Definition of median UNIT price??

[laiyat]

Sorry to ask this very stupid question, but i am very confused about what is a UNIT means? when mention median UNIT price, what type of dwelling does it really means?? is the following called unit??

- subdivided land with a detached house (with or without share driveway)
- townhouse
- apartment


Other question, in mid-ring Melbourne, which is a better option to invest for CG and rental?

- subdivided land with a old-style detached house
- subdivided land with a modern house
- run-down house on a proper land

 

[Propertunity]

Property data is divided into house data and strata properties like Townhouses, Villas, and Units which all gets lumped into UNIT data.

 

[The Y-man]

Other question, in mid-ring Melbourne, which is a better option to invest for CG and rental?

- subdivided land with a old-style detached house
- subdivided land with a modern house
- run-down house on a proper land

Modern house will likely be easier to let.
But the bigger land will get better CG.

the Y-man

 

[DaveM]

AFAIK, unit prices means all non torrens title sales ie strata, community etc

 

[laiyat]

Since the price of a house on a subdivided land compare to a apartment/flat can be massive difference, is the "median unit price" a meaningful data??

Is there any technique to estimate a reasonable price??

 

[The Y-man]

Since the price of a house on a subdivided land compare to a apartment/flat can be massive difference, is the "median unit price" a meaningful data??

Is there any technique to estimate a reasonable price??

If the suburb mostly apartmetns, take the median as being for apartments.

The Y-man

 

[Scott No Mates]

Since the price of a house on a subdivided land compare to a apartment/flat can be massive difference, is the "median unit price" a meaningful data??

Is there any technique to estimate a reasonable price??

Median price is a statistical analysis of the market - thoroughly useless unless you understand how the numbers were derived. You're better off doing your own analysis to determine your own median for the property type that you are researching.

The dartboard appears to be very accurate.

 

[AlmostBob]

mean: average
mode: most frequently occurring
median: middle of the range

1, 1, 1, 1, 1, 6, 7, 8, 9, 10, 1million
mean: 90,913
mode: 1
median: 6
​

none particularly useful, a single fly in the ointment skews the data away on its own,
the median tells you nothing about the value of any other property
91% of this sample is below mean
55% is way more than mode

:edit: should copy n paste from Scott no mates, love the dartboard