Researching locations
Understanding median prices
What a suburb median actually tells you, how it's calculated, and why sales volume matters as much as the number itself.
- A median is the middle sale price in the period — not an average, and not a valuation of any specific property.
- Victoria's official sales report is settlement-based; quarterly editions cover a rolling 15-month window.
- Rent medians are based only on new lettings in the quarter, not all existing tenancies.
- Check the sales count behind a median — a small sample can swing sharply from one sale.
How Victoria's official medians are calculated
The Victorian Property Sales Report is compiled from information lodged at every property sale settlement (Valuer-General Victoria / Land Use Victoria, verified 29 Jul 2026). Quarterly editions cover median sale prices by suburb for houses, units and vacant land over a rolling 15-month period; annual editions cover yearly medians over a 10-year period across Victoria's 79 municipalities. A median is the middle value of all sales in the period — half sold for more, half for less — not an average, and not a valuation of any specific property.
Rent medians use a different, narrower base
Victoria's Rental Report calculates median weekly rent from all new rental lettings in the quarter — not existing tenancies — using rental bond lodgement data, and excludes student housing, rooming houses, caravans and share-house arrangements with multiple bonds (Homes Victoria / Department of Families, Fairness and Housing, verified 29 Jul 2026). This means a suburb's rent median describes what's being asked for new leases right now, not what every tenant in the suburb currently pays.
Why sales volume matters as much as the number
A median calculated from a handful of sales in a quarter can swing sharply from one unusual sale, while a median from hundreds of sales is far more stable. Always check the sales count behind a median, not just the figure itself — Delora flags this on suburb pages where the underlying sample is small.
Practical checklist
Reading a suburb's price data
- Check whether you're looking at a house, unit or land median — don't compare across types
- Check the sales count or sample size behind the median
- Check the data period — a rolling 15-month figure is not the same as "right now"
- Treat the median as suburb-level context, not a valuation of any specific property
Relevant Delora tool
Questions for a professional
- How does this specific property's asking price compare with recent comparable sales, not just the suburb median?
Official resources
Sources and methodology
- Property sales statistics — Valuer-General Victoria / Land Use Victoria (retrieved 29 Jul 2026)
- Rental report — Homes Victoria / Department of Families, Fairness and Housing (retrieved 29 Jul 2026)
- What does rent cost in Victoria? — Homes Victoria (retrieved 29 Jul 2026)
Figures on this page are drawn from Delora's local knowledge graph, refreshed from these primary sources and checked for changes on a regular schedule. If a figure here looks out of date, the official source above is always the authority — please let us know.