APD Research Memo
Reservoir
Stable · High confidence · Strong evidence · 30 August 2026
Conditions read as stable on median rent at $723 against a $627 historical average; price-to-rent multiple at 26 against a 29 historical average; median house value at $985,740 against a $926,246 historical average; sales volume at 87 against a 71 historical average.
APD View — Reservoir
Reservoir: conditions stable
Current data indicates conditions in Reservoir are stable. 14 indicators across 5 analytical dimensions inform this reading, with 71% 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, 71% 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 | 2.3% | 2.7% | 3.1% |
| Days on market | 38 days | 40 days | 42 days |
| Vacancy rate | 1.9% | 2.0% | 2.1% |
| Rental growth | 6.3% | 6.0% | 5.8% |
| Building approvals | 47.74 | 48.83 | 50.95 |
| Vendor discounting | -3.5% | -3.5% | -3.6% |
| Sales volume | 86.8 | 87.9 | 84.91 |
| Auction clearance | 64.1% | 63.6% | 65.5% |
What supports this view
- Median rent — $723 against a historical average of $627. Advertised rents sit above the historical average for this market. Historical percentile: 98.
- Price-to-rent multiple — 26.22 against a historical average of 28.52. Prices are low relative to rents compared with the historical average. Historical percentile: 0.
- Median house value — $985,740 against a historical average of $926,246. House values sit above the historical average for this market. Historical percentile: 97.
- Sales volume — 86.8 against a historical average of 70.94. Transaction volumes are running above the historical average. Historical percentile: 88.
- Population growth — 1.5% against a historical average of 1.4%. Population growth is running above the longer-run average. Historical percentile: 83.
- Rental growth — 6.3% against a historical average of 6.0%. Rental growth is running above its historical average. Historical percentile: 77.
What works against it
- 12-month price growth argues the other way — 12-month price growth reads 2.3% against a 2.6% historical average (33th percentile), which works against the current reading.
- Advertised listings argues the other way — Advertised listings reads 191 against a 156 historical average (87th percentile), which works against the current reading.
- Building approvals argues the other way — Building approvals reads 48 against a 42 historical average (67th percentile), which works against the current reading.
- Auction clearance argues the other way — Auction clearance reads 64.1% against a 64.5% historical average (43th percentile), which works against the current reading.
- 12-month price growth — 2.3%. Annual price growth is running below its historical average. Historical percentile: 33.
- Advertised listings — 190.96. Advertised stock is above the historical average. Historical percentile: 87.
- Building approvals — 47.74. Dwelling approvals are running above the historical average, pointing to more future supply. Historical percentile: 67.
- Auction clearance — 64.1%. A smaller share of auctions is clearing than normal. Historical percentile: 43.
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