21400 – Demographic Analysis (APN Aggregate Demographic Index™)

Demographic Analysis (21400) reads the demographic forces behind housing demand through the APN Aggregate Demographic Index™: a weighted composite of how fast the population is growing, how fast it is ageing, how many households are forming and how fast older residents are rising relative to households. Each component reads a rate of change, standardised against its 2011–2025 history.

The position ranks the index against the 59 quarters since September 2011 in which all four components are present.

Each component is certified and published on its own page. The fifth card is the series’ companion node, which does not enter the composite.

The chart shows the index in every quarter. Quarters before September 2011, when household formation and older residents per household are not yet available, are not ranked.

At +0.0167σ (Q1 2026), the index sits close to its 2011–2025 average. Position. 62.1, ranked against 59 quarters since September 2011. Population growth (1.43% over the year) and household formation (157,272 households) are slightly below their averages; ageing is at its usual pace; older residents are rising slightly faster than households.

The index was highest in September 2020 (+0.7106σ), when the closed border slowed population growth and household formation but sped up ageing, and lowest in June 2023 (−0.5538σ), when the migration surge reversed each of those. Since 2023 it has risen steadily back to its average.

The series is distilled across six experience levels. They describe the index as it read in the September quarter 2025, on its earlier level readings.