Record Sales Price in Newport, Vic

[forumite]

http://www.senews.com.au/story/83663

The Sea Gates property, on the border of Newport and Williamstown, was sold last Tuesday night for an undisclosed figure, but was in excess of $7 million.

 

[pieman]

Median is the middle price when you put all values in lower to higher value and select the middle, for instance 1, 4, 7, 99, 999. 7 is the median.

Mean is the average for theses value, eg 1+4+7+99+999=1110/5=222

Having a few super large and super small values wont really skew the data in a median but will in a mean. That exceptional figure you mention would not affect the median which, typically is what values are represented by in the papers etc.
cheers

 

[Neophyte]

This reminds me of the house in Box Hill that sold for I think $4M.

It was a large block (1500 sqm) and in the zone where high-rise was allowed. Its completely unrepresentative of the suburb.

Even so I'm surprised at $7M. Although I suppose that much land (over an acre), on the water, walking distance to station, development potential is huge.

 

[forumite]

Although I suppose that much land (over an acre), on the water, walking distance to station, development potential is huge.

3500 square metres is 0.86 acre.

 

[aladdin]

The house in Newport is right on the water and has amazing veiws back to the City. Is pretty much right on the border of Willamstown.

Something in Sydney of the same equivalence would go for much much more, so $7mil aint that bad.

 

[aladdin]

also Newport has such a contast of houses and desirability. Close to the water is great, but further inland towards the refinery in Altona nth, not so great.

 

[keneth]

i think the properties sorrounding the newport lakes also have some appeal...