At number 4130th in the list of Australian suburbs ordered by increase in median house value over the last year, Balaclava, 3183 is in the BOTTOM 10% with a property value increase of -13.94% recorded in median house prices.
A 38.64% growth in median value for property investors in Balaclava,3183 puts this suburb at number 698th in terms of best performing suburbs in VIC
Balaclava, 3183 is offering VIC ‘s 605th most discounted properties when looking at the average discount being offered by vendors. This puts it in the bottom 20% of discounts offered by this VIC.
Advertised rents are around the $675 mark per week – giving a return of 2.94% based on the median price in Suburb
If you compare the increase in value of investment property in Balaclava, 3183 to the rest of Australia, it performed around average. The median increase in value, or capital gain property investors experienced for this VIC suburb was 2.53%.
Taking the average capital gain, or increase in median house value, Balaclava,3183 has racked up an average of 2.53% over the period. This ranks it number 504th in the whole country for real estate investors looking at median house price increases.
At number 267th 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.
In the last year 84 properties changed hands in Balaclava, which puts it as the 80th most active market in VIC when comparing the number of sales per suburb.
Renters in Suburb are facing rents around $21840 per annum or $420 every week.
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.”