Balaclava (Vic.)

An assessment of population growth drivers in Balaclava reveals an overall ranking slightly below national averages considering recent, and medium term trends

As of Feb 2026, the estimated population of the suburb of Balaclava (Vic.) is around 5,927, reflecting a 9.9% increase since the 2021 Census which reported a population of 5,392 people. This growth was inferred from AreaSearch's estimate of 5,917 residents following examination of ABS' latest ERP data release (June 2024) and an additional 87 validated new addresses since the Census date. This population density equates to 7,798 persons per square kilometer, placing Balaclava in the top 10% of national locations assessed by AreaSearch. The suburb's growth rate of 9.9% is within 1.2 percentage points of Victoria's state average (11.1%). Overseas migration contributed approximately 81.0% of overall population gains during recent periods. AreaSearch adopts ABS/Geoscience Australia projections for each SA2 area, released in 2024 with a base year of 2022.

For areas not covered by this data, AreaSearch utilises the VIC State Government's Regional/LGA projections released in 2023, adjusted using weighted aggregation methods. Growth rates by age group are applied across all areas for years 2032 to 2041. By 2041, the suburb is forecasted to experience a significant population increase of 1,450 persons, reflecting a total increase of 24.3% over the 17-year period.

The level of residential development activity in Balaclava is very low in comparison to the average area assessed nationally by AreaSearch

AreaSearch analysis of ABS building approval data indicates Balaclava averaged approximately 26 new dwelling approvals annually over the past five financial years, totalling an estimated 131 homes. As of FY-26, one approval has been recorded. Despite population decline during this period, development activity has been adequate relative to population changes, which could benefit buyers. The average expected construction cost value for new properties is $821,000, suggesting developers focus on the premium market with high-end developments.

This financial year, there have been $5.9 million in commercial approvals, reflecting Balaclava's primarily residential nature. Compared to Greater Melbourne, Balaclava shows significantly reduced construction activity, being 60.0% below the regional average per person. Limited new supply typically supports stronger demand and values for established properties. Recent construction comprises 8.0% detached dwellings and 92.0% attached dwellings, offering affordable entry pathways and attracting downsizers, investors, and first-time purchasers. The location has approximately 1289 people per dwelling approval, indicating an established market.

Population forecasts suggest Balaclava will gain 1,440 residents by 2041 (based on the latest AreaSearch quarterly estimate). If development rates remain constant, housing supply may struggle to keep pace with population growth, potentially intensifying buyer competition and supporting price increases.

Balaclava has very high levels of nearby infrastructure activity, ranking in the top 20% nationally

AreaSearch has identified eight projects that could impact the area, with key ones including Coles Carlisle Street Precinct Development, Small Parks Program - Balaclava/St Kilda East, 191-193 Carlisle Street Mixed Development, and 97 Alma Road by Neometro. The following list details those most relevant.

Professional plan users can use the search below to filter and access additional projects.

Denotes AI-based impression for illustrative purposes only, not to be taken as definitive under any circumstances. Please follow links and conduct other investigations from the project's source for actual imagery. Developers and project owners wishing us to use original imagery please Contact Us and we will do so.

AreaSearch analysis indicates Balaclava maintains employment conditions that align with national benchmarks

Balaclava has a highly educated workforce with notable representation in the technology sector. The unemployment rate was 5.0% as of December 2025, with an estimated employment growth of 4.6% over the past year, according to AreaSearch's aggregation of statistical area data. As of December 2025, 4,117 residents were employed, with an unemployment rate of 0.3% above Greater Melbourne's rate of 4.8%.

Workforce participation was higher at 82.0%, compared to Greater Melbourne's 71.3%. Census responses indicated that 49.4% of residents worked from home, potentially influenced by Covid-19 lockdowns. The leading employment industries were professional & technical, health care & social assistance, and education & training, with a notable concentration in professional & technical at 1.5 times the regional average. However, construction was under-represented, with only 6.0% of Balaclava's workforce compared to Greater Melbourne's 9.7%.

Employment opportunities locally appeared limited, as indicated by the count of Census working population versus resident population. Over the 12 months to December 2025, employment increased by 4.6%, while labour force increased by 4.6%, leaving unemployment broadly flat. In contrast, Greater Melbourne experienced employment growth of 2.4% and labour force growth of 2.8%, with a rise in unemployment of 0.3 percentage points. Jobs and Skills Australia's national employment forecasts from May-25 suggest potential future demand within Balaclava. These projections estimate national employment to expand by 6.6% over five years and 13.7% over ten years, with industry-specific growth rates varying significantly. Applying these projections to Balaclava's employment mix suggests local employment should increase by 7.1% over five years and 14.3% over ten years, though this is a simple weighting extrapolation for illustrative purposes and does not account for localised population projections.

Income analysis reveals strong economic positioning, with the area outperforming 60% of locations assessed nationally by AreaSearch

AreaSearch aggregated latest postcode level ATO data released for financial year 2023. Balaclava's median income among taxpayers was $60,312 with an average of $87,755. Nationally, these figures were high compared to Greater Melbourne's $57,688 and $75,164 respectively. As of September 2025, estimated incomes would be approximately $65,288 (median) and $94,995 (average), based on Wage Price Index growth of 8.25% since financial year 2023. Census 2021 income data showed individual earnings at the 89th percentile nationally ($1,172 weekly). Distribution data indicated 32.5% of Balaclava's population (1,926 individuals) fell within the $1,500 - $2,999 income range, similar to the broader area where 32.8% occupied this bracket. Economic strength was evident with 31.0% of households earning high weekly incomes exceeding $3,000, supporting elevated consumer spending. High housing costs consumed 17.2% of income, yet strong earnings placed disposable income at the 65th percentile. The area's SEIFA income ranking placed it in the 9th decile.

Balaclava features a more urban dwelling mix with significant apartment living, with a higher proportion of rental properties than the broader region

Balaclava's dwelling structure, as per the latest Census, consists of 17.3% houses and 82.8% other dwellings (semi-detached, apartments, 'other' dwellings). This compares to Melbourne metro's 67.9% houses and 32.1% other dwellings. Home ownership in Balaclava stands at 19.8%, with mortgaged dwellings at 30.5% and rented ones at 49.7%. The median monthly mortgage repayment is $2,223, exceeding the Melbourne metro average of $2,000. Median weekly rent in Balaclava is $386, compared to Melbourne metro's $390. Nationally, Balaclava's mortgage repayments are higher than the Australian average of $1,863, and rents exceed the national figure of $375.

Balaclava features high concentrations of group households and lone person households, with a lower-than-average median household size

Family households constitute 49.4% of all households, including 17.4% couples with children, 24.7% couples without children, and 5.8% single parent families. Non-family households account for the remaining 50.6%, with lone person households at 39.5% and group households comprising 10.9%. The median household size is 2.0 people, which is smaller than the Greater Melbourne average of 2.6.

Balaclava demonstrates exceptional educational outcomes, ranking among the top 5% of areas nationally based on AreaSearch's comprehensive analysis of qualification and performance metrics

Balaclava's educational attainment is notably higher than national averages. Among residents aged 15+, 55.5% have university qualifications, surpassing Australia's 30.4% and Victoria's 33.4%. This high level of education positions the area favourably for knowledge-based opportunities. Bachelor degrees are the most common at 35.3%, followed by postgraduate qualifications (15.0%) and graduate diplomas (5.2%).

Vocational pathways account for 22.6% of qualifications among those aged 15+, with advanced diplomas at 11.5% and certificates at 11.1%. Educational participation is high, with 30.0% of residents currently enrolled in formal education. This includes 10.0% in tertiary education, 6.9% in primary education, and 4.9% pursuing secondary education.

Transport servicing is high compared to other areas nationally based on assessment of service frequency, route connectivity and accessibility

Balaclava has 13 active public transport stops offering a mix of lightrail and bus services. These stops are served by 6 different routes, together facilitating 5,851 weekly passenger trips. Transport accessibility is rated excellent with residents typically located 162 meters from the nearest stop. Most residents commute outward due to its residential nature. Cars remain the dominant mode at 55%, followed by train at 20% and walking at 8%. Vehicle ownership averages 0.5 per dwelling, below the regional average.

According to the 2021 Census, 49.4% of residents work from home, which may reflect COVID-19 conditions. Service frequency averages 835 trips per day across all routes, equating to approximately 450 weekly trips per individual stop.

Balaclava's residents are extremely healthy with both young and old age cohorts seeing low prevalence of common health conditions

Analysis shows Balaclava's health metrics performing strongly, based on AreaSearch's assessment of mortality rates and chronic condition prevalence. Both young and old age cohorts had low prevalence of common health conditions. Private health cover was found to be high at approximately 61% of the total population (3,639 people), compared to Greater Melbourne's 56.7%.

Nationally, the average is 55.7%. Mental health issues were the most common medical condition, impacting 10.7% of residents, followed by asthma at 7.3%. A total of 73.5% declared themselves completely clear of medical ailments, compared to Greater Melbourne's 72.6%. The under-65 population had better than average health outcomes. Balaclava has 11.8% of residents aged 65 and over (699 people), lower than Greater Melbourne's 15.1%. Health outcomes among seniors were particularly strong, ranking higher nationally than the general population.

Balaclava was found to be more culturally diverse than the vast majority of local markets in Australia, upon assessment of a range of language and cultural background related metrics

Balaclava was found to have a higher level of cultural diversity than most local markets, with 22.7% of its population speaking a language other than English at home and 35.4% born overseas. Christianity is the predominant religion in Balaclava, comprising 25.2% of people. Notably, Judaism is overrepresented, making up 12.9% of the population, which is substantially higher than the Greater Melbourne average of 1%.

In terms of ancestry, the top three groups are English (22.8%), Australian (18.2%), and Other (14.9%). There are also notable differences in the representation of certain ethnic groups: Polish (2.2% vs regional 0.8%), Russian (1.3% vs regional 0.4%), and Hungarian (0.6% vs regional 0.3%) are overrepresented in Balaclava.

Balaclava's population is younger than the national pattern

Balaclava's median age in 2021 was 35 years, slightly younger than Greater Melbourne's 37 and the national average of 38. The 25-34 age group constituted 27.5%, higher than Greater Melbourne but lower than the national average of 14.4%. The 5-14 cohort made up 6.7%, less prevalent compared to Greater Melbourne. Between 2021 and the present, the 15-24 age group grew from 10.4% to 11.9%, while the 25-34 cohort increased from 26.2% to 27.5%. Conversely, the 5-14 cohort declined from 8.0% to 6.7%. By 2041, population forecasts indicate significant demographic shifts in Balaclava. The 45-54 age group is projected to rise by 344 people (52%), from 663 to 1,008. Meanwhile, the 15-24 cohort is expected to grow by a modest 3% (17 people).