Balaclava is in the TOP 30% in VIC when comparing median price capital growth over the last year. Balaclava gave property investors a good capital gain figure when compared to the rest of the state, with 13.75%.
Balaclava,3183 was ranked 3184 in Australia by increase in median property value over the quarter.
LACK OF BUYER INTEREST may well be the reason that Balaclava is offering property investors an average of -5.91. This rate of discount on properties puts Suburb at number 1st in terms of most discounted suburbs in VIC
Balaclava, 3183’s gross rental yield is 2.65%
Over the last year, property investments in Balaclava, 3183 have given investors a capital gain of -2.48%. This compares badly with the 3.49% for VIC as a whole.
The five-year average increase in median property values for Balaclava,3183 has given property investors a potential capital gain of 16.43% across each of those five years.
At number 270th of VIC’s most discounted properties, Balaclava is in the TOP 20% of the state/territory when listing in order of most discounted to least.
At number 548 in a list of fastest selling suburbs, Balaclava is in the TOP 40% of suburbs in Australia with an average of days on market 66.85 for properties listed there.
Property investors should expect to get $390 weekly from the median priced house in this suburb.
Just inland from better-known St Kilda, Balaclava doesn’t have the bayside village feel of its coastal neighbour, but it does offer the convenience of a train station. It’s one of APM’s top picks in terms of growth in both sales volumes and prices.Full summary
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Just inland from better-known St Kilda, Balaclava doesn’t have the bayside village feel of its coastal neighbour, but it does offer the convenience of a train station. It’s one of APM’s top picks in terms of growth in both sales volumes and prices.
Affordability however is another matter, with Balaclava's historical growth performance putting its median house price at more than $800,000. This is still cheaper than its neighbours such as St Kilda, Windsor and Caulfield North – where median house prices are between – suggesting Balaclava’s house market has room for growth.
Renters account for just under half of the suburb’s occupants, and its monthly vacancy rate has held firm at around 2% for several years, according to SQM Research.
Amenities are excellent, with scores of shops, cafes and restaurants lining Balaclava Road, and good schools being found in the area. Train times to the city from Balaclava station are around 15 minutes.
All of which has made Balaclava a highly sought after area, says Buyer Solutions’ Janet Spencer. She suggests targeting two- to three-bedroom single fronted Victorian cottages.
“A lot of people are seeking charm, so those old cottages sell very well. And of course they’re not making them anymore, so they’re a good investment from a supply and demand point of view,” she says.
And in terms of street selection, she picks out Talbot and Melby Avenues, on the cusp of Balaclava and St Kilda East, as two to watch: “They’re very good streets with a little almost secret park at the end – Greenmeadows Gardens.”