---
title: "24700 – APN Investment Conditions Index™"
url: https://australianproperty.network/apn-codex/series-20000/series-24000/series-24700/
date: 2026-08-18
modified: 2026-10-11
lang: en
author: "Nicklas Clark"
description: "APN Codex Node 2470024700 Series — Investment ConditionsCertified APN Investment Conditions Index™ Signed Reading 53.4 Which way conditions lean, once each component is signed for or against investment. Intensity Reading..."
word_count: 1887
---

# 24700 – APN Investment Conditions Index™

APN Codex Node 2470024700 Series — Investment ConditionsCertified

### APN Investment Conditions Index™

Signed Reading
53.4
Which way conditions lean, once each component is signed for or against investment.

Intensity Reading
90.4
How far conditions sit from their own historical centre, without regard to direction.

Both indicative positions · empirical ranking begins at 20 quarters (currently 11) · cross-quarter blended

1What It Measures
The APN Investment Conditions Index™ reports the state of six conditions bearing on new residential investment nationally, and publishes two readings of them. The **intensity** reading measures how far conditions sit from their historical centre, without regard to whether a condition favours investment or weighs against it. The **signed** reading applies a ratified direction to each component — a higher cost of capital counts against, a stronger approvals flow counts for — and reports the balance.

This is a **national time-series composite**, not a geographic index — only its current reading is shown here. The index carries 242 quarters of composed history behind that reading.

2Component Readings

[Node 24710Financing & Volatility ConditionsSigned48.3Intensity69.0Ranked against 30 quarters](https://australianproperty.network/apn-codex/series-20000/series-24000/series-24700/series-24710/)
[Node 24720Policy & Regulatory ConditionsSigned0.0Intensity97.7Ranked against 45 quarters](https://australianproperty.network/apn-codex/series-20000/series-24000/series-24700/series-24720/)
[Node 24730Demographic Demand ConditionsSigned84.7Intensity84.7Ranked against 60 quarters](https://australianproperty.network/apn-codex/series-20000/series-24000/series-24700/series-24730/)
[Node 24740Supply Pipeline ConditionsSigned60.7Intensity98.4Ranked against 62 quarters](https://australianproperty.network/apn-codex/series-20000/series-24000/series-24700/series-24740/)
[Node 24750Sentiment & Behavioural ConditionsSigned19.6Intensity13.7Ranked against 52 quarters](https://australianproperty.network/apn-codex/series-20000/series-24000/series-24700/series-24750/)
[Node 24760Price & Affordability ConditionsSigned80.2Intensity94.7Indicative position · 12 quarters](https://australianproperty.network/apn-codex/series-20000/series-24000/series-24700/series-24760/)

| Component | Node | Signed | Intensity | Ranked Against |
| --------- | ---- | ------ | --------- | -------------- |
| Financing & Volatility Conditions | 24710 | 48.3 | 69.0 | 30 quarters |
| Policy & Regulatory Conditions | 24720 | 0.0 | 97.7 | 45 quarters |
| Demographic Demand Conditions | 24730 | 84.7 | 84.7 | 60 quarters |
| Supply Pipeline Conditions | 24740 | 60.7 | 98.4 | 62 quarters |
| Sentiment & Behavioural Conditions | 24750 | 19.6 | 13.7 | 52 quarters |
| Price & Affordability Conditions | 24760 | 80.2 | 94.7 | indicative, n=12 |

3Component Comparison

Both Frames · Six Component Branches
Each Branch Against Its Own Recorded History, On Both Readings

Each axis runs from 0 to 100 and shows one branch measured against its own history, not against the others. The gold shape is the signed reading, which counts each branch for or against investment; the grey dashed outline is the intensity reading, how far each branch sits from its own historical centre without regard to direction. Where the two shapes pull apart, the branch is far from ordinary in a direction that does not favour investment. The order of the axes is presentational, and the area enclosed by the shapes carries no meaning.

Current Position
Each Component's Signed and Intensity Readings Against Its Own History

Gold bars show the signed reading; grey bars show the intensity reading.

4Reading the Pattern
The conditions lean slightly for investment: the signed reading is 53.4, from an average of +0.046 standard deviations across the six signed branches. Signed, Demographic Demand Conditions reads highest of the six at 84.7, with Price & Affordability Conditions next at 80.2, ahead of Supply Pipeline Conditions at 60.7 and Financing & Volatility Conditions at 48.3. Sentiment & Behavioural Conditions reads 19.6, and Policy & Regulatory Conditions reads lowest at 0.0: both of its components count against investment, and its March quarter 2026 reading equals its December quarter 2025 reading, the highest of its 45 full-coverage quarters. On intensity, Supply Pipeline Conditions reads highest at 98.4, ahead of Policy & Regulatory Conditions at 97.7, Price & Affordability Conditions at 94.7 and Demographic Demand Conditions at 84.7; Financing & Volatility Conditions reads 69.0, above the middle of its own history, and Sentiment & Behavioural Conditions reads lowest at 13.7. Supply Pipeline Conditions is read at the June quarter 2026, when the stock of dwellings under construction and the value of work yet to be done both reached the highest levels of their records. Price & Affordability Conditions is also read at the June quarter 2026, and is lower than a quarter earlier because growth in dwelling prices slowed. Demographic Demand Conditions is read at the March quarter, when both of its inputs peak seasonally; against earlier March quarters it is the lowest reading since 2021. One of the six, Price & Affordability Conditions, carries too little full-coverage history for an empirical ranking and publishes an indicative position instead.

Both index positions are lower than at the previous recomputation, by 2.3 points on intensity and 2.6 signed. Part of that is the lower Price & Affordability reading. The larger part is the variance correction: with twelve quarters of full coverage, that branch’s relationship with three other branches is now estimated from data, which raised the correction from 0.48 to 0.53 on intensity and from 0.45 to 0.54 on the signed reading. On the earlier corrections the two positions would have read 92.3 and 54.1.

5Reading History
Each branch is shown over time on one shared scale, at its own latest quarter of full component coverage. The index headline is the unweighted mean of the six current readings, so it blends quarters; the index line beneath shows how the index itself has moved in the quarters in which all six branches carry a reading.

Financing & Volatility Conditions (24710)+0.3220σ · June 2026 · intensity 69.0 of 30- 69.0Policy & Regulatory Conditions (24720)+1.1173σ · March 2026 · intensity 97.7 of 4597.7Demographic Demand Conditions (24730)+0.8372σ · March 2026 · intensity 84.7 of 6084.7Supply Pipeline Conditions (24740)+1.0912σ · June 2026 · intensity 98.4 of 6298.4Sentiment & Behavioural Conditions (24750)−0.4327σ · June 2026 · intensity 13.7 of 5213.7Price & Affordability Conditions (24760)+1.1909σ · June 2026 · intensity 94.7, indicative (currently 12)94.7**Branch reading, ranked quarters**Not ranked (incomplete component coverage)**Normal range**Current reading, at the branch’s own quarterEvery card uses the same scale, −4σ to +4σ, so the six branches can be compared directly. Positions are the intensity readings. Five branches rank empirically against their own full-coverage history; Price & Affordability Conditions (24760) holds fewer than 20 full-coverage quarters, so its position is indicative and its band is the model range. Policy & Regulatory Conditions (24720) reads the same in the December quarter 2025 and the March quarter 2026, because both of its components hold their latest published value until the next publication.

Show the branch readings
| Branch | Quarter | Reading | Intensity | Basis |
| ------ | ------- | ------- | --------- | ----- |
| Financing & Volatility Conditions (24710) | June 2026 | +0.3220σ | 69.0 | empirical, 30 quarters |
| Policy & Regulatory Conditions (24720) | March 2026 | +1.1173σ | 97.7 | empirical, 45 quarters |
| Demographic Demand Conditions (24730) | March 2026 | +0.8372σ | 84.7 | empirical, 60 quarters |
| Supply Pipeline Conditions (24740) | June 2026 | +1.0912σ | 98.4 | empirical, 62 quarters |
| Sentiment & Behavioural Conditions (24750) | June 2026 | −0.4327σ | 13.7 | empirical, 52 quarters |
| Price & Affordability Conditions (24760) | June 2026 | +1.1909σ | 94.7 | indicative, 12 quarters |

Position · blended headlineSigned reading50010053.4← AgainstFor investment →Intensity reading50010090.4← NearFar from centre →Model-based positions over 11 joint quartersindicative (currently 11)Shaded band: the normal range, 10 to 90APN Investment Conditions Index™ (24700) · Reading HistoryIndex Z-Score by Quarter, March 2011 to March 2026+0.6876σ blended headline · intensity 90.4 indicative position, empirical ranking begins at 20 quarters (currently 11)**All six branches present**Every branch fully covered (ranked)**Normal range (model, ±1.28 × 0.5272σ)**Blended headlineThe dashed line is the index in each quarter in which all six branches carry a reading, from March 2011. Eleven quarters, September 2023 to March 2026, have every branch at full component coverage; they are the ranking population, so the position is indicative and the band is the model range, using the index’s variance correction of 0.5272. The slate point is the published headline, +0.6876σ: it takes Financing & Volatility Conditions, Supply Pipeline Conditions, Sentiment & Behavioural Conditions and Price & Affordability Conditions at June 2026, and Policy & Regulatory Conditions and Demographic Demand Conditions at March 2026. On the latest single quarter with every branch fully covered, March 2026, the index reads +0.7527σ.

Show the data
| Quarter | Index reading | Basis |
| ------- | ------------- | ----- |
| Q1 2011 | −0.1652σ | All six branches present |
| Q2 2011 | −0.4662σ | All six branches present |
| Q3 2011 | −0.7319σ | All six branches present |
| Q4 2011 | −0.5774σ | All six branches present |
| Q1 2012 | −0.4235σ | All six branches present |
| Q2 2012 | −0.3430σ | All six branches present |
| Q3 2012 | −0.3953σ | All six branches present |
| Q4 2012 | −0.5277σ | All six branches present |
| Q1 2013 | −0.5288σ | All six branches present |
| Q2 2013 | −0.5784σ | All six branches present |
| Q3 2013 | −0.3714σ | All six branches present |
| Q4 2013 | −0.1460σ | All six branches present |
| Q1 2014 | −0.1592σ | All six branches present |
| Q2 2014 | −0.3943σ | All six branches present |
| Q3 2014 | −0.1809σ | All six branches present |
| Q4 2014 | −0.5229σ | All six branches present |
| Q1 2015 | −0.3875σ | All six branches present |
| Q2 2015 | −0.3451σ | All six branches present |
| Q3 2015 | −0.3163σ | All six branches present |
| Q4 2015 | −0.4392σ | All six branches present |
| Q1 2016 | −0.2921σ | All six branches present |
| Q2 2016 | −0.3771σ | All six branches present |
| Q3 2016 | −0.2241σ | All six branches present |
| Q4 2016 | −0.3308σ | All six branches present |
| Q1 2017 | −0.1699σ | All six branches present |
| Q2 2017 | −0.4759σ | All six branches present |
| Q3 2017 | −0.3930σ | All six branches present |
| Q4 2017 | −0.5216σ | All six branches present |
| Q1 2018 | −0.3786σ | All six branches present |
| Q2 2018 | −0.5426σ | All six branches present |
| Q3 2018 | −0.4757σ | All six branches present |
| Q4 2018 | −0.6654σ | All six branches present |
| Q1 2019 | −0.6030σ | All six branches present |
| Q2 2019 | −0.7677σ | All six branches present |
| Q3 2019 | −0.5060σ | All six branches present |
| Q4 2019 | −0.4930σ | All six branches present |
| Q1 2020 | −0.2828σ | All six branches present |
| Q2 2020 | −0.7492σ | All six branches present |
| Q3 2020 | −0.8034σ | All six branches present |
| Q4 2020 | −0.5234σ | All six branches present |
| Q1 2021 | −0.4679σ | All six branches present |
| Q2 2021 | −0.1276σ | All six branches present |
| Q3 2021 | −0.0474σ | All six branches present |
| Q4 2021 | +0.3618σ | All six branches present |
| Q1 2022 | +0.5646σ | All six branches present |
| Q2 2022 | +0.4112σ | All six branches present |
| Q3 2022 | +0.2925σ | All six branches present |
| Q4 2022 | +0.1417σ | All six branches present |
| Q1 2023 | +0.1538σ | All six branches present |
| Q2 2023 | +0.1127σ | All six branches present |
| Q3 2023 | +0.2274σ | Ranked (every branch fully covered) |
| Q4 2023 | +0.1907σ | Ranked (every branch fully covered) |
| Q1 2024 | +0.2980σ | Ranked (every branch fully covered) |
| Q2 2024 | +0.0770σ | Ranked (every branch fully covered) |
| Q3 2024 | +0.2425σ | Ranked (every branch fully covered) |
| Q4 2024 | +0.2636σ | Ranked (every branch fully covered) |
| Q1 2025 | +0.4236σ | Ranked (every branch fully covered) |
| Q2 2025 | +0.3018σ | Ranked (every branch fully covered) |
| Q3 2025 | +0.5391σ | Ranked (every branch fully covered) |
| Q4 2025 | +0.4723σ | Ranked (every branch fully covered) |
| Q1 2026 | +0.7527σ | Ranked (every branch fully covered) |

6Methodology & Disclosed Caveats

**Mean-of-components construction** — the index is the equal-weighted mean of its six component branches, each of which is itself the equal-weighted mean of its own components.
- **Cross-quarter blending** — each component is read at its own most recent full-coverage quarter: four (24710/24740/24750/24760) reference Q2 2026 and two (24720/24730) reference Q1 2026. Components are not all as-of the same calendar quarter, by design.
- **Seasonal pattern in the demographic inputs** — net overseas migration and population growth enter as published by the ABS, without seasonal adjustment, and both run highest in the March quarter. Demographic Demand Conditions (24730) is read at the March quarter 2026 and is best compared with earlier March quarters, against which it is the lowest reading since 2021.
- **Indicative positions** on one component and on the index — Price & Affordability Conditions carries 11 full-coverage quarters, and the index 11 joint quarters (September 2023 to March 2026), below the twenty-quarter floor at which empirical ranking begins. Each graduates automatically at 20 quarters.

7Series Distillation (EL1–EL6)
The series is distilled across six tiers, each covering the whole node at escalating depth. Start at the tier that matches your background; each page links to the next.

[EL1 · Plain EnglishWhat the Index Actually MeasuresWhat the six conditions are, and which are helping or hindering right now.](https://australianproperty.network/apn-codex/series-20000/series-24000/series-24700/el1-what-it-measures/)
[EL2 · FoundationalThe Six Conditions Behind the ScoreThe six conditions one by one — what each measures, and what each is saying now.](https://australianproperty.network/apn-codex/series-20000/series-24000/series-24700/el2-the-six-conditions/)
[EL3 · PractitionerReading the Index in PracticeTurning the six conditions into a client conversation, question by question.](https://australianproperty.network/apn-codex/series-20000/series-24000/series-24700/el3-reading-the-index-in-practice/)
[EL4 · Advanced PractitionerStrategic ApplicationWhat sits inside each condition, which lead and which lag, and what to watch.](https://australianproperty.network/apn-codex/series-20000/series-24000/series-24700/el4-architecture-and-limitations/)
[EL5 · ExpertSystemic Risk & Policy-Effectiveness ReadingPolicy transmission, internal disagreements, and the conditions as a benchmark.](https://australianproperty.network/apn-codex/series-20000/series-24000/series-24700/el5-what-moves-this-index-next/)
[EL6 · MasterfulNational ContextWhat the current configuration says about national housing supply and affordability.](https://australianproperty.network/apn-codex/series-20000/series-24000/series-24700/el6-cross-series-context/)
[Methodology & RatificationConstruction, Sources & Build HistoryFull input-level construction, weighting, ratification history and the disclosed-limitations register.](https://australianproperty.network/apn-codex/series-20000/series-24000/series-24700/methodology/)

8Certification

APN Codex Node 24700 — Certified

- Certified as a mean-of-components composite (signed reading: 53.3709; intensity reading: 90.3949, certified 10 September 2026; recomputed 10 October 2026 with Price & Affordability Conditions at the June quarter 2026)
- Price & Affordability Conditions (24760) is read at the quarter ending 31 March 2026 and reflects the complete June quarter 2026 rental data because the Rents (24762) baseline window runs to that component's latest quarter: each new quarter re-sets its mean and standard deviation, and so re-standardises every earlier quarter, March 2026 included
- All six component branches are independently certified and included, each composing on its own certified components
- Cross-quarter blending, indicative positions and the structural variance adjustment disclosed above, not hidden in a footnote
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