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.