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4 things to know about median prices

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What is a median price and how can you use it to understand the property market in your suburb?

When buying or selling, one of the really useful pieces of information to be in possession is the median sale price for your suburb.

These figures are released in the media at a capital city level every month, and are used as a benchmark to determine if the market is going up, down or sideways. The month by month movement of the median sales price is the barometer that identifies the levels of market growth – or easing. Even small changes can be seized upon by the media to proclaim that the market is either overheating or in dire risk of complete catastrophe, but often these are just headlines. What you really want to understand is how the median price in YOUR local suburb is performing.

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