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The median property price is often mentioned as a guide to property prices, but what exactly is the median property price and what is a median property.

The median property price is the price of the middle property sold in a group of properties. For example, 67 houses have recently sold in a waterside suburb, with prices ranging from $200,000 to $1,250,000.  Placing these properties in price order from lowest to highest, we select the middle one, number 34.

The bottom 33 were priced from $310,000 to $467,000
The top 33 were priced from $475,000 to $2,550,000
The one in the middle was $475,000 and is therefore the median priced property.
The quoted median price for the area by www.domain.com.au was$466,000 for the 12 months to January 2011.

What was this Median property for $475,000 ?
It was a 5 bedroom detached house with 2 bathrooms and double garage, and the sale date was 2nd March 2011.  It is 5 minutes from the waters edge on the East Coast near Brisbane, Queensland, and 45 minutes drive to Brisbane CBD.

Now to look at an area that may not be quite as expensive, the western suburbs of Sydney:

The bottom 25 were priced between $280,500 and $369,950
The top 25 were priced between $370,000 and $545,000
The one in the middle was $370,000 and is therefore the median priced property.
The quoted median price for the area by www.domain.com.au was$375,000 for the 12 months to January 2011.

What was this Median property ?
It was a 3 bedroom detached house with 2 bathrooms and single garage, and the sale date was 31st March 2011.  It is about 1 hour by train to Sydney CBD, in New South Wales.

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