Suburb Profile Report for Balaclava VIC (3183)

Balaclava House: Median price $1,175,000, Annual capital growth 8.82%, Number of sales 38, Weekly median advertised rent $645

Balaclava Unit: Median price $550,000, Annual capital growth 6.36%, Number of sales 76, Weekly median advertised rent $385

  • House
  • Unit
Source: CoreLogic RP Data
  • Median price
  • Number of sales

Source: CoreLogic

  • House Report
  • Unit Report
  • Expert Report

If you compare the increase in value of investment property in Balaclava, 3183 to the rest of Australia, it performed very well. The median increase in value, or capital gain property investors experienced for this VIC suburb was 25.00%.

While Balaclava,3183 ranked number 19th in VIC for increase in median house value (annualised) increase, it is ranked 117th over the last 5 years.

A $645 per week rent on the median house gives suburb investors a gross yield of circa 2.85%, without taking into account capital value appreciation, which has been averaging out at 8.82%.

At number 151th in the list of Australian suburbs ordered by increase in median house value over the last year, Balaclava, 3183 is in the top 10% with a property value increase of 18.53% recorded in median house prices.

The five-year average increase in median property values for Balaclava,3183 has given property investors a potential capital gain of 15.49% across each of those five years.

Property buyers and investors in Balaclava 3183 should be seeing an average reduction in asking price of around -4.99% . This means that Balaclava is holding prices well when compared to other suburbs in VIC.

Balaclava is 267th on a list of best yielding suburbs for rents in VIC with a 3.64% return

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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.Full summary

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.”

$1,175,000 $550,000
10.64% -3.00%
25.00% 18.53%
8.82% 6.36%
$645 $385
38 76
2.85% 3.64%
N/A 58.53

Source: CoreLogic

DSR Score for property investment : Good (H), Good (U)
Find a mortgage broker in Balaclava VIC
Total population 5382
Median household income ($/weekly) 1428
Median age of persons 32
Median housing loan repayment ($/monthly) 2100
Average household size 2.1
  • Census Count Percent(%)
    20-24 years 497 9.2
    25-34 years 1691 31.4
    35-44 years 950 17.6
    45-54 years 574 10.7
    55-64 years 444 8.2
    Others 1227 22.8
    Age Group
    Census Count Percent(%)
    Not Married 2254 53.5
    Registered Married 1243 29.5
    Defacto Relationship 720 17.1
    Social Marital Status
  • Census Count Percent(%)
    Australia 3165 62.2
    Indonesia 248 4.9
    Papua New Guinea 155 3.0
    United Kingdom 265 5.2
    Other 489 9.6
    Others 768 15.1
    Country of Birth
    Census Count Percent(%)
    Buddhism 142 2.9
    Christianity 1832 37.9
    Hinduism 194 4.0
    Judaism 695 14.4
    No Religion 1856 38.4
    Others 117 2.4
    Religious Affiliation
  • Census Count Percent(%)
    $800-$999 194 8.7
    $1,000-$1,249 197 8.9
    $1,500-$1,999 265 11.9
    $2,000-$2,499 218 9.8
    $2,500-$2,999 260 11.7
    Others 1088 49.0
    Gross Household Income (Weekly)
    Census Count Percent(%)
    Employed, worked full-time 2299 51.5
    Not in the labour force 953 21.4
    Employed, worked part-time 873 19.6
    Unemployed, looking for work 174 3.9
    Employed, away from work 161 3.6
    Person Characteristics
  • Census Count Percent(%)
    Managers 486 14.6
    Professionals 1191 35.8
    Technicians & trades workers 319 9.6
    Community & personal service workers 311 9.3
    Clerical & administrative workers 441 13.2
    Others 581 17.5
    Census Count Percent(%)
    Infants/Primary 224 21.2
    Secondary 132 12.5
    Technical or Further Educational Institution 135 12.7
    University or other Tertiary Institutions 405 38.2
    Other type of educational institution 83 7.8
    Others 80 7.6
    Type of Educational Institution Attending
  • Census Count Percent(%)
    Flat, unit or apartment 2612 53.0
    Separate house 1393 28.3
    Semi-detached, row or terrace house, townhouse 894 18.2
    House or flat attached to a shop, office 22 0.4
    Improvised home, tent, sleepers out 4 0.1
    Others 0 0.0
    Dwelling Structure
    Census Count Percent(%)
    Rented 1320 55.6
    Being purchased 623 26.3
    Fully owned 422 17.8
    Other tenure type 8 0.3
    Tenure Type
Census 2011, ABS
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