What is a median price?
The median price is the middle price in a series of sales, where half of the sales are of lower value and half are of a higher value. For example, if 15 sales are recorded in a suburb and arranged in order from lowest to highest value, the eighth sale price is the median price.

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 for less value and the upper quartile is the point where one quarter of the sales are for a higher value.

Below is a chart detailing the Median Prices for properties sold in Northcote, Thornbury and Fitzroy in the past 5 years.