Hi Everyone
This is my first form, so please bare with me. Does anyone know how to calculate the Median House Price for a two-bedroom unit, as the average seems to be three-bedrooms.
Looking forward to increasing my knowledge.
Cheers
Michele[biggrin]
Originally posted by micheled:Hi Everyone
This is my first form, so please bare with me. Does anyone know how to calculate the Median House Price for a two-bedroom unit, as the average seems to be three-bedrooms.
Looking forward to increasing my knowledge.
Cheers
Michele[biggrin]
Welcome to the forum Michele.
The calculation for a median is to add up the total number of all sales of that type of property. The property price that falls exactly halfway between first and last is the median. For example; there are 100 sales, and sale no. 50 is $250k. This is the median.
The average is the total number of dollars for a particular type of property, divided by the total number of sales. For example; there are 100 sales and the total number of dollars is $20 mill. The average is $20,000,000/100 = $200k
You can get some of these stats for the area that you are interested in from Residex, Australian Property Investor Magazine, Australian Bureau of Statistics and probably the Real Estate Industry in the state where the property is.
Cheers,
Marc.
[email protected]“we get sent lemons; it’s up to us to make lemonade”
You must be logged in to reply to this topic. If you don't have an account, you can register here.
