How are the median and median prices of Australian real estate defined?

When referring to the Australian real estate report, we often see the words "MedianPrice" and "AveragePrice".

The median price is the selling price, which ranks the prices of real estate sold from low to high.

The median price is the average price, that is, the sum of the prices of properties sold divided by the number of properties changed hands.

For example, in an urban area, five houses were sold within a certain period of time, and the transaction prices were 300,000, 340,000, 320,000, 360,000 and 400,000 respectively.

Median price: 30, 32, 34, 36, 40, with a median price of 340,000.

Average price: (30+32+34+36+40)/5 = 344,000.

Generally speaking, the median price is more referential, reflecting the centralized transaction price in the region. Every town in Australia has its own median price for reference by investors and homeowners.