All About Balaclava, Port Phillip, VIC, 3183

Balaclava, situated within the City of Port Phillip in Victoria, offers a unique housing market characterized by its eclectic mix of architectural styles, ranging from charming Edwardian homes to contemporary apartments. The area's property market has seen varying trends over recent years, reflecting its urban charm and desirable location close to Melbourne’s CBD. Buyers are often attracted to Balaclava for its vibrant atmosphere, well-connected transport links via Balaclava train station, and proximity to popular neighborhoods like St Kilda. The median house prices in Balaclava reflect the suburb’s high demand, partly due to the quality education institutions, lush parks, and the blend of cultural diversity that enriches the community life. Despite the competitive market, the neighborhood remains relatively affordable compared to some of the more exclusive suburbs in Melbourne, making it an appealing prospect for first-time buyers and investors alike.

Living in Balaclava offers a dynamic lifestyle brimming with cultural vibrancy and community spirit. Residents enjoy access to a variety of amenities including cafes, restaurants, and boutique shops concentrated mainly around Carlisle Street, which is the heart of social life in the suburb. This multicultural enclave bustles with activity, reflecting a rich tapestry of cultural influences, particularly with its strong Jewish community, which has shaped much of the area’s character and cuisine. The suburb’s leafy streets, combined with its close-knit community feel, provide a pleasant and convenient environment for families, professionals, and retirees. Additionally, Balaclava's location offers easy access to outdoor recreation spots such as the nearby St Kilda Beach and Albert Park, ensuring that residents enjoy a balanced urban lifestyle with plenty of opportunities for leisure and connection with nature.

Balaclava Real Estate Market Outlook

Thinking about buying in Balaclava? Now could not be a better time, with 4258 residential properties there's certainly plenty to choose from. The average property price in this area is in the region of $1,248,000 with prices in this suburb ranging from $269,000 to $8,067,000. Balaclava is located fairly close to the coast at just 1Km so as well as great views of the ocean and access to beaches, demand and valuations are likely to be a bit higher here.

Consistent high demand relative to supply is a key feature in Balaclava driving regular price increases. Recent rapid price increases however may constrain future growth by limiting demand. High average incomes in Balaclava ensure a focus on quality with a commensurate high entry price under constant demand. Competition for available quality housing is intense with multiple offers likely to be made in excess of asking prices. The high percentage of professional people in Balaclava classifies the area as "gentrified". This implies high demand for quality housing, generally of larger than average size. Price growth is ensured even where the state affordability index is negatively impacting other areas. Medium density in Balaclava necessitates a mix of lifestyle options for housing, shops, open areas, and facilties. Where this is available, demand is high and growth ensured. High industry presence in the wider area is a double-edged sword. While local employment options are high, the presence of industrial buildings may negatively impact lifestyle perception. Demand from first home buyers and investors however ensures good price growth.

Instant Property Valuation

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Public Transport

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General Points of Interest

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