--- title: "24752 – Investor Behaviour" url: https://australianproperty.network/apn-codex/series-20000/series-24000/series-24700/series-24750/series-24752/ date: 2026-09-10 modified: 2026-10-03 lang: en author: "Nicklas Clark" description: "APN Codex Node 2475224700 Series — Investment ConditionsCertified Investor Behaviour Signed Reading 45.9 Stronger capital momentum supports investment conditions, so this component enters the index as it reads. Intensity Reading..." word_count: 813 --- # 24752 – Investor Behaviour APN Codex Node 2475224700 Series — Investment ConditionsCertified ### Investor Behaviour Signed Reading 45.9 Stronger capital momentum supports investment conditions, so this component enters the index as it reads. Intensity Reading 45.9 Distance from this node's own recorded range, without regard to direction. Both ranked against 62 quarters · as of the quarter ending 30 June 2026 1What It Measures Investor Behaviour measures **what investors do with capital, rather than what they say about conditions**. It tracks the momentum of capital movement through the economy as recorded in transactions. The node is a component of Sentiment & Behavioural Conditions (24750), 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. Its sibling component Survey Sentiment (24751) measures stated expectation. Separating revealed behaviour from stated sentiment is the structural purpose of this branch, because the two frequently diverge and a single averaged figure conceals the divergence. 2Composite Construction | Component | Source | Weight | | --------- | ------ | ------ | | Capital momentum | ABS | 100.0% | 3Current Reading in Context | Measure | Quarter to Jun 2026 | Standardised | | ------- | ------------------- | ------------ | | Capital momentum | −198.1 bps | −0.11 | | Composite | — | −0.11 | The standardised column expresses the measure against its own 2011–2025 comparison window. 4Reading History Investor Behaviour (24752) · Reading HistoryNode Z-Score by Quarter, March 2011 to June 2026−0.1094σ · position 45.9, ranked against 62 quarters**Reading, ranked quarters**Normal range (middle 80% of ranked quarters)**Current readingThe June quarter 2026 reading, −0.1094σ, ranks 45.9 against 62 quarters and sits inside the normal range of −1.0907σ to +0.9382σ. The highest ranked reading was +3.0384σ in the December quarter 2021, and the lowest −1.9112σ in the March quarter 2018. Show the data | Quarter | Reading | Basis | | ------- | ------- | ----- | | Q1 2011 | +0.2118σ | Ranked | | Q2 2011 | −0.4098σ | Ranked | | Q3 2011 | −0.3750σ | Ranked | | Q4 2011 | −0.9596σ | Ranked | | Q1 2012 | −0.3744σ | Ranked | | Q2 2012 | −0.1377σ | Ranked | | Q3 2012 | −0.3243σ | Ranked | | Q4 2012 | +0.6104σ | Ranked | | Q1 2013 | +0.4637σ | Ranked | | Q2 2013 | +0.5822σ | Ranked | | Q3 2013 | +0.9420σ | Ranked | | Q4 2013 | +1.0693σ | Ranked | | Q1 2014 | +0.5964σ | Ranked | | Q2 2014 | +0.5567σ | Ranked | | Q3 2014 | +0.6868σ | Ranked | | Q4 2014 | +0.5165σ | Ranked | | Q1 2015 | +0.5699σ | Ranked | | Q2 2015 | +0.5272σ | Ranked | | Q3 2015 | −0.1089σ | Ranked | | Q4 2015 | −0.7599σ | Ranked | | Q1 2016 | −0.8234σ | Ranked | | Q2 2016 | −0.7703σ | Ranked | | Q3 2016 | −0.0433σ | Ranked | | Q4 2016 | +0.9043σ | Ranked | | Q1 2017 | +1.0462σ | Ranked | | Q2 2017 | +0.2863σ | Ranked | | Q3 2017 | −1.1005σ | Ranked | | Q4 2017 | −1.6588σ | Ranked | | Q1 2018 | −1.9112σ | Ranked | | Q2 2018 | −1.7563σ | Ranked | | Q3 2018 | −0.8629σ | Ranked | | Q4 2018 | −0.7427σ | Ranked | | Q1 2019 | −0.6354σ | Ranked | | Q2 2019 | −0.7243σ | Ranked | | Q3 2019 | −0.8989σ | Ranked | | Q4 2019 | −0.9215σ | Ranked | | Q1 2020 | −1.1075σ | Ranked | | Q2 2020 | −1.0021σ | Ranked | | Q3 2020 | −1.3237σ | Ranked | | Q4 2020 | −1.5057σ | Ranked | | Q1 2021 | −0.9400σ | Ranked | | Q2 2021 | +0.8477σ | Ranked | | Q3 2021 | +2.4274σ | Ranked | | Q4 2021 | +3.0384σ | Ranked | | Q1 2022 | +2.6343σ | Ranked | | Q2 2022 | +1.4014σ | Ranked | | Q3 2022 | +0.3698σ | Ranked | | Q4 2022 | −0.1088σ | Ranked | | Q1 2023 | −0.3896σ | Ranked | | Q2 2023 | −0.5611σ | Ranked | | Q3 2023 | −0.1265σ | Ranked | | Q4 2023 | −0.1266σ | Ranked | | Q1 2024 | +0.2636σ | Ranked | | Q2 2024 | +0.6378σ | Ranked | | Q3 2024 | +0.6126σ | Ranked | | Q4 2024 | +0.5522σ | Ranked | | Q1 2025 | +0.2957σ | Ranked | | Q2 2025 | +0.1354σ | Ranked | | Q3 2025 | +0.4540σ | Ranked | | Q4 2025 | +0.2505σ | Ranked | | Q1 2026 | +0.2038σ | Ranked | | Q2 2026 | −0.1094σ | Ranked | 5Reading the Pattern Capital momentum sits **close to its own fifteen-year average**, at −0.11 standardised and a position of 45.9 across 62 quarters. On this measure the June 2026 quarter is unremarkable: a little under half the record sits below it. The contrast with the survey side of this branch is the reading worth holding. Survey Sentiment (24751) records the same quarter well below its own average, carried by consumer confidence at nearly two standard deviations down. Revealed capital behaviour shows no comparable movement. A gap of that size between what is said and what is done is precisely the divergence this branch is built to make visible. Averaged into a single figure, the two would partially offset one another and neither signal would be legible. 6Methodology & Disclosed Caveats - **This is an economy-wide capital measure, not a property-specific one.** It records capital movement across the economy and is used here as an indicator of investor behaviour generally. It does not isolate capital directed at residential property. - **Behavioural measures lag decisions.** Transactions settle after the choices that produced them, so this node records decisions taken some time before the quarter it reports. - **Revisions carry through to the parent node**: the input enters Sentiment & Behavioural Conditions (24750) 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. - **Comparison basis.** The position ranks this quarter against the 62 quarters in which the input is present. That full-coverage basis is the ratified one across the 24700 series; the all-rows basis is retired. Here the two coincide, because this node has a single input present throughout. - **Signed direction.** This component enters the index as it reads: stronger capital momentum is a supportive condition for investment. Its signed and intensity positions therefore coincide at 45.9 — one frame carrying that direction, the other measuring distance from the node's own record without regard to it. 7Other Components The other two components of Sentiment & Behavioural Conditions (24750). Each is independently certified and enters that branch at equal weight. [Node 24751 →Survey SentimentReads business, consumer and property-professional confidence as published by survey providers.](https://australianproperty.network/apn-codex/series-20000/series-24000/series-24700/series-24750/series-24751/) [Node 24753 →Household Spending BehaviourReads the spread between discretionary and non-discretionary household spending.](https://australianproperty.network/apn-codex/series-20000/series-24000/series-24700/series-24750/series-24753/) [Parent branch →24750 — Sentiment & Behavioural Conditions](https://australianproperty.network/apn-codex/series-20000/series-24000/series-24700/series-24750/) 8Certification APN Codex Node 24752 — Certified - Certified 10 September 2026 as a component of Sentiment & Behavioural Conditions (24750), entering that branch at equal weight with its two siblings - Intensity reading 45.9 and signed reading 45.9, both ranked against 62 full-coverage quarters - Enters the index as it reads: stronger capital momentum 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/)