--- title: "24742 – Commencements" url: https://australianproperty.network/apn-codex/series-20000/series-24000/series-24700/series-24740/series-24742/ date: 2026-09-10 modified: 2026-10-07 lang: en author: "Nicklas Clark" description: "APN Codex Node 2474224700 Series — Investment ConditionsCertified Commencements Signed Reading 89.1 More dwellings starting construction supports investment conditions, so this component enters the index as it reads. Intensity Reading..." word_count: 1084 --- # 24742 – Commencements APN Codex Node 2474224700 Series — Investment ConditionsCertified ### Commencements Signed Reading 89.1 More dwellings starting construction supports investment conditions, so this component enters the index as it reads. Intensity Reading 89.1 Distance from this node's own recorded range, without regard to direction. Both ranked against 184 quarters · as of the quarter ending 30 June 2026 1What It Measures Commencements measures **how many dwellings actually begin construction each quarter**. It is the point at which an approval becomes physical building work. The node is a component of Supply Pipeline Conditions (24740), which in turn sits within the APN Investment Conditions Index™ (24700). It is a **national time series**, not a geographic one — there is no locality distribution or map at this node. This is the pipeline stage at which intention becomes commitment. Approvals Flow (24741) records permission granted; this node records ground broken. The difference between the two is where a supply pipeline either converts or stalls. 2Composite Construction | Component | Source | Weight | | --------- | ------ | ------ | | Dwelling commencements | ABS | 100.0% | The input is the Australian Bureau of Statistics dwelling commencements series. 3Current Reading in Context | Measure | Quarter to Jun 2026 | Standardised | | ------- | ------------------- | ------------ | | Dwelling commencements | 52,166 | +0.51 | | Composite | — | +0.51 | The standardised column expresses commencements against their own 2011–2025 comparison window. 4Reading History Commencements (24742) · Reading HistoryNode Z-Score by Quarter, March 2011 to June 2026+0.5146σ · position 89.1, ranked against 184 quarters**Reading, ranked quarters**Normal range (middle 80% of ranked quarters)**Current readingThe June quarter 2026 reading, +0.5146σ, ranks 89.1 against 184 quarters and sits inside the normal range of −2.2644σ to +0.5829σ. The highest ranked reading was +2.3889σ in the June quarter 2021, and the lowest −3.0781σ in the March quarter 1983. The ranking also counts the 122 quarters from the September quarter 1980 to December 2010, before the drawn window; every quarter is listed in the data table. Show the data | Quarter | Reading | Basis | | ------- | ------- | ----- | | Q3 1980 | −1.1261σ | Ranked | | Q4 1980 | −1.2443σ | Ranked | | Q1 1981 | −1.6531σ | Ranked | | Q2 1981 | −1.4122σ | Ranked | | Q3 1981 | −1.1644σ | Ranked | | Q4 1981 | −1.5621σ | Ranked | | Q1 1982 | −2.3814σ | Ranked | | Q2 1982 | −2.4977σ | Ranked | | Q3 1982 | −2.7417σ | Ranked | | Q4 1982 | −2.9536σ | Ranked | | Q1 1983 | −3.0781σ | Ranked | | Q2 1983 | −2.3769σ | Ranked | | Q3 1983 | −2.0874σ | Ranked | | Q4 1983 | −1.7236σ | Ranked | | Q1 1984 | −1.9030σ | Ranked | | Q2 1984 | −1.2723σ | Ranked | | Q3 1984 | −0.9781σ | Ranked | | Q4 1984 | −1.0970σ | Ranked | | Q1 1985 | −1.7911σ | Ranked | | Q2 1985 | −1.1074σ | Ranked | | Q3 1985 | −1.1001σ | Ranked | | Q4 1985 | −1.4877σ | Ranked | | Q1 1986 | −2.2228σ | Ranked | | Q2 1986 | −2.3186σ | Ranked | | Q3 1986 | −2.1386σ | Ranked | | Q4 1986 | −2.2627σ | Ranked | | Q1 1987 | −2.6734σ | Ranked | | Q2 1987 | −2.5801σ | Ranked | | Q3 1987 | −2.1644σ | Ranked | | Q4 1987 | −1.8423σ | Ranked | | Q1 1988 | −1.8502σ | Ranked | | Q2 1988 | −1.2388σ | Ranked | | Q3 1988 | −0.3497σ | Ranked | | Q4 1988 | −0.1471σ | Ranked | | Q1 1989 | −0.9417σ | Ranked | | Q2 1989 | −0.5864σ | Ranked | | Q3 1989 | −1.1786σ | Ranked | | Q4 1989 | −1.5557σ | Ranked | | Q1 1990 | −2.1938σ | Ranked | | Q2 1990 | −1.9024σ | Ranked | | Q3 1990 | −2.0490σ | Ranked | | Q4 1990 | −2.0393σ | Ranked | | Q1 1991 | −2.6362σ | Ranked | | Q2 1991 | −2.2697σ | Ranked | | Q3 1991 | −1.8045σ | Ranked | | Q4 1991 | −1.6217σ | Ranked | | Q1 1992 | −1.9704σ | Ranked | | Q2 1992 | −1.1737σ | Ranked | | Q3 1992 | −0.9240σ | Ranked | | Q4 1992 | −0.8787σ | Ranked | | Q1 1993 | −1.3360σ | Ranked | | Q2 1993 | −0.6526σ | Ranked | | Q3 1993 | −0.2141σ | Ranked | | Q4 1993 | −0.3538σ | Ranked | | Q1 1994 | −0.8213σ | Ranked | | Q2 1994 | +0.0021σ | Ranked | | Q3 1994 | +0.2336σ | Ranked | | Q4 1994 | −0.1182σ | Ranked | | Q1 1995 | −1.5648σ | Ranked | | Q2 1995 | −1.4456σ | Ranked | | Q3 1995 | −1.7882σ | Ranked | | Q4 1995 | −2.2651σ | Ranked | | Q1 1996 | −2.4820σ | Ranked | | Q2 1996 | −2.1853σ | Ranked | | Q3 1996 | −2.2919σ | Ranked | | Q4 1996 | −2.0795σ | Ranked | | Q1 1997 | −2.1260σ | Ranked | | Q2 1997 | −1.7755σ | Ranked | | Q3 1997 | −1.6485σ | Ranked | | Q4 1997 | −1.2157σ | Ranked | | Q1 1998 | −1.6640σ | Ranked | | Q2 1998 | −1.2278σ | Ranked | | Q3 1998 | −1.0825σ | Ranked | | Q4 1998 | −1.4056σ | Ranked | | Q1 1999 | −1.7638σ | Ranked | | Q2 1999 | −1.2940σ | Ranked | | Q3 1999 | −0.7057σ | Ranked | | Q4 1999 | −0.7249σ | Ranked | | Q1 2000 | −0.5474σ | Ranked | | Q2 2000 | −0.6869σ | Ranked | | Q3 2000 | −2.4060σ | Ranked | | Q4 2000 | −2.4911σ | Ranked | | Q1 2001 | −2.7858σ | Ranked | | Q2 2001 | −2.3425σ | Ranked | | Q3 2001 | −0.9991σ | Ranked | | Q4 2001 | −0.6987σ | Ranked | | Q1 2002 | −1.2356σ | Ranked | | Q2 2002 | −0.5700σ | Ranked | | Q3 2002 | +0.0425σ | Ranked | | Q4 2002 | −0.3922σ | Ranked | | Q1 2003 | −1.1771σ | Ranked | | Q2 2003 | −1.0763σ | Ranked | | Q3 2003 | −0.4469σ | Ranked | | Q4 2003 | −0.1215σ | Ranked | | Q1 2004 | −0.9428σ | Ranked | | Q2 2004 | −0.7195σ | Ranked | | Q3 2004 | −0.6360σ | Ranked | | Q4 2004 | −0.8146σ | Ranked | | Q1 2005 | −1.7142σ | Ranked | | Q2 2005 | −0.9894σ | Ranked | | Q3 2005 | −0.8162σ | Ranked | | Q4 2005 | −1.3669σ | Ranked | | Q1 2006 | −1.6620σ | Ranked | | Q2 2006 | −1.2830σ | Ranked | | Q3 2006 | −0.9703σ | Ranked | | Q4 2006 | −0.9984σ | Ranked | | Q1 2007 | −1.7597σ | Ranked | | Q2 2007 | −1.3872σ | Ranked | | Q3 2007 | −0.9031σ | Ranked | | Q4 2007 | −0.8026σ | Ranked | | Q1 2008 | −1.5058σ | Ranked | | Q2 2008 | −1.0255σ | Ranked | | Q3 2008 | −1.1673σ | Ranked | | Q4 2008 | −1.9202σ | Ranked | | Q1 2009 | −2.4411σ | Ranked | | Q2 2009 | −2.1565σ | Ranked | | Q3 2009 | −1.3167σ | Ranked | | Q4 2009 | −0.5912σ | Ranked | | Q1 2010 | −0.7756σ | Ranked | | Q2 2010 | −0.1860σ | Ranked | | Q3 2010 | −0.4872σ | Ranked | | Q4 2010 | −0.8909σ | Ranked | | Q1 2011 | −1.2830σ | Ranked | | Q2 2011 | −1.2060σ | Ranked | | Q3 2011 | −1.0804σ | Ranked | | Q4 2011 | −1.2857σ | Ranked | | Q1 2012 | −2.2226σ | Ranked | | Q2 2012 | −1.4794σ | Ranked | | Q3 2012 | −0.7131σ | Ranked | | Q4 2012 | −0.5294σ | Ranked | | Q1 2013 | −1.4225σ | Ranked | | Q2 2013 | −0.7492σ | Ranked | | Q3 2013 | −0.4771σ | Ranked | | Q4 2013 | −0.0073σ | Ranked | | Q1 2014 | −0.3879σ | Ranked | | Q2 2014 | −0.1182σ | Ranked | | Q3 2014 | +1.1950σ | Ranked | | Q4 2014 | +0.7450σ | Ranked | | Q1 2015 | +0.4392σ | Ranked | | Q2 2015 | +1.0429σ | Ranked | | Q3 2015 | +1.5871σ | Ranked | | Q4 2015 | +1.4061σ | Ranked | | Q1 2016 | +1.3073σ | Ranked | | Q2 2016 | +1.0662σ | Ranked | | Q3 2016 | +1.5274σ | Ranked | | Q4 2016 | +1.4238σ | Ranked | | Q1 2017 | +0.0763σ | Ranked | | Q2 2017 | +0.6648σ | Ranked | | Q3 2017 | +1.3694σ | Ranked | | Q4 2017 | +0.9716σ | Ranked | | Q1 2018 | +1.2799σ | Ranked | | Q2 2018 | +1.0907σ | Ranked | | Q3 2018 | +1.4621σ | Ranked | | Q4 2018 | +0.1676σ | Ranked | | Q1 2019 | −0.6885σ | Ranked | | Q2 2019 | −0.3473σ | Ranked | | Q3 2019 | −0.6131σ | Ranked | | Q4 2019 | −0.5799σ | Ranked | | Q1 2020 | −0.6102σ | Ranked | | Q2 2020 | −0.7302σ | Ranked | | Q3 2020 | −0.4189σ | Ranked | | Q4 2020 | +0.5233σ | Ranked | | Q1 2021 | +0.1519σ | Ranked | | Q2 2021 | +2.3889σ | Ranked | | Q3 2021 | +1.5678σ | Ranked | | Q4 2021 | +0.6084σ | Ranked | | Q1 2022 | −0.4066σ | Ranked | | Q2 2022 | −0.0806σ | Ranked | | Q3 2022 | −0.0377σ | Ranked | | Q4 2022 | −0.7825σ | Ranked | | Q1 2023 | −0.6529σ | Ranked | | Q2 2023 | −0.7205σ | Ranked | | Q3 2023 | −1.0345σ | Ranked | | Q4 2023 | −1.0282σ | Ranked | | Q1 2024 | −1.2397σ | Ranked | | Q2 2024 | −0.8517σ | Ranked | | Q3 2024 | −0.2397σ | Ranked | | Q4 2024 | −0.6235σ | Ranked | | Q1 2025 | −0.3959σ | Ranked | | Q2 2025 | −0.3260σ | Ranked | | Q3 2025 | +0.4875σ | Ranked | | Q4 2025 | +0.8195σ | Ranked | | Q1 2026 | −0.3055σ | Ranked | | Q2 2026 | +0.5146σ | Ranked | 5Reading the Pattern Commencements in the June 2026 quarter sit **above their fifteen-year average**, at +0.51 standardised: 52,166 dwellings began construction, up from 45,777 in the March quarter as revised. Construction is starting at a faster pace than the recorded window typically shows, and at the highest reading since the December quarter 2025. The position of 89.1, ranked against 184 quarters, sits higher than the standardised reading alone would suggest. It reflects a left-skewed distribution: the series contains a run of very weak quarters, nearly all of them before 2011, that pull the average down, so a reading modestly above average ranks above almost nine in ten quarters. The two figures answer different questions — one asks how far from typical, the other how many quarters were lower. Read against its siblings, starts have caught up with the rest of the branch. Approvals Flow (24741) is elevated and Work In Progress (24743) is at the ceiling of its record; with commencements now above average as well, the pipeline is being fed at its front end while it carries a record part-built stock. 6Methodology & Disclosed Caveats - **Commencements are revised.** The Australian Bureau of Statistics restates building activity figures as later survey returns arrive, and recent quarters are the most likely to move. - **A commencement is not a completion.** This node records construction starting. Whether and when those dwellings are finished is not measured here; Work In Progress (24743) records the accumulating stock of started-but-unfinished dwellings. - **Position and standardised reading can diverge** wherever a series is skewed. Neither figure is more correct; they measure different things and are both disclosed for that reason. - **Revisions carry through to the parent node**: the input enters Supply Pipeline Conditions (24740) through this component, so a revision affects more than one reading. - **The input holds sufficient observations** against the 2011–2025 comparison window and carries no short-history qualification. - **The comparison window and the ranking population differ.** The standardised reading is measured against 2011–2025. The position is ranked against all 184 quarters in which the input is present, a record reaching back to 1980. That full-coverage basis is the ratified one across the 24700 series; the all-rows basis is retired. - **Signed direction.** This component enters the index as it reads: more dwellings starting construction is a supportive condition for investment. Its signed and intensity positions therefore coincide at 89.1 — one frame carrying that direction, the other measuring distance from the node's own record without regard to it. 7Other Components The other three components of Supply Pipeline Conditions (24740). Each is independently certified and enters that branch at equal weight. [Node 24741 →Approvals FlowReads the quarterly volume of total dwelling approvals.](https://australianproperty.network/apn-codex/series-20000/series-24000/series-24700/series-24740/series-24741/) [Node 24743 →Work In ProgressReads the number of dwelling units under construction at a point in time.](https://australianproperty.network/apn-codex/series-20000/series-24000/series-24700/series-24740/series-24743/) [Node 24744 →Pipeline CongestionReads the spread between approvals and commencements alongside the value of work yet to be done, measuring how much of the pipeline is not yet converting.](https://australianproperty.network/apn-codex/series-20000/series-24000/series-24700/series-24740/series-24744/) [Parent branch →24740 — Supply Pipeline Conditions](https://australianproperty.network/apn-codex/series-20000/series-24000/series-24700/series-24740/) 8Certification APN Codex Node 24742 — Certified - Certified 10 September 2026 as a component of Supply Pipeline Conditions (24740), entering that branch at equal weight with its three siblings - Intensity reading 89.1 and signed reading 89.1, both ranked against 184 full-coverage quarters, at the June quarter 2026 (recomputed 7 October 2026) - Enters the index as it reads: more dwellings starting construction is a supportive condition for investment - The input holds sufficient observations and carries no short-history qualification. - Findings are presented on the basis of data and evidence alone. 9Methodology [Methodology & RatificationConstruction, sources, weighting, build history and the full disclosed-limitations register for the APN Investment Conditions Index™](https://australianproperty.network/apn-codex/series-20000/series-24000/series-24700/methodology/)