Balaclava, 3183 ranked 313th in VIC when comparing growth in median property values or capital gain over the last 12 months. Balaclava is one of 2099 in our list for VIC
Taking the average capital gain, or increase in median house value, Balaclava,3183 has racked up an average of -0.04% over the period. This ranks it number 3258th in the whole country for real estate investors looking at median house price increases.
At number 520th of VIC’s most discounted properties, Balaclava is in the TOP 10% of the state/territory when listing in order of most discounted to least.
Balaclava is in the bottom 20% in VIC when comparing median price capital growth over the last year. Balaclava gave property investors a dismal capital gain figure when compared to the rest of the state, with -5.96%.
Balaclava,3183 has offered an average of -5.96% return per annum in house price rises to property investors over the last three years.
Property investors looking for a bargain in Balaclava should be aiming for at least -7.00% off the asking price, which is the average vendor discount being achieved at the moment.
Residents and property investors in Balaclava have been waiting around 55.6364 days to sell a property.
Balaclava, 3183’s gross rental yield is 4.00%
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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.”