Median Prices

The Real Estate Institute of Australia has established itself over many years as the premier industry association in the property market representing real estate agents across Australia. Accordingly, REIA has an excellent reputation as the most credible source of knowledge and considered opinion regarding commercial and residential property markets in Australia.

REIA is acknowledged as the major source of authoritative research data and statistical analysis on residential real estate markets in Australia. A key element of the research is the median price surveys of residential properties in all capital cities and major regional centres around Australia. Median prices are published in Market Facts, a quarterly review of major residential property markets in Australia, which is available on subscription.

What is a median price?

The median price is the middle price in a series of sales, where half of the sales are of lower value and half are of a higher value. For example, if 15 sales are recorded in a suburb and arranged in order from lowest to highest value, the eighth sale price is the median price.

Median prices are used rather than average prices because median prices are unaffected by a few unusually high or low prices, making them a more accurate indicator of true market activity. The lower quartile is the point where one quarter of the sales are for less value and the upper quartile is the point where one quarter of the sales are for a higher value.