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.
Poll: When should the tree go up? 🎄
From what we've heard, some Christmas trees are already being assembled and decorated.
What are your thoughts on the best time to get your Christmas tree up?
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4.6% Second half of November
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43.4% 1st December
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17.6% A week before Christmas
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33.3% Whenever you wish
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1.1% Other - I'll share below
Poll: Should all neighbours have to contribute to improvements?
An Auckland court has ruled a woman doesn’t have to contribute towards the cost of fixing a driveway she shares with 10 neighbours.
When thinking about fences, driveways or tree felling, for example, do you think all neighbours should have to pay if the improvements directly benefit them?
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82.9% Yes
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14.4% No
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2.7% Other - I'll share below
What's your favourite tomato recipe?
Kia ora neighbours. We know your tomato plants are still growing, but we're looking ahead to the harvest already! If you've got a family recipe for tomatoes, we'd love to see it and maybe publish it in our magazine to share with our readers. Send your recipe to mailbox@nzgardener.co.nz, and if we use it in the mag, you will receive a free copy of our February 2025 issue.
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