Balaclava has had a A very good year for property investment returns compared to the rest of VIC, giving investors a capital gain of 16.94% to date .
While Balaclava,3183 ranked number 426th in VIC for increase in median house value (annualised) increase, it is ranked 84th over the last 5 years.
When looking to buy, or assessing what properties are really achieving at sale, it's essential for property investors to take into account what discounts are being offered in Balaclava, 3183. Typically our figures indicate that -10.66% is being offered, which puts this VIC suburb at 282th most discounted overall in Australia.
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 9.13%. This compares favourably with the 3.11% for VIC as a whole.
Balaclava,3183 was ranked 572 in Australia by increase in median property value over the quarter.
Vendor discounting in Balaclava is giving property investors an average Vendor Discount of around -2.90%. This puts suburb at number 298th in VIC when ranking the most discounted suburbs.
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
Information supplied by:
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.”