Balwyn is surrounded by Kew to the west, Balwyn North, Bulleen and Doncaster to the north, Mont Albert and Box Hill to the east, and Surrey Hills and Canterbury to the south. The ritziest part of the suburb is known as Deepdene, and refers to the streets just east of Burke Road, south of Whitehorse Road.
The suburb of Balwyn is serviced by a tram along Whitehorse Road, while Balwyn North is mostly serviced by buses. Residents wanting to access the CBD by train access either the Camberwell, Canterbury, Chatham or Surrey Hills stations.
Driving from the city to Balwyn should take about 16 minutes, however recent medium density development has added much more traffic to the suburb. At peak times, it can take up to 40 minutes to drive to Balwyn, through Richmond and Hawthorn.
According to the REIV, Balwyn’s median house price as at September 2007 is $1.325 million, up from $896,000 in September 2006.
The median house price at Balwyn North as at September 2007 is $960,000, up from $685,000 in September 2006.
According to Australian Property Monitors, Melbourne’s median weekly asking rent for houses is $340 as at December 2007. This is an increase from $330 per week in the September quarter.
Average median weekly asking rents for units are $300 per week in the December 2007 quarter, up $10 since the September quarter.
Gross rental yields for houses in Melbourne are now 4.12 per cent, a drop from 4.23 per cent in the September 2007 quarter. Gross rental yields for apartments in the December 2007 quarter were 4.8 per cent, compared to 4.9 per cent in the September 2007 quarter.