Every year, the data tells a story. This year, the headline numbers are strong. But the most interesting insights in FY26 are not just the numbers, it’s what sits beneath them.
As National Business Development Manager at AP Group, I spend a lot of time talking with vendors and buyers about what is happening in the market. The conversations this year have had a consistent theme: confidence. Vendors are moving. Buyers are ready. And the data backs that up.
Here is what we are seeing, and what it means for anyone thinking about buying or selling a pharmacy in the year ahead.
Record prices. And the reasons behind them.
$2.7m
Average Sale Price FY26
Up from $2.43m in FY25, a new record high
That figure represents a new record for average pharmacy sale prices, and it reflects something we have been watching build for some time. Buyer demand has been strong. Competition among buyers has been fierce. And the supply of high-quality pharmacies coming to market has not kept pace with the appetite to acquire them.
Premiums have held up well and are tracking above historical averages, supported by strong competition among an active buyer pool. Pharmacies in lower-competition areas are attracting the strongest interest, particularly where there is no Chemist Warehouse nearby. Queensland and South Australia have been standout performers on premium generation this year, and that trend is worth watching for both vendors and buyers in those markets.
What the average sale price does not capture is the story behind individual transactions. Revenue security, the competitive landscape of the local area, and the growth potential of the business all play a significant role in where a pharmacy ultimately lands. The businesses that have performed best this year are those with sound fundamentals and a clear narrative around future opportunity.
The premium a buyer is willing to pay above the book value of a pharmacy is one of the clearest signals of confidence in the sector. That premium is rising. That tells you something important about where pharmacy sits as an asset class right now.
Buyers are not waiting around.
72%
of AP Group listings sold within 1 month
FY26 internal transaction data
That is the number that tells the real story of buyer demand in FY26. Nearly three quarters of our listings found a buyer within a month of coming to market. Because there are multiple motivated buyers that are ready to act.
The supply imbalance that shaped FY25 has carried into FY26. Listings have increased as more vendors have moved to capitalise on current conditions, but demand has met that supply at every turn. The buyer pool remains deep and motivated.
For vendors, the message is a simple one. A well-prepared pharmacy, brought to market at the right time with the right representation, does not sit around. It sells.
In a market where 72% of listings sell within a month, preparation is everything. Vendors who come to market ready move faster and achieve better outcomes.
Looking ahead to FY27
The fundamentals going into FY27 are strong. Premiums are at record levels, buyers are active, and pharmacy continues to hold its own against most other business categories as a transaction asset.
There are two things worth keeping an eye on. First, listings are expected to increase in FY27 as more vendors respond to current conditions. If supply rises significantly, the balance between buyers and listings may shift, and premiums could moderate over time. The market remains strongly in favour of vendors right now, but that window will not stay open indefinitely.
Second, the recent announcement of proposed CGT changes from FY28 is a development we are watching closely. It is too early to see it reflected in vendor behaviour, but as awareness of those changes grows, it may prompt owners to think carefully about the timing of a sale. The tax implications of waiting could become a real factor in vendor decision-making over the next 12 months.
If you are considering a sale, the conditions right now are as favourable as they have been. The vendors who are moving decisively are the ones achieving the strongest outcomes. That has been the story of FY26, and I expect it will continue to be the story of FY27.
Written by Chris Swifte, National Business Development Manager – AP Group
AP Group are the leading pharmacy experts in Australia, helping hundreds of pharmacists into ownership every year – our team can help with sourcing finance for your purchase, as well as providing the right legal advice to help you navigate the process.
We connect existing pharmacy owners with over 5000 ready and eager investors via our cutting-edge online Data Room. Our Data Room keeps confidential listing data secure and allows buyers to make informed decisions on each of our pharmacies for sale.
About the Author:
Whether it’s swimming from Rottnest to Cottesloe, cycling through the Italian Alps or taking up water polo — Chris is a full-time “doer.” He still hasn’t achieved his lifetime goal of being on the Nutri-Grain box, but he has some rather impressive runs on the board when it comes to pharmacy — so that’s pretty much the same thing.
After more than two decades in the retail pharmacy industry, Chris has the in-depth knowledge, industry relationships and leadership skills to help you reach your pharmacy goals — whatever they may be.
Prior to joining AP Group, Chris was a key member of Terry White Management and Sigma Retail’s executive leadership teams. During his time at Terry White, he successfully increased the brand from 80 stores to over 400 stores across Australia. A rather impressive feat. Chris is also qualified as a nationally accredited mediator, giving him the ability to negotiate successful outcomes in complex commercial matters.
This impressive combination of work history and education makes Chris an asset to the AP Group team and our clients. We’ll just ignore the fact he’s a Kangaroos supporter.