Balaclava

POSTAL CODE: VIC, 3183
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Property investments in BALACLAVA did not fare well against the rest of the country last year, registering a median home price decrease of 2.17%.

Figures from the previous quarter show that capital gains for real estate buyers in the territory are low, as opposed to average gains per annum over the past five years.

Based on its average 5-year and quarterly capital gains BALACLAVA, 3183 saw average growth in the long term.

Real estate investors could earn a rental income of $610 based on current median home prices for the suburb.

It is expected, nonetheless, for properties to spend some time on the market prior to a successful sale. homes and units usually stay on listing for an average of N/A.

Besides that, the Australian suburb also delivered a stronger performance in contrast to other Australian suburbs in terms of appreciation of property value.

Property investors perceived the median home price rise to $1,410,000.

BALACLAVA ranks 537th on the list of best yielding suburbs for rental properties in VIC, posting a 2.25% return.

Surburb overview

Balaclava is an inner-south-eastern suburb of Melbourne located within the City of Port Phillip. The suburb is situated approximately 7 kilometres south-east of the Melbourne central business district and is bordered by St Kilda East, Elwood, Ripponlea and St Kilda.

Balaclava recorded a population of around 7,000 residents at the 2021 census, reflecting its compact size and inner-urban residential character. The demographic profile includes a mix of young adults, professionals, families and older residents, with a median age close to the metropolitan average.

Rental households form a significant share of the population, alongside long-term owner-occupiers in established dwellings. Housing in Balaclava is dominated by apartments and medium-density residential buildings, with a smaller number of detached and semi-detached period homes. Residential density is highest near transport corridors and shopping streets, while quieter residential streets retain a traditional inner-suburban form.

Public transport access is a defining feature, with Balaclava railway station located on the Sandringham line. The station provides frequent train services to the Melbourne CBD and bayside suburbs, supporting daily commuting. 

Multiple tram routes operate along Carlisle Street and nearby arterial roads, offering additional connectivity to inner and southern suburbs. Road access is provided by Carlisle Street, St Kilda Road and nearby links to Nepean Highway, though traffic congestion and limited parking are common.

Carlisle Street forms the suburb’s primary retail and service strip, containing supermarkets, cafés, restaurants, bakeries, medical clinics and professional services. The strip functions as a key local activity centre and serves residents from surrounding suburbs. Balaclava has a well-established Jewish community, reflected in the presence of places of worship, community facilities and specialty food retailers. Educational facilities in and around the suburb include primary schools and proximity to secondary schools and tertiary institutions in neighbouring areas.

Recreational amenities are accessed mainly in nearby suburbs, with Elwood Beach and Elwood Park located a short distance to the south-west. St Kilda Botanical Gardens and other inner-south parklands provide additional open space for walking and informal recreation. Shared walking and cycling routes link Balaclava to adjacent suburbs and the bayside foreshore.

Employment among residents spans professional services, education, health care, retail and hospitality, with many commuting short distances. Balaclava’s character is shaped by its strong public transport access, active shopping strip and inner-city location within Melbourne’s south-east.

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