What are the upper and lower quartiles?

Oct 10, 2022, 16:02 PM
Title : What are the upper and lower quartiles?

Other statistical parameters that may be reported in the media or in REIWA research from time to time include the upper and lower quartiles.

These are derived in a similar way to calculating the median by placing all records for a period in value order and identifying the values that represent:

  • the top of the bottom 25 per cent of the market (the lower quartile), and
  • the bottom of the top 25 per cent of the market (the upper quartile).

Use of quartiles and the relative movement in values of the quartiles between quarters or over the year help us to understand which part of the market is moving relative to the median.

The lower quartile tells us that 25 per cent of the market was priced at or below the lower quartile value whilst the upper quartile indicates the top 25 per cent of the market was priced above the upper quartile.

It follows then that the remaining part of the market between the two quartiles represents 50 per cent of the market and includes the median value.

There are also a variety of measures used to express price movements. These include the quarterly change between quarterly medians and annual changes which may compare either one quarter with the same quarter in the previous year or a year-on-year change which compares annual medians.

Annual medians are also used to calculate five and 10 year Average Annual Growth Rates which represent the compound growth rate over the respective period.

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