--- title: "24410 – APN Residual Land Value (RLV) Gap™" url: https://australianproperty.network/apn-codex/series-20000/series-24000/series-24400/series-24410/ date: 2026-01-16 modified: 2026-10-03 lang: en author: "" description: "APN Codex Node 24410 24400 Series — APN Future Development Pipeline Index™ Certified APN Residual Land Value (RLV) Gap™ TerminalQ2 2026 N60 Current Z−2.3978σ StatusCertified 1Node Definition The APN Residual..." word_count: 886 --- # 24410 – APN Residual Land Value (RLV) Gap™ APN Codex Node 24410 24400 Series — APN Future Development Pipeline Index™ Certified ### APN Residual Land Value (RLV) Gap™ TerminalQ2 2026 N60 Current Z−2.3978σ StatusCertified 1Node Definition The APN Residual Land Value (RLV) Gap™ (24410) reads how much value is left over once the cost of construction is subtracted from what a completed dwelling could sell for, expressed as a share of the land's own value. It is a component of the APN Future Development Pipeline Index™ (24400), reading the feasibility side of whether new housing development is worth undertaking, not the pace at which prices or costs are separately moving. It is a related but distinct measure from APN Replacement Cost Gap™ (24450), which reads the pace of change in dwelling prices against construction costs rather than a feasibility ratio against land value; the two move together only loosely (correlation of 0.35 over this node's history). 2Metric Definition **Primary metric: Residual Land Value Feasibility Ratio, Z-Score** Z-Score Construction Current (Q2 2026)−2.3978σ PriceNational mean dwelling price — $1,100,400 Construction CostRolling four-quarter cost per new dwelling — about $550,000 Land ValueResidential land value per dwelling — $780,207 The ratio itself — residual value as a share of land value — reads 0.7061 at Q2 2026, standardised against this node's own history to give the published Z-score. The ratio sits below 1 throughout the node's history by construction; there is no threshold level built into the reading, only its movement against its own norm. A houses-only companion figure is published alongside, not blended into this reading: 0.7385, Z −0.8855, 25.4 against the same 60 quarters. **Position:** 0.0, the lowest of 60 quarters of this node's own history — a floor reading. Because the current quarter cannot rank any lower, the Z-score itself is the more informative figure than the percentile. 3Data Sources All three legs are drawn from Australian Bureau of Statistics releases, standardised against APN's 2011–2025 baseline window. | Leg | Source | Measure | | --- | ------ | ------- | | Price | ABS, Total Value of Dwellings | National mean price of residential dwellings | | Construction cost | ABS 8731.0, Building Approvals | Cost per new residential dwelling unit approved, rolling four-quarter average | | Land value | ABS 5232.0, National Accounts | Residential land value, divided by the national dwelling count | The land-value leg reconciles closely to the Australian System of National Accounts household balance sheet: dwelling values match exactly at each June reconciliation point from 2018 to 2025, and the residential share of household land sits consistently between 92 and 93.5 per cent. 4Analytical Interpretation At −2.3978σ, the current quarter is the tightest reading in this node's 60-quarter full-coverage history: the value left over after construction costs, measured against land value, has never been lower on this measure. Two disclosures matter to reading this correctly. First, this ratio compares the price of the *existing* dwelling stock against the cost of building *new* dwellings — a stock-versus-flow comparison, not a like-for-like one. Second, construction cost per new dwelling moves with the mix of what's being approved as well as with unit costs: at Q2 2026, houses were 61.3% of new units approved against this node's own average of 58.6%, a mix tilted toward the cheaper dwelling type, so the quarter's fall reflects rising cost per non-house unit over the rolling year, not a shift toward a more expensive mix. The measure also shares a data channel with two other components of this branch: it correlates at 0.72 with an input used in APN Supply Chain Strain Index™ (24430), and at 0.35 with APN Replacement Cost Gap™ (24450) — related without being duplicative. 5Reading History APN Residual Land Value (RLV) Gap™ (24410) · Reading HistoryNode Z-Score by Quarter, September 2011 to June 2026−2.3978σ · position 0.0, ranked against 60 quarters**Reading, ranked quarters**Normal range (middle 80% of ranked quarters)**Current readingThe June quarter 2026 reading, −2.3978σ, is the lowest of the 60 ranked quarters (position 0.0) and sits below the normal range of −1.5046σ to +1.2856σ. It enters APN Future Development Pipeline Index™ (24400) with its sign reversed, so a higher reading here lowers that index. Show the data | Quarter | Reading | Basis | | ------- | ------- | ----- | | Q3 2011 | −0.4058σ | Ranked | | Q4 2011 | −0.5899σ | Ranked | | Q1 2012 | −0.6654σ | Ranked | | Q2 2012 | −0.8028σ | Ranked | | Q3 2012 | −1.1029σ | Ranked | | Q4 2012 | −0.7678σ | Ranked | | Q1 2013 | −0.6633σ | Ranked | | Q2 2013 | −0.3013σ | Ranked | | Q3 2013 | +0.1811σ | Ranked | | Q4 2013 | +0.3628σ | Ranked | | Q1 2014 | +0.6775σ | Ranked | | Q2 2014 | +0.7924σ | Ranked | | Q3 2014 | +0.9349σ | Ranked | | Q4 2014 | +1.2575σ | Ranked | | Q1 2015 | +1.2851σ | Ranked | | Q2 2015 | +1.5483σ | Ranked | | Q3 2015 | +1.3789σ | Ranked | | Q4 2015 | +1.0198σ | Ranked | | Q1 2016 | +0.8873σ | Ranked | | Q2 2016 | +0.6718σ | Ranked | | Q3 2016 | +0.5695σ | Ranked | | Q4 2016 | +0.9541σ | Ranked | | Q1 2017 | +0.6808σ | Ranked | | Q2 2017 | +0.7867σ | Ranked | | Q3 2017 | +0.6605σ | Ranked | | Q4 2017 | +0.4459σ | Ranked | | Q1 2018 | +0.5177σ | Ranked | | Q2 2018 | +0.2760σ | Ranked | | Q3 2018 | +0.0203σ | Ranked | | Q4 2018 | −0.1686σ | Ranked | | Q1 2019 | −0.6240σ | Ranked | | Q2 2019 | −0.7723σ | Ranked | | Q3 2019 | −0.7092σ | Ranked | | Q4 2019 | −0.5516σ | Ranked | | Q1 2020 | −0.3602σ | Ranked | | Q2 2020 | −0.4397σ | Ranked | | Q3 2020 | −0.0899σ | Ranked | | Q4 2020 | +0.3964σ | Ranked | | Q1 2021 | +0.9243σ | Ranked | | Q2 2021 | +1.2899σ | Ranked | | Q3 2021 | +1.6568σ | Ranked | | Q4 2021 | +1.9772σ | Ranked | | Q1 2022 | +1.7506σ | Ranked | | Q2 2022 | +1.1756σ | Ranked | | Q3 2022 | +0.2075σ | Ranked | | Q4 2022 | −0.3792σ | Ranked | | Q1 2023 | −0.8752σ | Ranked | | Q2 2023 | −1.0864σ | Ranked | | Q3 2023 | −1.1708σ | Ranked | | Q4 2023 | −1.1458σ | Ranked | | Q1 2024 | −1.2064σ | Ranked | | Q2 2024 | −1.1415σ | Ranked | | Q3 2024 | −1.5437σ | Ranked | | Q4 2024 | −1.5002σ | Ranked | | Q1 2025 | −1.6083σ | Ranked | | Q2 2025 | −1.5717σ | Ranked | | Q3 2025 | −1.5845σ | Ranked | | Q4 2025 | −1.4585σ | Ranked | | Q1 2026 | −2.0668σ | Ranked | | Q2 2026 | −2.3978σ | Ranked | 6Certification Statement Node 24410 holds Active status. The certified Z-score is −2.3978σ (Q2 2026, N=60), the lowest in the node's full-coverage history to date. 7Other Components The other components of the APN Future Development Pipeline Index™ (24400). [Node 24420 →APN Enabling Infrastructure Index™Measures growth in public-sector delivery of the roads, water, sewerage and electricity connections that new housing developments depend on to proceed.](https://australianproperty.network/apn-codex/series-20000/series-24000/series-24400/series-24420/) [Node 24430 →APN Supply Chain Strain Index™Measures structural labour, materials, and logistics friction within the construction sector.](https://australianproperty.network/apn-codex/series-20000/series-24000/series-24400/series-24430/) Node 24440APN Social Licence & Objection Velocity™Quantifies the rate and intensity of community and regulatory resistance to development approvals. Scope under review. [Node 24450 →APN Replacement Cost Gap™Measures the divergence between the cost of constructing a new asset and the market value of an equivalent existing property.](https://australianproperty.network/apn-codex/series-20000/series-24000/series-24400/series-24450/) [Node 24460 →APN Development Finance Conditions™Measures growth in the availability of finance for land development and residential construction, reading whether the lending conditions that let projects proceed are loosening or tightening.](https://australianproperty.network/apn-codex/series-20000/series-24000/series-24400/series-24460/) [Parent branch →24400 — APN Future Development Pipeline Index™](https://australianproperty.network/apn-codex/series-20000/series-24000/series-24400/)