APD Research Memo
National
Stable · High confidence · Strong evidence · 30 August 2026
Conditions read as stable on median rent at $712 against a $621 historical average; median house value at $1,002,699 against a $896,443 historical average; sales volume at 588 against a 481 historical average; price-to-rent multiple at 27 against a 28 historical average.
APD View — National
National: conditions stable
Current data indicates conditions in National are stable. 14 indicators across 5 analytical dimensions inform this reading, with 64% pointing the same way.
Direction
Stable
Confidence
High
Evidence strength
Strong
Direction describes where underlying conditions are moving. It is not a rating, a recommendation or a signal to transact — a market can be improving while remaining expensive, low-yielding or supply-exposed.
Why this confidence — Based on 14 indicators, 60 months of history, 64% of indicators pointing the same way, latest data 29 days old.
Evidence basis — Based on 14 indicators, 1 independent source, 60 months of history. Latest data 29 days old.
What changed
| Indicator | Now | 1 month | 1 quarter |
|---|---|---|---|
| Rental growth | 5.3% | 5.7% | 6.4% |
| Building approvals | 323.4 | 341.15 | 351.78 |
| Advertised listings | 1,294 | 1,350 | 1,405 |
| Gross yield | 3.7% | 3.6% | 3.8% |
| Vacancy rate | 1.3% | 1.3% | 1.3% |
| 12-month price growth | 4.5% | 4.8% | 4.5% |
| Auction clearance | 63.6% | 63.6% | 64.5% |
| Median house value | $1,002,699 | $1,000,549 | $988,879 |
What supports this view
- Median rent — $712 against a historical average of $621. Advertised rents sit above the historical average for this market. Historical percentile: 98.
- Median house value — $1,002,699 against a historical average of $896,443. House values sit above the historical average for this market. Historical percentile: 98.
- Sales volume — 588 against a historical average of 481.3. Transaction volumes are running above the historical average. Historical percentile: 88.
- Price-to-rent multiple — 27.09 against a historical average of 27.81. Prices are low relative to rents compared with the historical average. Historical percentile: 3.
- Auction clearance — 63.6% against a historical average of 59.1%. A larger share of auctions is clearing than normal. Historical percentile: 85.
- Advertised listings — 1,294 against a historical average of 1,349. Advertised stock is below the historical average. Historical percentile: 33.
What works against it
- Rental growth argues the other way — Rental growth reads 5.3% against a 6.0% historical average (2th percentile), which works against the current reading.
- Vacancy rate argues the other way — Vacancy rate reads 1.3% against a 1.1% historical average (83th percentile), which works against the current reading.
- Days on market argues the other way — Days on market reads 32 days against a 27 days historical average (78th percentile), which works against the current reading.
- 12-month price growth argues the other way — 12-month price growth reads 4.5% against a 4.8% historical average (25th percentile), which works against the current reading.
- Rental growth — 5.3%. Rental growth is running below its historical average. Historical percentile: 2.
- Vacancy rate — 1.3%. Rental availability is looser than the historical norm. Historical percentile: 83.
- Days on market — 32 days. Properties are taking longer to sell than the historical norm. Historical percentile: 78.
- 12-month price growth — 4.5%. Annual price growth is running below its historical average. Historical percentile: 25.
This memo is research, not personal advice, and does not take your circumstances into account. It describes the direction of underlying conditions on the evidence available and states what would change that conclusion. Methodology · Markets we're watching