Investment property in Balaclava has done well for investors when compared to the country as a whole over the last 12 months, with an increase in the median house price of 18.27%
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 $625 weekly from the median priced house in this suburb.
Balaclava has had a very poor year for property investment returns compared to the rest of VIC, giving investors a capital gain of -3.69% to date .
Taking the average capital gain, or increase in median house value, Balaclava,3183 has racked up an average of -3.69% over the period. This ranks it number 372th in the whole country for real estate investors looking at median house price increases.
Vendor discounting in Balaclava is giving property investors an average Vendor Discount of around -4.51%. This puts suburb at number 151th in VIC when ranking the most discounted suburbs.
Situated 6.82km from the CBD, Balaclava is one of Port Phillip localities in the postcode 3183.
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.”