such as the Building Better Regions Fund.