APD Research Memo
Sydney
Stable · High confidence · Strong evidence · 30 August 2026
Conditions read as stable on median rent at $917 against a $797 historical average; median house value at $1,637,350 against a $1,489,919 historical average; price-to-rent multiple at 34 against a 36 historical average; auction clearance at 67.4% against a 62.9% historical average.
APD View — Sydney
Sydney: conditions stable
Current data indicates conditions in Sydney are stable. 14 indicators across 5 analytical dimensions inform this reading, with 57% 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, 57% 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 |
|---|---|---|---|
| 12-month price growth | 3.7% | 3.9% | 4.4% |
| Advertised listings | 1,069 | 1,109 | 1,151 |
| Building approvals | 267.3 | 276.72 | 285.03 |
| Days on market | 31 days | 32 days | 32 days |
| Rental growth | 5.9% | 5.7% | 6.2% |
| Sales volume | 486 | 488.93 | 504.48 |
| Gross yield | 2.9% | 2.9% | 3.0% |
| Population growth | 1.2% | 1.2% | 1.3% |
What supports this view
- Median rent — $917 against a historical average of $797. Advertised rents sit above the historical average for this market. Historical percentile: 98.
- Median house value — $1,637,350 against a historical average of $1,489,919. House values sit above the historical average for this market. Historical percentile: 98.
- Price-to-rent multiple — 34.35 against a historical average of 36.04. Prices are low relative to rents compared with the historical average. Historical percentile: 0.
- Auction clearance — 67.4% against a historical average of 62.9%. A larger share of auctions is clearing than normal. Historical percentile: 87.
- Gross yield — 2.9% against a historical average of 2.7%. Gross yields sit above the historical average for this market. Historical percentile: 78.
- Vendor discounting — -2.2% against a historical average of -2.1%. Sellers are accepting smaller reductions than normal. Historical percentile: 20.
What works against it
- 12-month price growth argues the other way — 12-month price growth reads 3.7% against a 4.1% historical average (10th percentile), which works against the current reading.
- Vacancy rate argues the other way — Vacancy rate reads 1.4% against a 1.1% historical average (88th percentile), which works against the current reading.
- Days on market argues the other way — Days on market reads 31 days against a 28 days historical average (67th percentile), which works against the current reading.
- Rental growth argues the other way — Rental growth reads 5.9% against a 6.1% historical average (35th percentile), which works against the current reading.
- 12-month price growth — 3.7%. Annual price growth is running below its historical average. Historical percentile: 10.
- Vacancy rate — 1.4%. Rental availability is looser than the historical norm. Historical percentile: 88.
- Days on market — 31 days. Properties are taking longer to sell than the historical norm. Historical percentile: 67.
- Rental growth — 5.9%. Rental growth is running below its historical average. Historical percentile: 35.
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