Posts Tagged ‘Property Market’
Melbourne Median House Price Trends June 2005 to March 2010
What is a Median Price?
The median price is the middle price in a series of sales. For example, if fifteen sales are recorded in a suburb and arranged in order from lowest to highest value, the eighth sale price is the median price. In the case where there are an even number of sales in a series, the median is the average of the middle two prices.
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 of lesser value and the upper quartile is the point where one quarter of the sales are of a higher value.
Median prices are a guide to market activity, and the REIV does not intend for median prices measures to be regarded as a valuation tool. The assessment of an individual property’s value is a job for a qualified professional, who possesses the knowledge, experience, and comparable sales information required to do so.
Market Overview
There were 528 auctions reported this weekend with a total of 361 selling and 167 being passed in, 96 of those on a vendors bid. The clearance rate from this weekend’s auctions is 68 per cent. This weekend last year saw 293 auctions reported and a clearance rate of 85%. Next weekend the REIV expects 590 auctions.
Market Overview
There were 539 auctions reported this weekend with a total of 355 selling and 174 being passed in, 95 of those on a vendors bid. The clearance rate from today’s auctions is 67 per cent. This weekend last year saw 292 auctions reported and a clearance rate of 82 per cent. Next weekend the REIV expects 550 auctions.
Saturday June 26th 2010
| This week: | 773 |
| Last Weekend: | 952 |
| This time last year: | 426 |
| Clearance rate: | 65% |
| S Sold at Auction: | 405 |
| SB Sold before Auction: | 96 |
| SA Sold after Auction: | 1 |
| Passed in: | 271 |
| Passed in on vendor’s bid: | 171 |
| Postponed: | 2 |
| Withdrawn: | 5 |
| Auctions with no result: | 87 |
| PS Private Sales: | 579 |
| Total Volume (Auctions): | $361.79mil |
| Total Volume (Private Sales): | $279.56mil |
| Total Auctions Houses: | 510 |
| Clearance Rate: | 63% |
| Median Price: | $712,500 |
| Total Value: | $258,623,588 |
| Total Auctions Flats/Apartments: | 252 |
| Clearance Rate: | 68% |
| Median Price: | $510,000 |
| Total Value: | $97,360,130 |
| Total Auctions Vacant Land: | 11 |
| Clearance Rate: | 73% |
| Median Price: | $571,250 |
| Total Value: | $5,811,000 |
Saturday June 19th 2010
| This week: | 885 |
| Last weekend: | 323 |
| This weekend last year: | 520 |
| S Sold at Auction: | 493 |
| SB Sold before Auction: | 98 |
| SA Sold after Auction: | 1 |
| Passed in: | 293 |
| Passed in on vendor’s bid: | 193 |
| Clearance rate: | 67% |
| Postponed: | 2 |
| Withdrawn: | 4 |
| Auctions with no result: | 100 |
| PS Private Sales: | 447 |