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Home to Deakin University’s biggest campus, Burwood is located about 16 kilometres east of the CBD, and is land locked by Camberwell and Glen Iris to the west, Surrey Hills and Box Hill to the north, Ashwood and Mount Waverley to the south.
It is bound by East Burwood to the east, which is considered a separate, and much cheaper suburb, according to most valuers.
According to the REIV, Burwood’s median house price for the year ended December 31, 2007, is $625,600, up 36 per cent since last year.
Values in Burwood East over the same period increased 30.4 per cent to $530,750.
By comparison, median values increased 12.6 per cent for homes in metropolitan Melbourne, to $425,000.
The REIV annualised median figures are considered more statistically reliable than the quarterly figures released throughout the year, because they include a much greater sample of sold properties.
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