Giving property investors a a poor capital gain of -11.42% for the last year, Balaclava, 3183 is the 3531th highest performer in Australia in this respect.
While Balaclava,3183 ranked number 258th in VIC for increase in median house value (annualised) increase, it is ranked 474th over the last 5 years.
Balaclava3183 is located in VIC which offers an average discount of -6.90% to property investors. Balaclava itself is showing figures that indicate -4.88% is the average achievable by property buyers investing in the suburb.
Residents and property investors in Balaclava have been waiting around 54.4375 days to sell a property.
Situated 6.93km from the CBD, Balaclava is one of Port Phillip (C) localities in the postcode 3183.
VIC has seen average median house prices change by 0.68% which means that Balaclava, 3183 has done well for property investors by showing a capital gain of -12.45% over the last year
While Balaclava,3183 ranked number 326th in VIC for increase in median house value (annualised) increase, it is ranked 234th over the last 5 years.
Our latest figures would indicate that property sellers in Balaclava are currently offering property investors an average price cut of -7.05% below the asking price at the moment.
At number 227 in a list of fastest selling suburbs, Balaclava is in the TOP 20% of suburbs in Australia with an average of days on market 60.3333 for properties listed there.
A $425 per week rent on the median house gives suburb investors a gross yield of circa 4.22%, without taking into account capital value appreciation, which has been averaging out at 2.71%.
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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.”