Median property price 2021 is now double of the median property price in 2010
Is Median Property Price the same as Average Price?
First of all, median property price does not mean ALL the properties are being transacted at this price. It is also not the average property price which does not make much sense because a RM800,000 property and a RM100,000 property may become an average price of RM450,000 which does not reflect anything at all.
Median property price according to investopedia is this:
The median is the middle number in a sorted, ascending or descending, list of numbers and can be more descriptive of that data set than the average. (click here to read in full)
However, median price does represent a lot more of the transactions that the average price. It’s right in the middle of all the transactions. It’s also just another way to look at numbers yeah. So, we can see from the image below that the median property price for 2021 is RM310,000 and the median property price in 2010 was RM158,000. Thus, the price is now nearly double when it was in 2010.
Anyway, if you bought a property in 2010
For those who bought a property in 2010 and it’s one of those typical ones, then the property price would have doubled. Lucky you. Or was it a brave you. Perhaps it was a clever you since you would have had some friends who discouraged you then. Whatever, your decision was a good one. Image is below.
What’s the median property price in WP Kuala Lumpur like?
Let’s look at the condominium / apartment first.
On the lowest end, it’s RM120,000 and on the 75th percentile, it’s RM818,000. The median price may be a little more representative when we look at the minimum and maximum yeah. The Median property price is RM499,000.
Now, let’s look at terraced house which is usually the more affordable type of landed homes for the people. For WP Kuala Lumpur as a whole, the minimum price was RM202,555 and the highest was RM3,980,000. Meanwhile the median price is RM745,000. We can see the average price is really not representative at all.
What’s the median property price in Selangor like?
This time let’s look at terraced property first. For Selangor as a whole, the lowest end would be RM100,000 while the maximum is RM2,050,000. Meanwhile the median price is RM510,000. If you bought a property around this price, hey you are right smack in the middle. The district with the highest property price is Petaling. Not a surprise yeah. You know those few neighbourhoods.
Now let’s look at condominium / apartment. On an overall basis for Selangor, the minimum price was RM100,000 per unit while the highest is RM1,445,000. The median price is RM316,500. The district with the highest price for condominium / apartment is Petaling.
All the best in buying your home sweet home in WP Kuala Lumpur and Selangor yeah. Do sufficient due diligence and it should be just fine. Do not buy something just simply because someone told you yeah. That’s definitely not a clever way to buy a property and since it’s the most expensive thing you will usually buy, it’s very risky. Cheers.
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