Suburb Profile Report for Balaclava VIC (3183)

Balaclava House: Median price $1,125,000, Annual capital growth 4.81%, Number of sales 41, Weekly median advertised rent $700

Balaclava Unit: Median price $523,125, Annual capital growth 2.71%, Number of sales 55, Weekly median advertised rent $425

  • House
  • Unit
Source: CoreLogic RP Data
  • Median price
  • Number of sales

Source: Monthly data update for Nov 2019 as supplied by CoreLogic. Data is reported to the period ending Aug 2019. Please note that property sales data is routinely updated, so may change retrospectively.

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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.”

Metrics i HOUSE UNIT
$1,125,000 $523,125
0.00% -10.73%
-11.42% -12.45%
4.81% 2.71%
$700 $425
41 55
3.24% 4.22%
54.4375 60.3333333333333

Source: Monthly data update for Nov 2019 as supplied by CoreLogic. Data is reported to the period ending Aug 2019. Please note that property sales data is routinely updated, so may change retrospectively.

DSR Score for property investment : Very good (H), Good (U)
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Demographics
Total population 5382
Median household income ($/weekly) 1428
Median age of persons 32
Median housing loan repayment ($/monthly) 2100
Average household size 2.1
  • Census Count Percent(%)
    20-24 years 497 9.2
    25-34 years 1691 31.4
    35-44 years 950 17.6
    45-54 years 574 10.7
    55-64 years 444 8.2
    Others 1227 22.8
    Age Group
    Census Count Percent(%)
    Not Married 2254 53.5
    Registered Married 1243 29.5
    Defacto Relationship 720 17.1
    Social Marital Status
  • Census Count Percent(%)
    Australia 3165 62.2
    Indonesia 248 4.9
    Papua New Guinea 155 3.0
    United Kingdom 265 5.2
    Other 489 9.6
    Others 768 15.1
    Country of Birth
    Census Count Percent(%)
    Buddhism 142 2.9
    Christianity 1832 37.9
    Hinduism 194 4.0
    Judaism 695 14.4
    No Religion 1856 38.4
    Others 117 2.4
    Religious Affiliation
  • Census Count Percent(%)
    $800-$999 194 8.7
    $1,000-$1,249 197 8.9
    $1,500-$1,999 265 11.9
    $2,000-$2,499 218 9.8
    $2,500-$2,999 260 11.7
    Others 1088 49.0
    Gross Household Income (Weekly)
    Census Count Percent(%)
    Employed, worked full-time 2299 51.5
    Not in the labour force 953 21.4
    Employed, worked part-time 873 19.6
    Unemployed, looking for work 174 3.9
    Employed, away from work 161 3.6
    Person Characteristics
  • Census Count Percent(%)
    Managers 486 14.6
    Professionals 1191 35.8
    Technicians & trades workers 319 9.6
    Community & personal service workers 311 9.3
    Clerical & administrative workers 441 13.2
    Others 581 17.5
    Occupation
    Census Count Percent(%)
    Infants/Primary 224 21.2
    Secondary 132 12.5
    Technical or Further Educational Institution 135 12.7
    University or other Tertiary Institutions 405 38.2
    Other type of educational institution 83 7.8
    Others 80 7.6
    Type of Educational Institution Attending
  • Census Count Percent(%)
    Flat, unit or apartment 2612 53.0
    Separate house 1393 28.3
    Semi-detached, row or terrace house, townhouse 894 18.2
    House or flat attached to a shop, office 22 0.4
    Improvised home, tent, sleepers out 4 0.1
    Others 0 0.0
    Dwelling Structure
    Census Count Percent(%)
    Rented 1320 55.6
    Being purchased 623 26.3
    Fully owned 422 17.8
    Other tenure type 8 0.3
    Tenure Type
Census 2011, ABS
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