What is a median price?
The median house price is the sale price of the middle home in a list of properties ranked from highest sale price to lowest over a set period of time. That means if 71 houses were sold, the sale price of the 36th house would be the median house price.

Put another way, if five houses sold in the same suburb over a month, and the sales prices from highest to lowest were $955,000, $752,000, $719,000, $652,000 and $620,000; the median sale price would be $719,000.