--- title: "24610 – APN Asset-Wage Decoupling Index™" url: https://australianproperty.network/apn-codex/series-20000/series-24000/series-24600/series-24610/ date: 2026-08-18 modified: 2026-10-08 lang: en author: "Nicklas Clark" description: "APN Codex Node 2461024600 Series — Net State PositionCertified APN Asset-Wage Decoupling Index™ Current Reading 94.6 10.16 years of full-time earnings for the average dwelling Ranked against 57 quarters ·..." word_count: 842 --- # 24610 – APN Asset-Wage Decoupling Index™ APN Codex Node 2461024600 Series — Net State PositionCertified ### APN Asset-Wage Decoupling Index™ Current Reading 94.6 10.16 years of full-time earnings for the average dwelling Ranked against 57 quarters · as of the quarter ending 30 June 2026 1What It Measures The APN Asset-Wage Decoupling Index™ reads how far dwelling prices have moved away from earnings: the number of years of full-time earnings the average Australian dwelling costs. A higher reading means a home costs more years of work. It is a **national time series** and the first built component of the APN Net State Position™ (24600). 2Construction | Input | Source | Role | | ----- | ------ | ---- | | Mean price of residential dwellings | ABS Total Value of Dwellings, quarterly from September 2011 | Numerator | | Average weekly ordinary-time earnings, full-time adults, persons, seasonally adjusted | ABS Average Weekly Earnings, half-yearly (May and November) from May 2012 | Denominator, × 52 | The index is the mean dwelling price divided by a year of full-time earnings. Earnings are published twice a year, so each release is held until the next: the June and September quarters use May, the December quarter uses November, and the March quarter uses the previous November. No earnings figure is interpolated. The reading is standardised against its 2012–2025 history. 3Current Reading in Context | Measure | June quarter 2026 | Standardised | | ------- | ----------------- | ------------ | | Mean dwelling price | $1,100,400 | — | | Full-time earnings (May 2026) | $2,083.70 a week; $108,352 a year | — | | Years of earnings | 10.16 | +1.5902 | | Pace: price growth less earnings growth, year on year | +6.85% − 3.67% = +3.18 points | −0.0004 | The level stands near the top of its history. The pace at which prices are pulling away from earnings is exactly its 2012–2025 average: prices rose 6.85% over the year to June 2026, earnings 3.67%. 4Reading History Position · June 2026- 500100Fewer years of earningsMore years of earnings94.6+1.5902σ · ranked against 57 quartersShaded band: the normal range, 10 to 90APN Asset-Wage Decoupling Index™ (24610) · Reading HistoryNode Z-Score by Quarter, June 2012 to June 2026+1.5902σ · position 94.6, ranked against 57 quarters**Reading, ranked quarters**Normal range (middle 80% of ranked quarters)**Current readingThe June quarter 2026 reading, +1.5902σ, ranks 94.6 against 57 quarters and sits above the normal range of −1.2871σ to +1.4708σ. The highest ranked reading was +1.8124σ in the March quarter 2026, and the lowest −1.5037σ in the December quarter 2012. The ratio rises over the window, so recent quarters tend to rank high; the trend is part of what the index records. Show the data | Quarter | Reading | Basis | | ------- | ------- | ----- | | Q2 2012 | −1.3689σ | Ranked | | Q3 2012 | −1.4167σ | Ranked | | Q4 2012 | −1.5037σ | Ranked | | Q1 2013 | −1.4433σ | Ranked | | Q2 2013 | −1.4677σ | Ranked | | Q3 2013 | −1.3743σ | Ranked | | Q4 2013 | −1.2326σ | Ranked | | Q1 2014 | −1.1502σ | Ranked | | Q2 2014 | −1.1282σ | Ranked | | Q3 2014 | −1.0542σ | Ranked | | Q4 2014 | −0.9755σ | Ranked | | Q1 2015 | −0.8468σ | Ranked | | Q2 2015 | −0.6242σ | Ranked | | Q3 2015 | −0.4924σ | Ranked | | Q4 2015 | −0.5709σ | Ranked | | Q1 2016 | −0.5984σ | Ranked | | Q2 2016 | −0.5522σ | Ranked | | Q3 2016 | −0.4445σ | Ranked | | Q4 2016 | −0.2599σ | Ranked | | Q1 2017 | −0.1032σ | Ranked | | Q2 2017 | +0.0078σ | Ranked | | Q3 2017 | −0.0201σ | Ranked | | Q4 2017 | −0.0004σ | Ranked | | Q1 2018 | −0.0198σ | Ranked | | Q2 2018 | −0.1757σ | Ranked | | Q3 2018 | −0.2820σ | Ranked | | Q4 2018 | −0.4927σ | Ranked | | Q1 2019 | −0.6647σ | Ranked | | Q2 2019 | −0.7578σ | Ranked | | Q3 2019 | −0.5439σ | Ranked | | Q4 2019 | −0.4537σ | Ranked | | Q1 2020 | −0.3683σ | Ranked | | Q2 2020 | −0.6670σ | Ranked | | Q3 2020 | −0.4860σ | Ranked | | Q4 2020 | −0.1386σ | Ranked | | Q1 2021 | +0.2742σ | Ranked | | Q2 2021 | +0.5220σ | Ranked | | Q3 2021 | +1.0568σ | Ranked | | Q4 2021 | +1.5232σ | Ranked | | Q1 2022 | +1.6648σ | Ranked | | Q2 2022 | +1.4541σ | Ranked | | Q3 2022 | +1.1430σ | Ranked | | Q4 2022 | +0.9588σ | Ranked | | Q1 2023 | +0.9578σ | Ranked | | Q2 2023 | +1.0457σ | Ranked | | Q3 2023 | +1.1462σ | Ranked | | Q4 2023 | +1.1337σ | Ranked | | Q1 2024 | +1.2543σ | Ranked | | Q2 2024 | +1.2774σ | Ranked | | Q3 2024 | +1.2876σ | Ranked | | Q4 2024 | +1.2224σ | Ranked | | Q1 2025 | +1.2669σ | Ranked | | Q2 2025 | +1.3084σ | Ranked | | Q3 2025 | +1.4958σ | Ranked | | Q4 2025 | +1.6777σ | Ranked | | Q1 2026 | +1.8124σ | Ranked | | Q2 2026 | +1.5902σ | Ranked | 5Reading the Pattern In June 2012 the average dwelling cost 6.98 years of full-time earnings, and the low of the record, 6.84 years, came in December 2012. The ratio rose to 8.46 years by June 2017, eased to 7.64 years in June 2019 as prices fell, and then rose by 2.5 years between June 2020 and March 2022, to 10.24 years. It eased to 9.48 years by March 2023 and has risen since, to a record 10.39 years in March 2026. The June quarter 2026 reading, 10.16 years, is below that record because the mean dwelling price fell 0.7% in the quarter. Three quarters in the record read higher: March 2022, December 2025 and March 2026. 6Methodology & Disclosed Caveats **Trend.** The ratio rises over the window, with a correlation of 0.93 with time, so recent quarters tend to rank high. The trend is part of what the index records; the pace of change, shown above, is the stationary companion measure. - **Held earnings.** Earnings are half-yearly and held between releases, so within a half-year the reading moves with prices alone. The 55 quarters of the 2012–2025 baseline therefore rest on 28 independent earnings releases, May 2012 to November 2025, fewer than the quarter count suggests. - **Income concept.** Full-time adult ordinary-time earnings are higher than household or median individual income, so the ratio is lower than price-to-income measures built on those bases. Its movement over time is the reading. - **Mean price over the whole stock.** The mean covers every dwelling, including land, not only those sold in the quarter. Prices are original terms; earnings are seasonally adjusted. - **Window.** The seasonally adjusted earnings series begins in May 2012, so the index begins in the June quarter 2012. 7Other Components The other components of the APN Net State Position™ (24600). [Node 24620 →APN Tax-to-Subsidy Leverage Ratio™Certified, provisional · $18.64 of duty per dollar of first-home assistance, June 2026 · position 96.6 of 60](https://australianproperty.network/apn-codex/series-20000/series-24000/series-24600/series-24620/)[Node 24630 →APN Intergenerational Housing-Cost Divergence Index™Certified · +1.8182σ · June 2026 · position 98.6 of 73 · not yet in the composite](https://australianproperty.network/apn-codex/series-20000/series-24000/series-24600/series-24630/) [Parent branch →24600 — APN Net State Position™ (APN NSP™)](https://australianproperty.network/apn-codex/series-20000/series-24000/series-24600/) 8Certification APN Codex Node 24610 — Certified - Certified 3 October 2026 (position 94.6 against 57 quarters, from a Z-score of +1.5902 at the quarter ending 30 June 2026; 10.16 years of full-time earnings) - Trend, held-earnings, income-concept, mean-price and window caveats disclosed above - Findings are presented on the basis of data and evidence alone.