Located about 12 kilometres south-east of the CBD, Caulfield North is connected to the more exclusive suburbs of Armadale to the north, St Kilda East to the west and Malvern East to the east.
Caulfield South is much more affordable, and is bound by Carnegie to the east, Brighton East to the south and Elsternwick to the east.
Glen Eira Road is considered the divide between the two suburbs.
The best streets in Caulfield North are considered Howitt Street, Lumeah Street, Aroona Road and Orrong Road.
According to the REIV, Caulfield North’s median house price for the year ended December 31, 2007, is $1,030,000, up 18.4 per cent since last year.
Values in Caulfield South over the same period increased 34.7 per cent to $815,000.
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.