Seventeen kilometres south east of Melbourene, Ashwood is bound by Ashburton, Burwood, Mount Waverley and East Malvern.
Its nearest train stations are Holmesglen and Jordanville, though both are technically outside of its boundary.
The suburb derives its name from its position between Ashburton and Burwood.
According to the REIV, Ashwood’s median house price for the year ended December 31, 2007, is $603,500, up 39.4 per cent since 2006.
The REIV annualised median figures are considered more statistically reliable than the quarterly ones released throughout the year, because they survey a greater sample of properties.