Get a property report and suburb profile for any property in Balaclava

Balaclava sits in inner-south Melbourne around the bustling Carlisle Street shopping strip and the heritage Balaclava railway station on the Sandringham line. Life there mixes lively urban amenity with quiet residential streets, where rows of Victorian terraces and weatherboard cottages sit alongside low-rise apartment blocks. The retail strip is known for cafés, delis and independent retailers, and the suburb has a longstanding multicultural flavour including an established Jewish presence. Residents have easy access to nearby St Kilda and the bayside foreshore, good public transport links and a compact village feel that appeals to professionals, families and downsizers.

About 5,392 people live in Balaclava; the median age is 35 and median household income is $2,026 a week (roughly $105,352 a year). Families are dominated by couples, who make up 85.0% of reported families, and homes are almost evenly split between owning and renting. Public projects underway or planned include a HousingFirst Grosvenor Street redevelopment to deliver community housing, a completed Marlborough Street community housing project, precinct planning and a draft Balaclava Walk masterplan, plus ongoing small-park improvements such as Moubray Street Community Park.

Buying in Balaclava is split. The median house price of $1,473,500 works out to about 14.0 times a typical local annual household income at the last Census, which sits well above local incomes. The median unit price of $567,500 is about 5.4 times that annual household income, which is somewhat above local incomes.

Looking at renting, a house rent of $900 a week would take about 44.4% of a typical local household's weekly income at the last Census, a large share, while a unit rent of $560 a week would take about 27.6%, a moderate share. Whether that feels expensive depends on your own income and circumstances.

Everyone's financial situation is different, so it's important to consider your own circumstances when deciding which suburb is right for you.

The past year in Balaclava has been mixed for investors. Median house values climbed 10.7% over the 12 months, a strong rise, while median unit values declined 5.6% over the same period, a moderate fall.

On the income side, house rents increased 5.9% over the year, a solid rise, and unit rents rose 4.7%, a modest increase. In other words, houses showed both capital growth and higher rents this year, whereas units saw rents edge up while values retreated. Which of those outcomes matters to you depends on whether you prioritise capital growth or rental income.

This information has been prepared without taking your objectives, needs and overall financial situation into account. It is not meant to be a substitute for professional financial advice. For this reason, you should consider the appropriateness of the information and, if necessary, seek appropriate professional advice.