Property Data Dictionary: Australian Real Estate Metrics Explained
HtAG’s guide to the property-market metrics, risk indicators, supply signals, demand measures and proprietary scores used to analyse Australian suburbs, plus the commercial property metrics used to compare council areas. Each metric is defined so investors and property professionals can see how it contributes to evidence-based suburb selection.
How to use this dictionary. No single property metric should be interpreted in isolation. HtAG’s framework encourages reading metrics in clusters: price and rent metrics show current value, supply metrics show market availability, demand metrics show buyer and tenant pressure, fundamental metrics show suburb context, and proprietary HtAG scores simplify multi-factor comparison. Use the definitions below to understand what each metric means, why it matters, and how to interpret it at a high level, then follow the guide links for the full explanation.
Essential Property Metrics
Metrics used to shortlist markets based on affordability, yield, return and price-change dynamics. Reported independently for houses and units. Which direction counts as better on each depends on your property investment brief.
Typical Price
Typical Price is HtAG’s adjusted suburb-level price metric, designed to give a more stable representation of market value and price trends than median price when low sales volume, changing sale composition or outlier transactions distort suburb data.
Investor use. Investors use Typical Price to assess affordability, capital growth and price movement with less distortion than relying on median price alone.
Common mistake. A common mistake is assuming a median-price rise means every property in the suburb gained value.
Median Rent
Median Rent is the middle weekly asking rent in a suburb, calculated on a rolling twelve months and reported independently for houses and units.
Investor use. Investors read median rent with yield and vacancy to gauge income potential; the trend in rents matters more than the current level.
Common mistake. A common mistake is focusing on the current rent instead of the rent-growth trend and vacancy.
Read the Median Rent guide in the Education HubSales
Sales is the number of property transactions recorded online in a suburb during the calendar month, resetting each month.
Investor use. Investors use the monthly count for momentum and the Sales Ratio for a size-adjusted, longer-run read of turnover and liquidity.
Common mistake. A common mistake is reading one month’s sales as a trend rather than momentum.
Read the Sales guide in the Education HubRentals
Rentals is the number of properties listed for rent online in a suburb during the calendar month, resetting each month.
Investor use. Investors read the monthly count alongside vacancy; the Rentals Ratio gives a size-adjusted view of rental-market depth.
Common mistake. A common mistake is comparing raw rental counts across suburbs of different sizes.
Read the Rentals guide in the Education HubDelta Change
Delta Change is the percentage difference between a suburb’s current price or rent and its value a set period earlier, over standard windows such as 1 month, 1 quarter, 1 year and 3 years.
Investor use. Investors compare short and long windows to see whether price or rent momentum is accelerating or fading.
Common mistake. A common mistake is reading a single short-window change in a small suburb as a real trend.
Read the Delta Change guide in the Education HubGross Rental Yield
Gross Rental Yield is the annual rent a property earns as a percentage of its value, before costs, derived from Typical Price and Median Rent for the current month.
Investor use. Investors use gross yield to compare income return across suburbs, weighing it against growth prospects and vacancy since high-growth areas often carry lower yields.
| Range | Interpretation |
|---|---|
| Under 3% | Growth / premium |
| 3-4.5% | Capital-city house range |
| 4.5-6% | Stronger cashflow |
| Over 6% | High income; check vacancy |
Common mistake. A common mistake is confusing gross yield with net yield, which is lower after costs and vacancy.
Read the Gross Rental Yield guideCapital Growth
Capital Growth is the increase in a property’s value over time, shown by HtAG as a low-to-high forecast range per annum from a two-year model and paired with a Confidence rating.
Investor use. Investors use the range as a forward-looking estimate of value growth, reading it with Confidence and the growth cycle rather than past performance.
Common mistake. A common mistake is treating the forecast range as a guarantee or chasing past growth near a cyclical peak.
Read the Capital Growth guideTotal RoI
Total Return on Investment is the combined annual return from a property, calculated as Gross Rental Yield plus Capital Growth, capturing both income and value change in one figure.
Investor use. Investors use Total RoI to compare the full return profile of suburbs at a glance.
Common mistake. A common mistake is reading it as a guaranteed return; it inherits the forecast’s uncertainty and ignores costs.
Read the Total RoI guide in the Education HubRent Increase
Rent Increase is HtAG’s projected annual growth in a suburb’s median rent, estimated per annum from a two-year statistical forecast.
Investor use. Investors use the projection to anticipate improving yield and cashflow, confirming it against the vacancy rate.
Common mistake. A common mistake is assuming forecast rent growth is achievable regardless of vacancy or affordability.
Read the Rent Increase guide in the Education HubVolatility Index
The Volatility Index measures how far a suburb’s short-term price growth deviates from its long-term trend, on a 1-to-10 scale where higher means more volatile and less predictable.
Investor use. Investors use it to weigh the risk taken for a given growth outlook; steadier markets are easier to hold and forecast.
Common mistake. A common mistake is assuming high volatility means high return; it means wider uncertainty in both directions.
Read the Volatility Index guideData Confidence
Data Confidence is HtAG’s rating of how reliable a suburb’s data is, calculated from average monthly sales. Low-confidence suburbs have sparser data.
Investor use. Investors check Confidence first: it tells you how much weight to place on every other metric for that suburb.
Common mistake. A common mistake is treating a low-confidence figure as precise instead of a wide range.
Read the Data Confidence guide in the Education HubFundamental Market Metrics
Metrics for assessing the socio-economic landscape of a suburb and identifying where a market sits in its growth trajectory. Ranges are static, except the Growth Rate Cycle. Cycle position is what separates an early-cycle property market from one already well through its run.
IRSAD
IRSAD is the ABS Index of Relative Socio-economic Advantage and Disadvantage (SEIFA), scoring an area decile 1-10 by access to material and social resources.
Investor use. Investors use IRSAD to gauge the depth and stability of local demand, reading it in context rather than as a linear growth predictor.
| Range | Interpretation |
|---|---|
| 1-2 | Unfavourable |
| 3-8 | Neutral |
| 9-10 | Opportune |
Common mistake. A common mistake is assuming higher IRSAD always means higher growth.
Read the SEIFA IRSAD and house prices guideRenter to Owner Ratio
The Renter to Owner Ratio is the proportion of renter households to owner-occupier and mortgagee households in a suburb.
Investor use. Investors use it to judge stability; more owner-occupiers generally means a steadier market.
| Range | Interpretation |
|---|---|
| >45% | Unfavourable |
| 15-45% | Neutral |
| <15% | Opportune |
Common mistake. A common mistake is treating any renter presence as negative rather than concentration.
Read the suburb fundamentals guideUnit to House Ratio
The Unit to House Ratio is the proportion of unit dwellings to houses in a suburb, apportioned from sales over the past two years.
Investor use. Investors use it to flag density and future unit-supply risk.
| Range | Interpretation |
|---|---|
| >50% | Unfavourable |
| 10-50% | Neutral |
| <10% | Opportune |
Common mistake. A common mistake is ignoring the building-approvals pipeline when reading unit density.
Read the suburb fundamentals guideUnit to House Value Ratio
The Unit to House Value Ratio is the proportion of unit Typical Price to house Typical Price. Higher means unit prices sit closer to house prices. Reported for units only.
Investor use. When buying a unit, investors use it to check whether they are paying near house prices for less land.
| Range | Interpretation |
|---|---|
| >70% | Unfavourable |
| 30-70% | Neutral |
| <30% | Opportune |
Common mistake. A common mistake is using it when buying a house; it is a unit-buyer metric.
Read the Unit to House Value Ratio guide in the Education HubYears to Own
Years to Own (the Affordability Index) is the estimated number of years to fully own a typical local home given incomes, interest rates and prices, on a standard 30-year mortgage.
Investor use. Investors use it to test whether local incomes can sustain prices; more affordable suburbs are more likely to deliver above-average long-term returns, so the ranking is reversed.
| Range | Interpretation |
|---|---|
| >35 years | Unfavourable |
| 25-35 years | Neutral |
| <25 years | Opportune |
Common mistake. A common mistake is reading a high figure as an imminent crash rather than a demand-strain indicator.
Growth Rate Cycle
Growth Rate Cycle is HtAG’s market-cycle indicator for interpreting whether suburb price growth is accelerating, slowing, peaking, troughing or transitioning between positive and negative growth phases.
Investor use. Investors use it to avoid relying only on backward-looking annual growth and to understand whether a suburb’s recent momentum may still have forward potential.
| Range | Interpretation |
|---|---|
| -Decreasing, -Peak | Unfavourable |
| +Decreasing, -Increasing, -Trough | Neutral |
| +Increasing, +Trough, +Peak | Opportune |
Common mistake. A common mistake is assuming a suburb with strong recent growth still has the same forward opportunity.
Supply Metrics
Metrics measuring existing listed inventory and stock likely to enter the market. Lower supply can support price appreciation when demand is present. Ranges are dynamic. Read together, these metrics describe a supply-constrained market.
Stock on Market Percentage
Stock on Market Percentage (SoM%) is the percentage of dwellings in a suburb currently listed for sale. It helps compare relative property supply across locations of different sizes.
Note: The current value is a 3-month rolling average, not just the latest month. This smooths out the noise that can make a single month jump between data releases, so the current value can differ from the latest month shown on the chart.
Investor use. Investors use it to assess supply pressure. Lower values may indicate tighter conditions when supported by buyer demand and sales activity.
| Range | Interpretation |
|---|---|
| <0.4% | Low Supply |
| 0.4-1.3% | Balanced |
| >1.3% | High Supply |
Common mistake. A common mistake is treating low supply as automatically positive without checking demand, affordability and future building approvals.
Read the Stock on Market guideInventory
Inventory (Months of Supply) is the current stock on market divided by average monthly sales over a year – how long it would take to sell all listings at the current pace.
Note: The current value is a 3-month rolling average, not just the latest month. This smooths out the noise that can make a single month jump between data releases, so the current value can differ from the latest month shown on the chart.
Investor use. Investors use it to read market balance in one number; low, falling inventory typically precedes firming prices.
| Range | Interpretation |
|---|---|
| <2.1 | Low Supply |
| 2.1-4.5 | Balanced |
| >4.5 | High Supply |
Common mistake. A common mistake is confusing inventory, a flow in months, with stock on market, a level.
Read the Inventory levels guideBuilding Approvals Ratio
The Building Approvals Ratio is newly approved residential builds over the past 12 months as a proportion of total dwellings, sourced from the ABS and transformed to suburb level.
Note: The Australian Bureau of Statistics (ABS) publishes building approvals by local government area with a lag of several months. HtAG updates this series on the same schedule as the ABS, so the latest figure is usually a few months behind the current month.
Investor use. Investors use it as a forward look at supply; high ratios can dilute scarcity and cap growth within a few years.
| Range | Interpretation |
|---|---|
| <0.3% | Low Supply |
| 0.3-2% | Balanced |
| >2% | High Supply |
Common mistake. A common mistake is assuming approvals equal completions, or ignoring them when a suburb looks tight today.
Read the Building Approvals guideHold Period
Hold Period is the average number of years owners in a suburb hold a property before selling, found from repeat-sale dates. Longer means tightly held.
Investor use. Investors use it to identify supply-constrained suburbs where owners rarely sell.
| Range | Interpretation |
|---|---|
| >10.4 | Low Supply (tightly held) |
| 6.4-10.4 | Balanced |
| <6.4 | High Supply |
Common mistake. A common mistake is reading a long hold period as bullish without confirming demand.
Read the Hold Period guideEstimated Dwellings
Estimated Dwellings is the number of residential dwellings in a suburb, estimated from the Australian address database. It is the denominator behind size-adjusted metrics.
Investor use. Investors rely on it indirectly: it converts raw counts into the size-adjusted ratios that make suburbs comparable.
Common mistake. A common mistake is confusing dwellings with households or population.
Read the Estimated Dwellings guide in the Education HubDemand Metrics
Metrics showing the level of buyer or renter interest in a suburb. Prices can rise when demand exceeds available supply. Ranges are dynamic.
Days on Market
Days on Market is the median number of days that for-sale listings remain active before selling. A low figure signals strong buyer demand; a high figure signals weak demand.
Note: The current value is a 3-month rolling average, not just the latest month. This smooths out the noise that can make a single month jump between data releases, so the current value can differ from the latest month shown on the chart.
Investor use. Investors use it as a real-time read of demand; falling days on market often precede price growth.
| Range | Interpretation |
|---|---|
| >90 | Low Demand |
| 35-90 | Balanced |
| 0-35 | High Demand |
Common mistake. A common mistake is reading days on market in isolation, or ignoring a rising trend off a low base.
Read the Days on Market guideVendor Discounting
Vendor Discounting is the typical percentage difference between a property’s asking price and its sale price. Large discounts indicate weak demand; negative discounts indicate sales above asking.
Note: The current value is a 3-month rolling average, not just the latest month. This smooths out the noise that can make a single month jump between data releases, so the current value can differ from the latest month shown on the chart.
Investor use. Investors read discounting with days on market to gauge negotiating leverage.
| Range | Interpretation |
|---|---|
| >4% | Low Demand |
| 0-4% | Balanced |
| <0% | High Demand |
Common mistake. A common mistake is reading discounting without days on market.
Read the Days on Market and Discounting guideVacancy Rate
Vacancy Rate is the percentage of rental properties in a suburb that are available for rent. A low rate signals strong rental demand; a high rate signals oversupply.
Investor use. Investors use it as the primary read of rental demand; tight vacancy lets landlords lift rents.
| Range | Interpretation |
|---|---|
| >3.5% | Low Demand |
| 1-3.5% | Balanced |
| <1% | High Demand |
Common mistake. A common mistake is treating a small month-to-month change as meaningful, or chasing yield while ignoring vacancy.
Read the Vacancy Rate guideDays on Rental Market
Days on Rental Market is the average number of days that for-rent listings stay advertised. HtAG uses it when the Vacancy Rate cannot be calculated.
Investor use. Investors use it as the rental-demand signal only when the vacancy rate shows -1.00%.
| Range | Interpretation |
|---|---|
| >45 | Low Demand |
| 35-45 | Balanced |
| <35 | High Demand |
Common mistake. A common mistake is using it when a reliable vacancy rate exists.
Read the Vacancy Rate guideBuy and Rent Search Index
The Buy and Rent Search Index is the ratio of online buy or rent searches in a suburb to the state or city average, where 5 signifies average interest.
Investor use. Investors use it as an early, soft demand signal to confirm harder metrics; the short-term slope matters more than the level.
| Range | Interpretation |
|---|---|
| 0-2 | Low Demand |
| 3-5 | Balanced |
| 6-10 | High Demand |
Common mistake. A common mistake is over-weighting search interest, which sits well below hard demand signals.
Read the Buy and Rent Search Index guideAuction Clearance Rate
Auction Clearance Rate is the percentage of auctioned properties that sell at or around auction. A high rate signals strong buyer confidence.
Note: Clearance rates are only reported where auctions are common, mainly suburbs in Sydney, Melbourne and Brisbane. Most regional areas, and states where properties are rarely sold at auction, have no clearance rate. Figures cover auctions up to the end of the last full month, so in October the figure shown is for September. The current value is a 3-month rolling average, not just the latest month, so it can differ from the latest month shown on the chart.
Investor use. Investors use it as a fast pulse of buyer demand, most meaningful in auction-heavy markets.
| Range | Interpretation |
|---|---|
| <50% | Low Demand |
| 50-70% | Balanced |
| >70% | High Demand |
Common mistake. A common mistake is over-reading clearance in suburbs with very few auctions.
Read the Auction Clearance Rates guideRelative Composite Score
HtAG’s proprietary scoring framework that combines every metric in this dictionary plus 30+ auxiliary metrics into strategy-specific scores, simplifying suburb comparison.
Relative Composite Score
Relative Composite Score (RCS) is HtAG’s proprietary suburb-comparison framework that combines multiple property-market, risk, growth, supply, demand and cashflow indicators into strategy-specific scores.
Investor use. RCS helps investors compare suburbs more efficiently by reducing information overload and aligning analysis with different objectives, such as growth, cashflow or lower-risk strategies.
Common mistake. A common mistake is treating RCS as a replacement for due diligence rather than a prioritisation and comparison framework.
Capital Growth RCS
Capital Growth RCS scores a suburb on 80+ metrics weighted toward long-term growth drivers such as price projections, IRSAD and the renter-to-owner ratio, for 5-year-plus strategies.
Investor use. Investors use it to shortlist suburbs with strong long-term capital-growth potential.
Common mistake. A common mistake is using it for a cashflow strategy; match the score to your objective.
Read the composite score guideLower Risk RCS
Lower Risk RCS scores a suburb on 80+ metrics weighted toward environmental, market and data-risk indicators. Higher values indicate lower risk.
Investor use. Investors use it to favour environmentally, economically and data-stable markets.
Common mistake. A common mistake is equating low risk with low return rather than a risk-adjusted trade-off.
Read the Relative Composite Score guideCashflow RCS
Cashflow RCS scores a suburb on 80+ metrics weighted toward indicative gross yield, vacancy rate and rental price trend.
Investor use. Investors use it to shortlist income-oriented markets.
Common mistake. A common mistake is chasing the highest cashflow score without checking growth prospects.
Read the Relative Composite Score guideOverall RCS
Overall RCS is the average of the Capital Growth, Cashflow and Lower Risk scores – a balanced overview of a market’s potential.
Investor use. Investors use it to find balanced, lower-risk opportunities, and the component scores to target a specific strategy.
Common mistake. A common mistake is using the Overall score to target a specific strategy, which it generalises across three domains.
Read the composite score guideRisk Indices
Environmental and economic risk indices, scored 0-100 where higher means lower relative risk; below 50 is high risk. These indices screen a market; see property due diligence for how suburb-level screening and parcel-level verification fit together.
Flood Safety
The Flood Safety Index scores a suburb 0-100 by combining riverine and surface-water flood hazard through the ratio of high-risk properties. Higher means lower relative risk.
Investor use. Investors use it to screen environmental risk, but should always run property-level due diligence; it scores built areas only.
| Range | Interpretation |
|---|---|
| <50 | High relative risk |
| 50-100 | Lower relative risk |
Common mistake. A common mistake is treating a high score as a guarantee for a specific property.
Read the Flood Safety guide in the Education HubBushfire Safety
The Bushfire Safety Index scores a suburb 0-100 by the share of properties in bushfire-prone zones. Higher means lower relative risk.
Investor use. Investors use it to screen risk; higher is safer, but they should still check the specific parcel.
| Range | Interpretation |
|---|---|
| <50 | High relative risk |
| 50-100 | Lower relative risk |
Common mistake. A common mistake is skipping property-level checks in a suburb scoring 100.
Read the Bushfire Safety guide in the Education HubEconomic Diversity Index
The Economic Diversity Index (EDI) measures how diversified a suburb’s employment is, using a modified Shannon-Wiener algorithm. A higher score indicates a broader, more resilient economy.
Investor use. Investors use EDI to favour suburbs with a broad employment base; always pair it with MADI.
Common mistake. A common mistake is reading EDI without MADI.
Mining and Agriculture Decoupling Index
The Mining and Agriculture Decoupling Index (MADI) quantifies how little a suburb depends on the mining and agriculture sectors. A higher value means lesser prevalence of these volatile industries.
Investor use. Investors use MADI to flag exposure to boom-bust mining and farming cycles.
| Range | Interpretation |
|---|---|
| Higher | Less dominance (lower risk) |
| Lower | More dominance (higher risk) |
Common mistake. A common mistake is reading MADI without EDI, or assuming any presence is fatal rather than dominance.
Other Market Metrics
Additional advanced metrics that improve market understanding and decision-making.
Population
Population is the adult population of a suburb or LGA at the most recent census. HtAG emphasises the adult figure as the driver of the economy and housing demand.
Investor use. Investors use it as a proxy for market depth and as the base for per-capita metrics.
Common mistake. A common mistake is comparing HtAG’s adult figure to a total-population figure from elsewhere.
Read the Population guide in the Education HubSchool Rank
School Rank is HtAG’s composite of local education quality from public school data, scored 1-100 where 100 is highest.
Investor use. Investors use it to gauge family-demand tailwinds; strong catchments support house prices.
| Range | Interpretation |
|---|---|
| <40 | Poor |
| 40-70 | Good |
| >70 | Extraordinary |
Common mistake. A common mistake is treating it as a market metric rather than a demand driver.
Infrastructure Spend
Infrastructure Spend is the non-residential building approvals per capita over 12 months, an approximation of government and commercial investment in local infrastructure and amenity.
Investor use. Investors use it as a forward growth catalyst, most useful in developing regional markets. There is no fixed favourable range.
Common mistake. A common mistake is treating approvals as completed projects.
Read the Infrastructure Spend guide in the Education HubAnnual Sales Volume Ratio
The Sales Ratio is annual property transactions divided by total dwellings – a size-adjusted measure of turnover and liquidity over the past 12 months.
Investor use. Investors use it for a size-adjusted read of liquidity; low turnover often signals tightly held markets.
Common mistake. A common mistake is assuming low turnover is always bullish without demand.
Read the Annual Sales Volume Ratio guide in the Education HubAnnual Rentals Volume Ratio
The Rentals Ratio is annual rental listings divided by total dwellings – a size-adjusted gauge of rental-market depth over the past 12 months.
Investor use. Investors use it to judge how rental-oriented a suburb is and to contextualise vacancy.
Common mistake. A common mistake is reading it as a demand signal rather than market size.
Read the Annual Rentals Volume Ratio guide in the Education HubDistance to Nearest GPO
Distance to Nearest GPO is the distance from a suburb to the nearest General Post Office, typically the capital-city CBD – an objective proxy for centrality.
Investor use. Investors use it as a centrality proxy, weighing it against transport links and regional strength.
Common mistake. A common mistake is treating distance as destiny over connectivity and amenity.
Read the Distance to Nearest GPO guide in the Education HubAdvanced Cycle Metrics
The member-level layer of HtAG’s cycle measurement, which extends the publicly documented Growth Rate Cycle. These entries define what each measure examines. Their interpretation, and the way they are read together, is taught inside the Mastermind Community as part of the full research method — see Advanced Cycle Metrics for where this layer sits in the decision stack.
GRC Index
The GRC Index (Growth Rate Cycle Index) nets the time a suburb has spent in positive annual growth against the time it has spent in negative growth. A higher value means a market whose history is predominantly one of growth rather than decline.
Investor use. Investors use it as a long-term stability signal, read comparatively against markets at a similar price point rather than against an absolute cut-off.
Common mistake. A common mistake is reading it as outperformance against an average; its reference point is the zero-growth line, not a benchmark.
Read the GRC Index guideGRC Minima
GRC Minima reports the lowest annual growth rate a suburb has recorded, showing how extensive past price declines have been and acting as a proxy for how pronounced its volatility is.
Investor use. Investors use it to judge downside depth. Higher (less negative) is better, and a negative reading is normal — judge it against comparable markets.
Common mistake. A common mistake is treating any negative value as disqualifying rather than comparing its depth against similar suburbs.
Read the GRC Minima guideGrowth Pattern Deviation (GPD)
Growth Pattern Deviation (GPD) compares a suburb’s current growth against that suburb’s own historical growth behaviour, rather than against a forecast or an external benchmark.
Investor use. Members use it to distinguish growth that is normal for a market from growth that is unusual for that same market.
Common mistake. A common mistake is reading GPD as a forecast rather than as a comparison with a suburb’s own history.
Read the Growth Pattern Deviation guideGrowth Spillover Potential (GSP)
Growth Spillover Potential (GSP) compares a suburb’s growth against the growth of its surrounding Local Government Area, describing whether growth is spreading across an area or concentrating in one pocket.
Investor use. Members use it to tell area-wide momentum apart from growth confined to a single suburb.
Common mistake. A common mistake is assuming a fast-growing suburb is always early rather than checking whether its area is moving with it.
Read the Growth Spillover Potential guideLS / SS Trend Slopes
LS and SS trend slopes are numerical representations of trend applied to each supply and demand metric — LS is the long-term slope, SS the short-term slope — showing whether a metric is rising, falling or flat.
Investor use. Investors use them because trends outrank current values, and the long-term slope outranks the short-term one. The favourable direction differs per metric.
Common mistake. A common mistake is assuming a falling slope is always good; hold period, clearance rate and search interest all read the opposite way.
Read the LS and SS Trend Slopes guideMembers note. Advanced interpretation and use of these metrics is taught in the Mastermind Community. The entries above define what each measure examines; the way they are read together is part of the full research method.
Commercial: Buying Cost and Advertised Choice
The first set of Commercial Dex metrics, covering what is on the market to buy and what it costs. Every commercial metric is reported for each council area and separately for industrial, office and retail property, so compare like with like. The names match the labels you see in the Commercial Dex.
Advertised for sale
Advertised for sale is the number of commercial properties of a given type advertised for sale in the council area. It measures how much choice a buyer has right now.
Investor use. Buyers read it as the size of the shortlist available today, then check Months of sale stock to see whether that choice is plentiful relative to how quickly property sells.
Common mistake. A common mistake is comparing raw counts between councils of very different sizes; a large council will always show more listings, so use Months of sale stock for a size-adjusted read.
Read the guide: Stock on marketAsking price
Asking price is the typical price sellers are asking for a commercial property of a given type in the council area. It gives a quick sense of what a budget buys there.
Investor use. Buyers use it as a first budget filter before narrowing to price per square metre and the estimated total cost for their target floor area.
Common mistake. A common mistake is treating it as what properties sell for; it is what sellers ask, and it moves with the mix of property sizes on offer.
Read the guide: Price per square metreAsking price per m²
Asking price per m² is the typical asking price for each square metre of floor space. Expressing price per square metre lets you compare properties of different sizes on an equal footing.
Investor use. Buyers use it to compare councils for a given property type and to pair price with rent per square metre when judging income potential.
Common mistake. A common mistake is comparing per-square-metre prices across property types; office, industrial and retail price floor space very differently, and industrial value often sits in the land rather than the building.
Read the guide: Price per square metreAsking price guide
Asking price guide is HtAG’s typical asking price per square metre for a council area, built from the area’s own advertised prices and, where few properties are advertised, prices across the surrounding region. It is the main price figure for comparing councils in the Commercial Dex.
Investor use. Buyers use it as the consistent price yardstick when ranking councils, because it stays stable where only a handful of properties are on the market.
Common mistake. A common mistake is reading it as the value of a particular property; it describes the typical asking level across the council, not any single building.
Read the guide: Price per square metreAchieved price
Achieved price is the typical price actually paid for a commercial property of a given type in recorded sales, as opposed to what sellers ask.
Investor use. Buyers compare it with the asking price to see where sale prices are actually landing in the area.
Common mistake. A common mistake is assuming achieved prices always sit below asking prices; where better-quality property sells faster, the achieved figure can sit above the asking figure.
Read the guide: Asking price vs sold priceAchieved price per m²
Achieved price per m² is the typical price actually paid for each square metre of floor space in recorded sales.
Investor use. Buyers use it to test whether asking prices per square metre in the area are being met in completed sales.
Common mistake. A common mistake is reading the gap between asking and achieved per-square-metre prices as a negotiation discount; the properties that sell are often different from those still on the market.
Read the guide: Asking price vs sold priceCommercial: Letting, Rents and Income
How much space is available to lease, how quickly it is being taken up, what landlords are asking, and how rent compares with purchase price.
Advertised for lease
Advertised for lease is the number of spaces of a given type advertised for lease in the council area: the choice available to a business looking for premises.
Investor use. Investors read it as the competition their tenant-to-be has to choose from; owner-occupiers read it as their own range of options.
Common mistake. A common mistake is equating one listing with one building; a single property can be offered as several tenancies, so read it with Months of lease stock rather than as a stock count.
Read the guide: Stock on marketLeases recorded
Leases recorded is the number of leases recorded in the council area over the past three months, measured on a rolling basis. More leases means advertised space is being taken up.
Investor use. Investors use the trend in leases recorded to gauge tenant demand and how readily a vacancy could be filled.
Common mistake. A common mistake is reading leasing activity as net demand growth; leases include businesses moving between premises, not only new demand.
Read the guide: Commercial leasing activityMonths of lease stock
Months of lease stock is how many months it would take to let all the space currently advertised for lease, at the recent pace of leasing. Fewer months means space is being taken quickly and landlords face less competition for tenants; more months means tenants have more choice.
Investor use. Investors use it to judge re-leasing risk: in a market with few months of lease stock, a vacancy is likely to be filled sooner and on firmer terms.
Common mistake. A common mistake is treating it as a vacancy rate; it measures how fast advertised space is absorbed, not how much of the area’s floor space is empty.
Read the guide: Months of stockLeased share
Leased share is the share of spaces advertised for lease in a recent period that were leased. A higher share means advertised space is being taken up.
Investor use. Investors use it as a quick read of how much advertised space actually finds a tenant.
Common mistake. A common mistake is comparing it across property types without context; large industrial or office floors typically take longer to let than small shops.
Read the guide: Commercial leasing activityLeasing intensity
Leasing intensity is the number of leases recorded relative to the number of spaces advertised over the past three months: how much of the advertised space actually moved.
Investor use. Investors use it alongside Months of lease stock to separate busy leasing markets from markets where space sits.
Common mistake. A common mistake is reading high intensity as rising rents; activity shows movement, while rent direction needs the rent figures.
Read the guide: Commercial leasing activityAsking rent
Asking rent is the yearly rent landlords advertise for a space of a given type, before any incentives agreed with the tenant.
Investor use. Investors use it for a first view of the income a property of a given type and size could earn in the area.
Common mistake. A common mistake is treating advertised rent as the rent a landlord keeps; incentives such as rent-free periods or fit-out contributions can bring the effective rent well below the advertised figure.
Read the guide: Commercial rent per square metreAsking rent per m²
Asking rent per m² is the advertised yearly rent for each square metre of floor space, the standard way commercial rent is quoted.
Investor use. Investors use it to compare rental levels across councils and property types, and to sense-check a lease against the local market.
Common mistake. A common mistake is ignoring who pays the outgoings; a gross rent and a net rent per square metre are not the same number.
Read the guide: Commercial rent per square metreAdvertised rent guide
Advertised rent guide is HtAG’s typical advertised yearly rent per square metre for a council area, built from the area’s own advertised rents and, where few spaces are advertised, rents across the surrounding region. It is the main rent figure for comparing councils in the Commercial Dex.
Investor use. Investors use it as the consistent rent yardstick when ranking councils and as the rent input behind the rent-to-price ratio.
Common mistake. A common mistake is applying it to a specific building without adjusting for grade, size and location within the council.
Read the guide: Commercial rent per square metreAsking rent-to-price ratio
Asking rent-to-price ratio is the typical advertised yearly rent per square metre as a percentage of the typical asking price per square metre. It shows, in broad terms, how much rent a dollar of purchase price buys in the area, before property expenses. A higher ratio means more rent for each dollar paid.
Investor use. Investors use it to rank councils on income potential and as the starting point for the net yield, cash-on-cash and DSCR figures calculated from their brief.
Common mistake. A common mistake is treating it as a property’s yield; it is a gross, advertised ratio for the area, before outgoings, vacancy and incentives.
Read the guide: Commercial property yieldInvestment sale yield
Investment sale yield is, for tenanted investment properties sold in the area, the yearly net rental income stated when they were offered for sale, as a percentage of the price they sold for.
Investor use. Investors use it as the closest market read of the yield buyers are accepting on leased commercial property in the area.
Common mistake. A common mistake is comparing it directly with the asking rent-to-price ratio; one is net and based on sale prices, the other is gross and based on advertised figures.
Read the guide: Commercial property yieldCommercial: Tenure and Lease Expiry
How commercial property for sale is being offered, vacant or with a tenant, and how much lease term remains on tenanted property.
Offered vacant
Offered vacant is the share of properties for sale offered without a tenant in place. Vacant properties suit buyers who want to occupy the premises themselves or choose their own tenant.
Investor use. Owner-occupiers use it to gauge how much stock suits their own business; investors read a high share as more re-leasing work to do after purchase.
Common mistake. A common mistake is reading it as a vacancy rate for the area; it describes how properties for sale are offered, not how much floor space is empty.
Read the guide: Vacant vs tenanted propertyOffered with a tenant
Offered with a tenant is the share of properties for sale offered with a tenant already in place, so the buyer receives rent from settlement.
Investor use. Investors seeking income from day one use it to see how much of the market offers an existing lease.
Common mistake. A common mistake is assuming any tenant adds value; the lease term, rent level and tenant’s strength decide whether it does.
Read the guide: Vacant vs tenanted propertyProperties classified
Properties classified is the share of properties for sale that could be identified as either offered vacant or offered with a tenant.
Investor use. Read it alongside the vacant and tenanted shares to see how much of the area’s for-sale stock those shares describe.
Common mistake. A common mistake is reading the vacant and tenanted shares without this figure; they describe the classified properties, not every property for sale.
Read the guide: Vacant vs tenanted propertyLease expiry disclosed
Lease expiry disclosed is the share of properties for sale that state when their current lease ends.
Investor use. Read it alongside the lease expiry figures to see how much of the area’s for-sale stock they describe.
Common mistake. A common mistake is treating the expiry profile as a picture of every lease in the area; it covers properties for sale that state an expiry.
Read the guide: WALE and lease expiryLeases with an expiry
Leases with an expiry is the number of properties for sale that state when their current lease ends.
Investor use. Use it as the base behind the lease years left and expiry-window figures for the area.
Common mistake. A common mistake is comparing the count across councils of different sizes; use the expiry shares for comparison.
Read the guide: WALE and lease expiryLease years left
Lease years left is, for tenanted properties for sale that state when their lease ends, the typical (median) time left to the earliest advertised expiry. More years left means a longer secured income stream for the buyer.
Investor use. Investors use it as a read of income security among the area’s tenanted properties for sale that state an expiry; four years or more is commonly treated as a strong remaining term.
Common mistake. A common mistake is valuing term alone; a long lease at a rent above market simply delays a rent reset, and the tenant’s strength matters as much as the years.
Read the guide: WALE and lease expiryExpiring within 12 months
Expiring within 12 months is, among properties for sale that state a lease expiry which can be placed either side of the 12-month mark, the share whose current lease ends within the next 12 months.
Investor use. Investors read a high share as near-term re-leasing risk, and value-add buyers read it as an opportunity to reset rents or reposition.
Common mistake. A common mistake is assuming an expiring lease means the tenant will leave; many leases are renewed or carry options.
Read the guide: WALE and lease expiryExpiring within 36 months
Expiring within 36 months is, among properties for sale that state a lease expiry which can be placed either side of the 36-month mark, the share whose current lease ends within the next three years.
Investor use. Investors use it to gauge medium-term income security among the area’s properties for sale that state an expiry.
Common mistake. A common mistake is adding it to the 12-month figure; the 36-month share already includes leases ending within 12 months, and each horizon is measured on its own base.
Read the guide: WALE and lease expiryFive years or longer
Five years or longer is, among properties for sale that state a lease expiry which can be placed either side of the five-year mark, the share whose current lease still has five years or more to run.
Investor use. Income-focused investors use it to find areas where long-leased properties are more common.
Common mistake. A common mistake is assuming long leases are always better; long leases on above-market rents can limit upside and defer a rent reset.
Read the guide: WALE and lease expiryCommercial: Sales Activity and Market Depth
How actively commercial property is changing hands, how long it takes to sell or lease, and how deep the market is.
Sales recorded
Sales recorded is the number of commercial properties of a given type recorded sold in the council area over the past 12 months, or where marked the past three months, measured on a rolling basis. A steady flow of sales is the sign of an active market.
Investor use. Buyers use it to judge how liquid the market is, which matters both for finding a property and for selling it later.
Common mistake. A common mistake is comparing raw sales counts between councils of different sizes; Months of sale stock and Sold activity give size-adjusted views.
Read the guide: Sales activity and turnoverMonths of sale stock
Months of sale stock is how many months it would take to sell all the property currently advertised for sale, at the recent pace of sales. Fewer months means a faster-moving market where sellers have the upper hand; more months means buyers have more choice and time.
Investor use. Buyers use it to judge negotiating position today and how long a future sale might take; it is the measure behind the Sell time test in your brief.
Common mistake. A common mistake is reading a short figure as strong demand alone; it can also mean little property is on offer.
Read the guide: Months of stockSold share
Sold share is the share of properties advertised for sale in a recent period that sold within that period.
Investor use. Buyers use it as a quick read of how readily advertised property finds a buyer.
Common mistake. A common mistake is reading a low share as falling prices; it can reflect sellers holding firm on price rather than weak demand.
Read the guide: Sales activity and turnoverAge of sale adverts
Age of sale adverts is how long the typical property currently for sale has been advertised so far.
Investor use. Buyers use it to spot markets where property is sitting, which can signal room to negotiate.
Common mistake. A common mistake is confusing it with time to sell; it measures the current listings, which include properties that have not yet sold.
Read the guide: Time on marketAge of lease adverts
Age of lease adverts is how long the typical space currently for lease has been advertised so far.
Investor use. Investors use it to judge how long a vacancy could take to fill in the area.
Common mistake. A common mistake is confusing it with time to lease; it measures spaces still on the market, not spaces already let.
Read the guide: Time on marketAdvert to sale
Advert to sale is, for properties sold in the past three months, the typical number of days between first advertising and the sale.
Investor use. Buyers and sellers use it to set expectations for how long a sale campaign takes in the area.
Common mistake. A common mistake is reading it in isolation; compare it with Age of sale adverts to see whether current listings are moving faster or slower.
Read the guide: Time on marketAdvert to lease
Advert to lease is, for spaces leased in the past three months, the typical number of days between first advertising and the lease.
Investor use. Investors use it to estimate likely downtime between tenants when budgeting for vacancy.
Common mistake. A common mistake is assuming downtime ends when the lease is signed; fit-out and rent-free periods can extend the time before rent is received.
Read the guide: Time on marketCommercial: Local Business and Approved Work
The demand behind commercial property: how the local business base is changing, which industries it leans towards, and how much new building work is approved.
Business change
Business change is the average yearly change in the number of registered businesses with employees in the council area, over the latest two years. Growth in local businesses points to growing demand for commercial space.
Investor use. Investors use it as a forward signal of tenant demand, especially for office and industrial property.
Common mistake. A common mistake is treating business numbers as floor-space demand; growth in small businesses may add little demand for large premises.
Read the guide: Demand indicatorsBusiness mix
Business mix is the share of the area’s registered businesses that typically use a given property type, compared with the share across Australia. A figure of 1.0 is the national average; above 1.0 means the area is more concentrated in businesses that use that property type.
Investor use. Investors use it to check that the area’s economy supports the property type they are buying, such as logistics and manufacturing businesses for industrial.
Common mistake. A common mistake is reading a high figure as diversification; a strong lean towards one group of industries can also mean concentration risk.
Read the guide: Demand indicatorsLarger local businesses
Larger local businesses is the share of the area’s businesses turning over $2 million or more a year: a sense of how substantial the local business community is.
Investor use. Investors use it as a proxy for the depth of potential tenants able to commit to larger premises and longer leases.
Common mistake. A common mistake is equating turnover with tenant quality; a tenant’s financial strength still needs checking at property level.
Read the guide: Demand indicatorsApproved work
Approved work is the dollar value of building work approved by the council for a given property type over the past 12 months. It indicates new space that may come to the market.
Investor use. Investors use it to anticipate new competing supply that could affect future vacancy and rents.
Common mistake. A common mistake is treating approvals as completions; not every approved project is built, and large projects take years to deliver.
Read the guide: Supply pipelineFor-sale activity
For-sale activity is, across all commercial property in the council, the number of properties advertised for sale relative to the number of zoned commercial and mixed-use land parcels: a council-wide indication of how much property is on the market.
Investor use. Buyers use it to compare how much of a council’s commercial property is on the market, regardless of the council’s size.
Common mistake. A common mistake is applying it to one property type; it covers all commercial property in the council.
Read the guide: Stock on marketSold activity
Sold activity is, across all commercial property in the council, the number of properties sold in the past year relative to the number of zoned commercial and mixed-use land parcels: a council-wide indication of how much property changes hands.
Investor use. Buyers use it to judge council-wide liquidity, and read it with For-sale activity to see whether property is selling as fast as it is listed.
Common mistake. A common mistake is reading a high figure as rising prices; it measures turnover, not price direction.
Read the guide: Sales activity and turnoverCommercial: Brief Calculations
Figures the Commercial Dex works out for each council from the brief you enter in Set up: your budget, target floor area, purchase costs, loan settings, outgoings, vacancy allowance and return targets.
Est. total cost
Est. total cost is the asking price per square metre multiplied by your target floor area, plus your purchase costs: what a property of your size would typically cost in the area.
Investor use. Buyers use it to see which councils fit their total budget; it drives the Within budget test.
Common mistake. A common mistake is leaving purchase costs out of the budget; stamp duty and fees add materially to the price.
Read the guide: Investment analysisNet yield
Net yield is the area’s rent-to-price ratio after your outgoings and your vacancy allowance: the yearly rent you would keep, as a percentage of the price.
Investor use. Investors use it as their income return in the area under their own assumptions, and as the base for cash-on-cash, DSCR and spread.
Common mistake. A common mistake is comparing it with yields quoted elsewhere without checking the basis; it is calculated from advertised rents and prices with your own cost assumptions.
Read the guide: Investment analysisCash-on-cash
Cash-on-cash is the yearly cash return on the money you put in yourself: net income after loan interest, divided by your own equity.
Investor use. Investors use it to test whether a council meets the return they want on their deposit; it drives the Cash-on-cash test.
Common mistake. A common mistake is ignoring how sensitive it is to the interest rate and loan-to-value; small changes in either can swing it sharply.
Read the guide: Investment analysisDSCR (debt service cover ratio)
DSCR, the debt service cover ratio, is how many times the rent you keep covers your loan interest. A DSCR of 1.25 means the rent is 25% more than the interest.
Investor use. Investors use it to test whether a lender is likely to support the loan; it drives the DSCR test against your lender’s minimum.
Common mistake. A common mistake is assuming a lender’s minimum is fixed; required DSCRs vary by lender, property type and lease strength.
Read the guide: Investment analysisSpread over risk-free
Spread over risk-free is your net yield minus the risk-free rate, in percentage points: the extra return you earn for taking on property risk.
Investor use. Investors use it to check that a council pays enough above a risk-free return such as a government bond; it drives the Spread test.
Common mistake. A common mistake is comparing spreads between property types without allowing for their different risks and growth prospects.
Read the guide: Investment analysisGrowth needed for target
Growth needed for target is how much yearly growth in value the property would need for your target return to be met, on top of its net yield.
Investor use. Investors use it to see how much of their target return relies on capital growth rather than income in each council.
Common mistake. A common mistake is treating the required growth as likely growth; it is a hurdle, not a forecast.
Read the guide: Investment analysisHow the brief tests work. Each council is tested against your brief with five yes or no checks: Within budget, Sell time, DSCR, Cash-on-cash and Spread. Councils are grouped as Meets your brief (every test passes), Potential fit (no test fails, but at least one cannot yet be answered for that council) or Outside your brief (at least one test fails). In the list, ▲ and ▼ show a council’s figure against the median of similar councils, capital-city or regional.
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