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 population of the suburb of Balaclava (Vic.) is estimated at around 5,927 people. This figure reflects an increase of 535 people since the 2021 Census, which reported a population of 5,392 people. The change is inferred from AreaSearch's estimation of the resident population as 5,917 following examination of the latest ERP data release by the ABS in June 2024 and an additional 87 validated new addresses since the Census date. This level of population results in a density ratio of 7,798 persons per square kilometer, placing Balaclava (Vic.) within the top 10% of national locations assessed by AreaSearch. The suburb's 9.9% growth since census is within 1.2 percentage points of the state's growth rate of 11.1%, indicating competitive growth fundamentals. Overseas migration contributed approximately 81.0% of overall population gains in recent periods, driving primary growth for the area.

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 VIC State Government's Regional/LGA projections released in 2023, adjusting employing a method of weighted aggregation of population growth from LGA to SA2 levels. Growth rates by age group are applied across all areas for years 2032 to 2041. Future population trends forecast a significant increase in the top quartile of national statistical areas, with the suburb expected to increase by 1,438 persons to 2041 based on aggregated SA2-level projections, reflecting an overall increase of 23.9% over the 17 years.

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 numbers in Balaclava shows an average of around 26 new dwelling approvals per year over the past 5 financial years, totalling an estimated 131 homes. As of FY-26, 1 approval has been recorded. The population has fallen during this period, but development activity has been adequate relative to population changes. Developers focus on premium market with high-end developments, constructing new properties at an average expected construction cost value of $821,000.

In FY-26, there have been $5.9 million in commercial approvals, reflecting the area's primarily residential nature. Compared to Greater Melbourne, Balaclava shows substantially reduced construction activity (61.0% below regional average per person). Recent construction comprises 8.0% detached dwellings and 92.0% attached dwellings, offering affordable entry pathways for downsizers, investors, and first-time purchasers. The location has approximately 1288 people per dwelling approval, indicating an established market. Population forecasts suggest Balaclava will gain 1,416 residents by 2041 (latest AreaSearch quarterly estimate).

At current development rates, housing supply may struggle to match population growth, potentially heightening 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 likely to be 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 4.9% as of September 2025, with an estimated employment growth of 5.0% over the past year. This figure is based on AreaSearch's aggregation of statistical area data.

In September 2025, 4,079 residents were employed, while the unemployment rate was 0.3% higher than Greater Melbourne's rate of 4.7%. Workforce participation in Balaclava was 81.7%, significantly higher than Greater Melbourne's 71.0%. According to Census responses, 49.4% of residents worked from home. Leading employment industries were professional & technical, health care & social assistance, and education & training.

The area had a particularly high concentration in professional & technical jobs, with levels at 1.5 times the regional average. Conversely, construction was under-represented, with only 6.0% of Balaclava's workforce compared to Greater Melbourne's 9.7%. Between September 2024 and September 2025, employment increased by 5.0%, while labour force increased by 4.8%, causing the unemployment rate to fall by 0.1 percentage points. In contrast, Greater Melbourne experienced employment growth of 3.0% and labour force growth of 3.3%, with a 0.3 percentage point rise in unemployment. Jobs and Skills Australia's national employment forecasts from May-25 project national employment growth of 6.6% over five years and 13.7% over ten years. 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, based on a simple weighting extrapolation for illustrative purposes.

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

According to AreaSearch's aggregation of latest postcode level ATO data released for financial year ended June 2023, Balaclava suburb had median taxpayer income of $60,312 and average income of $87,755. These figures are high nationally compared to Greater Melbourne's median of $57,688 and average of $75,164. Based on Wage Price Index growth of 8.25% from financial year ended June 2023 to September 2025, estimated incomes would be approximately $65,288 (median) and $94,995 (average). Census 2021 data shows individual earnings in Balaclava at the 89th percentile nationally ($1,172 weekly). Income distribution reveals 32.5% of residents earning between $1,500 to $2,999 weekly, similar to broader area's 32.8%. High-income households (exceeding $3,000 weekly) comprise 31.0%, indicating strong consumer spending power. Housing costs consume 17.2% of income, but disposable income ranks at the 65th percentile nationally. Balaclava's SEIFA income ranking places 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 structures, as per the latest Census, consisted of 17.3% houses and 82.8% other dwellings. In contrast, Melbourne metro had 67.9% houses and 32.1% other dwellings. Home ownership in Balaclava stood at 19.8%, with mortgaged dwellings at 30.5% and rented ones at 49.7%. The median monthly mortgage repayment was $2,223, higher than Melbourne metro's $2,000. Median weekly rent in Balaclava was $386, compared to Melbourne metro's $390. Nationally, Balaclava's mortgage repayments exceeded the Australian average of $1,863, while rents were higher than 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 residents aged 15+ have a higher educational attainment than national averages. Specifically, 55.5% hold university qualifications compared to Australia's 30.4% and Victoria's 33.4%. The area has a strong showing in bachelor degrees (35.3%), postgraduate qualifications (15.0%), and graduate diplomas (5.2%). Vocational pathways account for 22.6%, with advanced diplomas at 11.5% and certificates at 11.1%.

Educational participation is notably high, with 30.0% 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 operating within it. These include a mix of lightrail and bus services. Six individual routes service these stops, collectively providing 5,851 weekly passenger trips. Transport accessibility is rated as excellent, with residents typically located 162 meters from the nearest stop. Most residents commute outward due to its residential nature. The car remains the dominant mode of transport at 55%, with train usage at 20% and walking at 8%.

Vehicle ownership averages 0.5 per dwelling, below the regional average. According to the 2021 Census, a high 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. Mortality rates and chronic condition prevalence were low across both young and old age cohorts. Private health cover was exceptionally high at approximately 61% of the total population (3,639 people), compared to Greater Melbourne's 56.7% and the national average of 55.7%.

The most common medical conditions were mental health issues (10.7%) and asthma (7.3%), with 73.5% of residents declaring themselves completely clear of medical ailments, slightly higher than Greater Melbourne's 72.6%. Under-65 population showed better-than-average health outcomes. Balaclava had 11.8% of residents aged 65 and over (699 people), lower than Greater Melbourne's 15.1%. Health outcomes among seniors were particularly strong, with national rankings even higher 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, as per the census conducted on 9 August 2016, exhibited a higher level of cultural diversity compared to most local markets. Specifically, 22.7% of its residents spoke a language other than English at home, while 35.4% were born overseas. Christianity was found to be the predominant religion in Balaclava, with 25.2% of people identifying as such.

However, Judaism stood out significantly with 12.9%, which is substantially higher than the Greater Melbourne average of 1%. In terms of ancestry, the top three groups were English (22.8%), Australian (18.2%), and Other (14.9%). Notably, certain ethnic groups showed significant representation: Polish at 2.2% compared to the regional average of 0.8%, Russian at 1.3% compared to 0.4%, and Hungarian at 0.6% compared to 0.3%.

Balaclava's population is younger than the national pattern

Balaclava's median age is 35 years, slightly younger than Greater Melbourne's 37 and the national average of 38 years. The 25-34 age group makes up 27.2%, higher than Greater Melbourne's percentage but lower than the national average of 14.4%. The 5-14 age group is less prevalent at 6.5%. Between 2021 and present, the 15 to 24 age group has increased from 10.4% to 11.8%, while the 5-14 cohort has decreased from 8.0% to 6.5% and the 35-44 group has dropped from 18.4% to 17.2%. By 2041, population forecasts indicate significant demographic changes for Balaclava. The 45-54 age cohort is projected to rise substantially by 349 people (54%), from 651 to 1,001. Meanwhile, the 15-24 cohort grows modestly by 3% (18 people).