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Real Estate Balaclava

Your Agency. Your Neighborhood.

Distance from CBD

Distance from CBD

7km

Nearby schools

Nearby schools

Christian Brothers’ College

St Kilda & Balaclava Kindergarten Inc.

Yeshivah College

Popular cafes

Popular cafes

Las Chicas

Glass Merchants

Monk Bodhi Dharma

Parks & Recreation

Parks & Recreation

Toorak Park
Union Street Gardens
Bailey Avenue Park

Who lives in Balaclava?

Balaclava has a young demographic and is rental-heavy, with a strong demand for unit and rental stock:

Population

5,392

Average Age

20 to 39

Owner

49%

Renter

48%

Family

50%

Single

50%

What are the current median house prices in Balaclava and the growth trends?

As of the latest data, Balaclava’s property market is unit-dominated, with houses showing stronger recent momentum than units:

  • The Baseline Prices: The median price of a house in Balaclava is approximately $1.22M, while units are slightly more affordable at just under $538.75K.
  • The Growth Trends: Houses are showing positive upward momentum with a quarterly uptick of +4.06%, whereas units have dipped slightly by -0.6%, indicating a steady entry-level apartment sector alongside high-demand landed houses.
  • The Rental Market: Balaclava is a high-demand rental pocket supported by strong local amenities and connectivity, with steady yields for investors and a 48% tenant occupancy rate.
  • The Bottom Line: Balaclava is a vibrant, lifestyle suburb with St Kilda on its doorstep, colourful strip shopping on Carlisle Street, and easy access to the city.

Dion Besser

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Median House Price

Median

1.22M

Quarterly price change

4.06%

Median Unit Price

Median

538.75K

Quarterly price change

-0.6%

Quarterly Price Change

  • Houses
  • Units

How is the property market performing in Balaclava?

Balaclava’s latest available market data shows a median house price of market.

Auction clearance rate

22.16%

Median days on market

28 days

Investor Insight

Balaclava’s investor profile is defined by a unit-dominated, high-density rental market close to the CBD.

Dwelling type

Houses

17%

Units

83%

Population

5,392

Population growth

-0.07%

Median age

39 days

Ownership

Owned Outright

19%

Mortgaged

30%

Rented

48%

Median asking rent per week

$917

Rental yield

3.58%

Median household size

2 people

Our Latest Properties In Balaclava

4 2 2

Balaclava

27 Woodstock Street
Sold
2 1 1

Balaclava

10/109 Hotham Street
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2 1 0

Balaclava

4/21 Camden Street
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1 1 1

Balaclava

4/81-83 Grosvenor Street
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2 1 0

Balaclava

9/19 Camden Street
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2 1 1

Balaclava

6/66-70 Grosvenor Street
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1 1 1

Balaclava

9/114A Westbury Close
Sold
2 1 1

Balaclava

4/66-70 Grosvenor Street
Sold
1 1 1

Balaclava

9/102 Westbury Street
Sold
2 1 1

Balaclava

4/305 Carlisle Street
Sold
2 1 1

Balaclava

2/7 Gourlay Street
Sold
2 1 1

Balaclava

5/1A Hawsleigh Avenue
Sold
2 1 1

Balaclava

2/356 Carlisle Street
$620 per week
2 1 1

Balaclava

3/117 Westbury Street

Balaclava’s Architectural Heritage & Landmarks

Architectural Landmarks

  • Grosvenor Mansions (74–88 William St): Intact Victorian terrace row converted into Arts & Crafts flats by Howard Lawson in 1919; protected under Port Phillip Heritage Overlay.
  • Holy Trinity Anglican Church (2 Brighton Rd / Chapel St): Historic 1880s bluestone landmark designed by Reed & Barnes (Protected under HO65).
  • Railway Bridges & Abutments: Historic bluestone crossings at Carlisle, Grosvenor, and Nightingale Streets (HO147) dating to the 1858–59 St Kilda & Brighton Railway.

Heritage Planning Precincts

  • Nightingale Street Precinct (HO439): Protects late-Victorian workers’ cottages across Nightingale, Marlborough, and Rosamond Streets.
  • HO7 Precinct Review: Broader heritage area across St Kilda, Balaclava, Elwood, and Ripponlea currently managed via interim controls while permanent council overlays progress.

Urban Transformation

  • Carlisle Street Renewal: Port Phillip Council endorsed progressing the sale of council carpark land and laneways to Coles Group Property Developments for comprehensive retail and civic redevelopment.
  • Balaclava Station Upgrade: Rebuilt in 2013–14 into an accessible, elevated premium station featuring widened platforms, modern street-level access, and continuous weather canopies.

Schedule Property Appraisal

Balaclava

Navigating Balaclava’s Heritage Overlay Rules

Port Phillip’s Heritage Overlay – What Balaclava Owners Need to Know

Balaclava’s significant areas are covered by heritage overlays in the City of Port Phillip Planning Scheme (Clause 43.01). These include the Nightingale Street Precinct (HO439) and the wider Heritage Overlay 7 (HO7) precinct.

Both areas have had recent heritage reviews and amendments, but it is important for owners to check the current overlay affecting their property via VicPlan or the Port Phillip Planning Scheme.

Each overlay protects a distinct chapter of the suburb’s development, and carries its own statutory permit rules for owners looking to renovate, extend, or sell.

Much of Balaclava’s heritage significance comes from its concentration of late Victorian workers’ cottages, boom-era housing and early twentieth-century residential development clustered around the railway corridor and Carlisle Street commercial strip.

Note: The Sandringham railway corridor creates a noticeable transition in Balaclava’s housing character. Areas around Carlisle Street, Chapel Street and the railway corridor contain many Victorian workers’ cottages, terraces and historic commercial buildings. At the same time, eastern sections of Balaclava feature a greater concentration of Edwardian and Interwar homes on larger residential allotments.

The key heritage precincts, in brief:

  • Nightingale Street Precinct (HO439): Historically recognised as one of Balaclava’s most intact collections of Victorian-era workers’ cottages, encompassing properties on Marlborough, Rosamond, Nightingale, Gibbs and Woodstock Streets, as well as Railway Place.
  • Heritage Overlay 7 (HO7): Historically one of Port Phillip’s largest heritage precincts, covering parts of Balaclava, St Kilda, St Kilda East, Elwood and Ripponlea. 

Following a detailed heritage review, portions of HO7 have been proposed for reorganisation into smaller precincts intended to better reflect Balaclava’s distinct mix of Victorian, Edwardian and early twentieth-century residential development.

  • Individually Listed Landmarks (HO147 & HO244): Outside the general residential precincts, specific infrastructure and civic landmarks have their own heritage protections.

These include the bluestone abutments of the 1858-59 railway bridge over Carlisle, Grosvenor and Nightingale Streets (HO147) and the Holy Trinity Anglican Church (HO65) on Chapel Street, built in the 1880s to the design of Reed & Barnes.

Ongoing Heritage Overlay Reviews and Boundary Updates

These heritage overlays aren’t static.

Port Phillip Council undertook a comprehensive review of Heritage Overlay 7 (HO7) and surrounding heritage areas to reassess property contributions, precinct boundaries and heritage significance. 

Recent heritage reviews have led to changed precinct boundaries and updated property gradings in parts of Balaclava. Owners should check current heritage controls before planning renovations, extensions or redevelopment.

These changes include revised precinct boundaries, updated heritage gradings and the creation of more locally focused heritage precincts in parts of Balaclava and surrounding suburbs.

The practical takeaway for owners:

The formal review and update of overlay boundaries and contribution statuses impacting many of Balaclava’s Victorian cottages, terraces and period homes have been completed. The current schedule for a property should be checked on VicPlan or council planning schemes rather than old documents or previous vendor disclosures.

What usually needs a planning permit in these precincts?

  • Street-visible changes: New front fences, carports or garages will generally need to be visually recessive and set behind the primary façade, particularly in the Victorian cottage precincts of Balaclava where the original streetscape character is strongly protected.
  • Upper-storey extensions: Generally, second-storey additions are required to be set back behind the main roofline so that they do not dominate the streetscape, especially on the older cottages and period homes in Balaclava.
  • Solar panels & energy equipment: These require planning and installation permission from Heritage controls where panels are visible from the public realm, depending on the requirements of the specific heritage schedule.
  • Demolition or subdivision of land: Partial demolition, structural alterations to original chimneys or verandahs or subdivision of land within an overlay area.
  • Painting unpainted surfaces: Painting existing unpainted masonry or brick.
  • Contributory features: Works to elements specifically identified in a property’s heritage record, such as original bluestone foundations, decorative timber lacework or period masonry, may be subject to a permit even if the works are minor structural repairs.

What’s generally exempt from a heritage permit?

  • Internal changes: Interior refurbishments where the specific property schedule does not have internal heritage alteration controls activated.
  • External Repainting: Painting of exterior surfaces that have previously been painted, provided no specific external paint controls apply to the individual address.
  • Like-for-like repairs: Regular maintenance and minor repairs using matching materials, profiles, and finishes that do not alter the appearance of the heritage place.

Note: These exemptions depend entirely on the property’s specific heritage schedule rather than a blanket suburb-wide rule. Two homes on the same street in Balaclava can carry different obligations – one might sit within a heritage precinct while its neighbour sits outside the overlay boundary, resulting in very different planning requirements despite being on the same street. Checking the planning schedule first prevents costly delays mid-renovation.

How Heritage Overlays Can Affect Property Value 

Heritage overlays do not automatically lower the value of a property. Period homes with character features left intact are in high demand from buyers in many parts of Balaclava, particularly around Carlisle Street and established heritage streets.

However, heritage controls can affect redevelopment potential, extension costs and renovation timeframes. Impact on value depends on the heritage rating of the property, its condition, location and future development potential.

How can owners speed up the permit process?

  • VicSmart Planning Pathway: Certain minor heritage applications may qualify for Victoria’s VicSmart pathway where eligibility requirements are met. 

Eligibility depends on the nature of the works, the applicable heritage overlay schedule and the extent of any streetscape impact. This carries a statutory 10-business-day decision window – substantially faster than standard applications, which frequently take several months when public notification and referral steps are required.

  • Pre-application Meetings: The most effective way of identifying potential heritage conflicts before you lodge final drawings is to arrange a formal pre-application meeting with the Port Phillip Council planners.
  • Eligibility Checks: Not all renovations are automatically eligible for VicSmart, as approval depends on the estimated cost of works, the specific heritage overlay schedule, and whether the proposal impacts streetscape visibility.
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Want to know more about Balaclava?

FAQs

What are the current property market trends of Balaclava, Victoria?

According to Victorian Government property sales statistics, Balaclava’s median house price is up, while the median unit price is down.

What should I know before buying a home in Balaclava, Victoria?

Balaclava is a rental-heavy market dominated by apartments and units. Buyers looking at period homes should verify whether the address sits within a Port Phillip Heritage Overlay (such as HO439 or HO7) via VicPlan before planning renovations or extensions.

How do property prices in Balaclava compare to nearby suburbs in Victoria?

Balaclava’s median house price provides a relatively accessible entry point compared to neighbouring St Kilda East and Elwood, while unit medians track closely with surrounding bayside suburbs.

Which Balaclava listings offer the best value right now?

Government quarterly data shows real volatility in Balaclava’s median prices, so rather than quote a figure that will date, we point you to our live listings.

What is Balaclava like to explore beyond real estate?

Balaclava is known for its energetic dining strip along Carlisle Street, featuring popular local institutions like Las Chicas and Monk Bodhi Dharma. Green space and recreation are readily available at Hewison Reserve, William Street Reserve, and nearby St Kilda Botanic Gardens.