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Scrutinising the types of properties that sold the previous month compared to the new data can be helpful – you might notice that those selling last month were primarily 3 bedroom brick houses, where this month more prestigious homes were selling.This may suggest that the uptick in the " class="glossary Link " target="_blank"median price statistics are more meaningful in determining property price growth in some areas than others.

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Clearly the sample of sales here is small and not statistically significant.The point I’m trying to make is that to really understand what’s been going on you’ll need to look deeper into the sales that occurred over the period in question.With these 3 sales, the " class="glossary Link " target="_blank"median price a year earlier.However, as you can see, each of these houses did not lose any value when they were re-sold.Similarly, some suburbs are far too large for the number to be meaningful – with good and bad locations on different sides of a main road that don’t perform similarly being lumped together.

Likewise relying on " class="glossary Link " target="_blank"median price changes at a capital city level is too broad and can be misleading.So here’s 5 things you need to understand before you draw any conclusions from the regularly reported changes in median prices: The median house price is essentially the sale price of the middle home in a list of sales where the sales are arranged in order from lowest to highest price.So in a list of 11 sales, it would be the sale price of house number 6, which has 5 lower priced sales below it and 5 higher priced sales above it.Then there’s living in the middle of endless projects.Since we renovate after our day jobs, sometimes we live in the middle of projects for a long time. Even though we have the main tools like hammers and drills, we also share the really expensive or less commonly used tools between family members. You may want to borrow or rent tools that you won’t use as often. Once you know what it needs, you need to ask whether you can afford to fix these things.You won’t recoup your costs if your renovations result in “too much house” for the neighborhood. But about it was cheap, including the materials used in its construction.