Why do property an analysts use median house price?
Median house price explained
There are technical reasons why the median provides a more accurate picture of what is happening to the prices of houses rather than the average.
As an example, assume there are 11 houses sold in a month with a price range of $200,000 to $300,000 and an average price of $250,000.
Now replace one of those houses with a house that sold for $1 million. The average is now $318,182, even though 10 of the 11 houses for the month sold for less than this value.
The median would be the price of the middle house sold in the range (in this case the sixth house), which more accurately reflects what the majority of the houses sold for.
REINZ uses medians to provide a more accurate measure of the mid-point of house prices that reflects what most people are going to be buying and selling houses for.
$50 garden centre vouchers!
Our winners this week have won $50 to spend at a local garden centre.
Congratulations to:
Cassie Arauzo from Cockle Bay
Elizabeth Williams from Hillcrest
Luke Shamy from Hornby
Mitchell Hopping from Wallacetown
Get in touch with our helpdesk team here if you're on this list! If you're not a winner, check back next week just in case.
Be Loved this Spring! Reduced fee dog adoptions at SPCA start today
From 5-20 October only, SPCA dog and puppy adoption fees are 25% off. Plus, every dog adopter gets a free Simparica Trio flea, tick & worm treatment, and discount voucher.
We have more than 300 adoption-ready dogs and puppies nationwide, waiting for their happy forever after.
Visit www.spca.nz... to start your journey together.
Poll: Is it okay to grocery shop in your PJs?
I'm sure you've seen it while doing your weekly shop... In fact, it may have even been you.
What do you think about people heading to the supermarket in their pyjamas?
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14.5% It's fine!
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75% It's questionable
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10.5% Other - I'll share below
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