VIC has seen average median house prices change by 8.13% which means that Balaclava, 3183 has done well for property investors by showing a capital gain of 20.62% over the last year
Data for the last quarter indicates that, in the short term at least, the capital value growth rate for property investors in Balaclava has increased when compared to the 5 year average annual rate.
Property investors should expect to get $650 weekly from the median priced house in this suburb.
Balaclava, 3183 ranked 76th in VIC when comparing growth in median property values or capital gain over the last 12 months. Balaclava is one of 2098 in our list for VIC
Balaclava,3183 was ranked 1433 in Australia by increase in median property value over the quarter.
State is the 6th most discounted Australian state or territory in this month’s figures with an average Vendor Discount of -5.33% offered to property buyers. Sellers in Balaclava itself are offering an average vendor discount of -5.47% to real estate investors.
A $380 per week rent on the median house gives suburb investors a gross yield of circa 3.73%, without taking into account capital value appreciation, which has been averaging out at 6.34%.
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.”