I see alot of figures for median prices and median price movements for all the capital cities. But what about a market such as sydney, it has multiple tiers. If the median goes up, then how do you know that the properties your interested in are going up. At the low end of the market the prices could be dropping but higher up property is booming, so the median goes up and this positive movement in prices is incorrect, how do you get data for sections of the market, not too specific(suburbs), more like regions (like for sydney you'd have southwest, south, north west, north, west, outer west, east, inner east, all this stuff).
Chris.
Hi Chris, I believe that you are getting Median Price mixed up with Average Price. The Median Price is the middle of a range of values and it is for this reason that the Median Price has been adopted due to its more realistic value.
Due to the number of Australian residents attempting to enter the housing market, I believe that the lower end valued properties will maintain their value greater than top end properties. At least they are in my area.
Jon
It is difficult to work in generalities. Just as no two properties are alike no single set of data is going to represent what you want without doing a fair bit of research yourself. That is, hone your search to a small radius of say 3km. Then, if you are interested in say older style 2 bedroom home units, you will have to scour the sales data (through RP Data, CPM etc) to determine your best fit.
Gross data sources like median prices or averages (for a particular suburb) are largely skewed by the sales of new developments which tend to have all the whistles and bells that older properties don't. So the before mentioned older 2 bedder would be below the median price although it would be the more common property in the area. Conversely, if you were looking for a new unit the median price would not reflect the price that you could buy one of those units either. So again, you must get the raw data for a particular area then do the analysis to suit your requirements.
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