The basis of a chart like this is to make another chart area and us the Excel Function of NA() to hide columns that are not the desired outcome. Excel does not plot #N/A values which is a result of NA().
Your formula might look like the following:
=if(cell>=Average,cell,NA())
then change the color of this column to Green. Only above average columns will be colored green.
Do the opposite for Red columns.
Here is a video tutorial on making conditional column chart where each column is colored red or green if it is below or above an average line:
http://www.exceldashboardtemplates.com/?p=891
Good luck!