Balaclava
Packing 5,392 residents into just 0.76 square kilometres, Balaclava runs at 7,059 people per square kilometre, one of inner Melbourne's denser pockets, and the housing reflects it: 61.0% of dwellings are apartments and only 17.3% are separate houses. Half the population rents (49.7%), the median age of 35 sits 5 years below national, and university qualifications reach 56.9%, which is 26.8 points above the national figure. The $1,435,000 median house price coexists with a 16.0% vacancy rate, a tension that comes from a deep apartment market rather than weak demand for the scarce detached stock.
Population
5,392
Median Age
35.0
Household IncomeiMedian weekly household income (ABS Census)
$2,026/wk
DAs (12 months)iDevelopment Applications lodged in the past year
5
Median House
$1.4M
Apr-Jun 2024
The $1,435,000 median house price is steep for a suburb where separate houses make up only 17.3% of dwellings, so buyers chasing a standalone home compete for limited supply. Most of the market is apartments at 61.0%, and two-bedroom dwellings dominate at 50.9% with one-bedroom and studios another 18.5%, leaving 4-plus bedroom homes at just 7.1%. Prices have eased recently: the median fell 10.1% from a $1,596,300 peak in early 2024 to the current $1,435,000, while the longer arc shows 66.8% growth since 2013. Monthly mortgage repayments average $2,223, giving a mortgage-to-income ratio of 25.3%, comfortably below the 30% stress threshold because household income sits in the 75.8th percentile nationally.
For Buyers
The $1,435,000 median house price is steep for a suburb where separate houses make up only 17.3% of dwellings, so buyers chasing a standalone home compete for limited supply. Most of the market is apartments at 61.0%, and two-bedroom dwellings dominate at 50.9% with one-bedroom and studios another 18.5%, leaving 4-plus bedroom homes at just 7.1%. Prices have eased recently: the median fell 10.1% from a $1,596,300 peak in early 2024 to the current $1,435,000, while the longer arc shows 66.8% growth since 2013. Monthly mortgage repayments average $2,223, giving a mortgage-to-income ratio of 25.3%, comfortably below the 30% stress threshold because household income sits in the 75.8th percentile nationally.
For Investors
With 49.7% of residents renting, well above the national share, Balaclava offers landlords a deep tenant pool, and weekly rent of $386 against the $1,435,000 house median frames a typical inner-city yield profile of capital growth over income. The headline risk is the 16.0% vacancy rate, which signals real competition in the apartment segment that forms 61.0% of stock. Demand support exists but is thin: development was minimal at just 2 applications in the past 12 months, so new supply is constrained, and a 34.6% resident turnover rate means tenants cycle through often. Rent-to-income at 19.1% leaves tenants room to absorb increases, which favours rent escalation more than the low entry yield suggests.
Development Activity
Total DAs
6
Last 12 Months
5
YoY ChangeiYear-over-year change in DA lodgements
+400.0%
Avg DA CostiAverage estimated cost per DA in the past year
N/A
Monthly DA Lodgements
DA Categories
Demographics
The median age of 35 runs 5.0 years below national, a younger profile that fits the renter-heavy, apartment-dominant housing. Overseas-born residents reach 35.4%, which is 13.8 points above national, and ancestry leans Anglo-Celtic, led by English (1,640), Irish (689) and Scottish (529). University qualifications at 56.9% sit 26.8 points above the national figure, among the markers of a knowledge-worker population. Average household size is 2.0, which is 0.5 below national, consistent with the small-dwelling stock where 37.6% of families are couples without children. Judaism is a notable second religion with 628 residents behind Christianity at 1,226, and the top non-English languages are Greek (45), Hindi (36) and Nepali (36).
Age Distribution
Bedrooms
Dwelling Structure
17.3%
Houses
21.3%
Townhouse
61.0%
Apartment
Tenure
Tenure tilts heavily to renting: 49.7% rent, 30.6% carry a mortgage and only 19.8% own outright, a renter share well above most established suburbs. The stock is 61.0% apartments and 21.3% semi-detached, leaving separate houses at just 17.3%, which keeps detached-house prices elevated through scarcity even as the median eased. Two-bedroom dwellings account for 50.9% and one-bedroom or studio another 18.5%, so the suburb is built for couples and singles rather than larger families. The median house price climbed 66.8% from $860,500 in 2013 to $1,435,000, a 3.7% compound annual rate, but pulled back 10.1% from its early-2024 peak of $1,596,300. Mortgage-to-income at 25.3% and rent-to-income at 19.1% both stay below stress levels, helped by income in the 75.8th percentile.
Median House Price Trend
Source: State Valuer-General
Mortgage / mo
$2,223
Rent / wk
$386
HH Size
2.0
Personal Income / wk
$1,172
Vacancy Ratei% of dwellings unoccupied on Census night (ABS 2021)
16.0%
Unoccupied
462
Rent / IncomeiMedian rent as % of household income. Over 30% = housing stress
19.1%
Mortgage / IncomeiMedian mortgage as % of household income. Over 30% = housing stress
25.3%
Community Profile
Languages Spoken at Home
Ancestry
Household Composition
37.6%
Couples, no children
3,185
Total families
Economy & Employment
The workforce concentrates in knowledge and care sectors: Professional/Tech leads at 17.3% (453 workers), Healthcare follows at 14.4% (376) and Education at 12.2% (319), with Hospitality and Retail each at 6.8%. By occupation, Professionals (1,237) and Managers (618) make up the bulk of jobs, aligning with university qualifications running 26.8 points above national. Unemployment is low at 4.3% and the full-time employment rate is 67.5%, while participation reads 68.9%. Personal income averages $1,172 a week and household income $2,026, placing the suburb in the 75.8th percentile nationally, though that lands below what the high education base might suggest because many residents are early-career renters rather than established earners.
Socio-Economic Indexes (SEIFA)iABS index ranking suburbs from 1 (most disadvantaged) to 10 (most advantaged)
Full-time
67.5%
Part-time
28.2%
Participation
68.9%
Employed
3,099
Occupations
Top Industries
University
56.9%
Postgraduate
17.0%
Born Overseas
35.4%
Dwellings
2,416
Transport to Work
Getting around leans on a mix of modes: 65.1% drive, 15.3% walk or cycle and 15.1% take public transport, the active and transit shares running above the national reliance on cars for an inner suburb served by the Sandringham rail line. The trade-off is safety: the crime rate of 116.1 per 1,000 residents is high, driven mainly by 425 property and deception offences out of 626 total, with crimes against the person far lower at 84, a pattern consistent with a dense, high-footfall area. Only 3.7% of residents (183 people) need daily assistance, and volunteering runs at 16.6%. No schools are recorded inside the compact 0.76 square kilometre boundary, so families rely on institutions in neighbouring suburbs.
Drive
65.1%
Public Transport
15.1%
Walk / Cycle
15.3%
Work from Home
N/A
Safety & Crime
Total Offences
626
Year ending June 2024
Rate per 1,000 People
116.1
Offence Categories
Source: Crime Statistics Agency Victoria / SA Police
National Ranking iPercentile rank among ~15,000 AU suburbs. 90% = higher than 90% of suburbs
How Balaclava compares to ~15,000 Australian suburbs
Frequently Asked Questions
Is Balaclava a good suburb to live in?
Balaclava suits younger renters and professionals: 49.7% rent, the median age of 35 is 5 years below national, and university qualifications reach 56.9%, which is 26.8 points above national. The main trade-offs are a high $1,435,000 house median and a crime rate of 116.1 per 1,000 residents.
What is the median house price in Balaclava?
The median house price is $1,435,000 as of the Apr-Jun 2024 quarter, down 10.1% from a $1,596,300 peak in early 2024 but up 66.8% from $860,500 in 2013. Weekly rent averages $386 and monthly mortgage repayments run about $2,223, a 25.3% mortgage-to-income ratio.
What schools are in Balaclava?
No schools are recorded inside the compact 0.76 square kilometre Balaclava boundary in this dataset, so families rely on schools in neighbouring suburbs. The resident population is highly educated, with university qualifications at 56.9%, which is 26.8 points above the national figure.
Is Balaclava safe?
Balaclava records 626 offences a year, a crime rate of 116.1 per 1,000 residents, which is high for Melbourne. The bulk is property and deception offences at 425, while crimes against the person are far lower at 84, a profile typical of a dense, high-footfall inner suburb rather than a violent one.
Is Balaclava good for property investment?
With 49.7% of residents renting and weekly rent of $386 against a $1,435,000 house median, the case rests on capital growth over yield. The 16.0% vacancy rate signals apartment competition, and only 2 development applications in 12 months means supply stays constrained, supporting rent escalation.
How is Balaclava's population changing?
Balaclava is an established, built-out suburb of 5,392 residents across 0.76 square kilometres, dense at 7,059 people per square kilometre. Turnover is high at 34.6%, so a third of residents moved within the year, and just 2 development applications in 12 months means little new supply is coming.
What languages are spoken in Balaclava?
About 35.4% of residents were born overseas, 13.8 points above the national figure. English is the dominant language, with Greek (45 speakers), Hindi (36), Nepali (36), Mandarin (33) and Russian (33) the most common non-English languages, reflecting an international resident mix.
How to read these comparisons
Phrases like "above the national average" reference the unweighted median across Australian suburbs with more than 1,000 residents, not population-weighted national figures. Suburb-level medians are more useful for ranking suburbs against each other; ABS census headlines are population-weighted (so dominated by Sydney and Melbourne) and can read very differently.
Current baseline (refreshed 2026-05-10): median age 40, university-educated 30.1%, born overseas 21.6%, average household size 2.5 people.
Data sources: ABS 2021 Census (demographics, income, tenure), state Valuer-General (house prices), Department of Jobs SALM (unemployment), ACARA (school ICSEA), state Crime Statistics agencies (offences), council DA portals (development applications). Population forecasts use a Hamilton-Perry cohort model calibrated to ABS ERP.
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