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 May 2026, the estimated population of the suburb of Balaclava (Vic.) is around 5,961. This reflects a growth of 569 people since the 2021 Census, which reported a population of 5,392. The increase was inferred from AreaSearch's estimation of the resident population at 5,947 in June 2025, based on ABS ERP data and validated new addresses. This results in a high population density ratio of 7,843 persons per square kilometer. Balaclava's growth rate of 10.6% since the 2021 census exceeded both state (9.3%) and national averages. Overseas migration contributed approximately 81.0% to this growth.

AreaSearch projects population trends using ABS/Geoscience Australia projections released in 2024, with a base year of 2022 for each SA2 area. For areas not covered by this data, AreaSearch uses VIC State Government's Regional/LGA projections from 2023, adjusted employing weighted aggregation methods to SA2 levels. Growth rates by age group are applied across all areas until 2041. By 2041, the suburb of Balaclava (Vic.) is forecasted to have a significant population increase in the top quartile of statistical areas analysed by AreaSearch. The area is expected to grow by 1,442 persons over this period, reflecting an overall gain of 24.0%.

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 approximately 26 residential properties granted approval annually over the past five financial years, totalling an estimated 131 homes. As of FY-26, 26 approvals have been recorded. Despite population decline during this period, housing supply has remained adequate relative to demand, indicating a balanced market with good buyer choice. The average expected construction cost for new dwellings is $821,000, suggesting a focus on the premium segment with upmarket properties.

This financial year, Balaclava recorded $5.9 million in commercial development approvals, reflecting its primarily residential nature. Compared to Greater Melbourne, Balaclava has markedly lower building activity, at 58.0% below the regional average per person. This constrained new construction typically reinforces demand and pricing for existing homes. The current development trend consists of 8.0% standalone homes and 92.0% townhouses or apartments, providing accessible entry options that appeal to downsizers, investors, and entry-level buyers. Balaclava has an established market with approximately 1293 people per dwelling approval.

Future projections estimate the area will add 1,428 residents by 2041, based on the latest AreaSearch quarterly estimate. If current development rates continue, housing supply may struggle to match population growth, potentially increasing 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 a particular area's performance. Key projects include 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 likely to be 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 an educated workforce with notable representation in the technology sector. Its unemployment rate was 5.1% as of AreaSearch data aggregation. Over the past year, employment growth was estimated at 4.6%.

As of December 2025, 4,128 residents were employed while the unemployment rate was 5.1%, compared to Greater Melbourne's 4.8%. Workforce participation in Balaclava was higher at 82.3% versus Greater Melbourne's 69.9%. According to Census responses, 49.4% of residents worked from home, potentially influenced by Covid-19 lockdowns. Key industries include professional & technical, health care & social assistance, and education & training.

Balaclava specializes in professional & technical jobs with an employment share 1.5 times the regional level, but construction is under-represented at 6.0% compared to Greater Melbourne's 9.7%. Employment opportunities locally may be limited as indicated by Census data. Between December 2024 and December 2025, employment levels increased by 4.6%, while unemployment remained essentially unchanged. In contrast, Greater Melbourne recorded employment growth of 2.4% with a 0.3 percentage point increase in unemployment. Jobs and Skills Australia's national employment forecasts from May-25 project overall 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 could increase by 7.1% over five years and 14.3% over ten years, though this is a simplified extrapolation for illustrative purposes.

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

The suburb of Balaclava has an exceptionally high income level nationally, as per latest Australian Taxation Office data aggregated by AreaSearch for the financial year ended June 2023. The median income among taxpayers in Balaclava is $60,312, with an average income of $87,755. These figures compare to those for Greater Melbourne, which are $57,688 and $75,164 respectively. Based on a 9.62% growth in wages as per the Wage Price Index from June 2023 to March 2026, estimated median income is approximately $66,114, and average income is around $96,197. According to the Census conducted in August 2021, individual earnings in Balaclava rank at the 89th percentile nationally, with weekly earnings of $1,172. Income distribution shows that 32.5% (1,937 individuals) fall within the $1,500 to $2,999 weekly earnings band, aligning with the broader area where this cohort also represents 32.8%. Notably, 31.0% earn above $3,000 weekly, indicating prosperity that fuels local economic activity. Despite high housing costs consuming 17.2% of income, strong earnings place disposable income at the 65th percentile. The suburb's SEIFA income ranking places it in the 9th decile nationally.

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 figures of 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 in the area is $2,223, higher than Melbourne metro's average of $2,000. Median weekly rent in Balaclava is $386, compared to Melbourne metro's $390. Nationally, Balaclava's mortgage repayments are significantly higher than the Australian average of $1,863, while 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 exceeds national averages. Among residents aged 15+, 55.5% possess university qualifications, compared to Australia's 30.4% and Victoria's 33.4%. University graduates comprise 35.3%, postgraduate qualifications 15.0%, and graduate diplomas 5.2%. Vocational pathways account for 22.6% of qualifications: advanced diplomas at 11.5% and certificates at 11.1%.

Educational participation is high, with 30.0% currently enrolled in formal education. This includes tertiary education (10.0%), primary education (6.9%), and secondary education (4.9%).

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 serving a mix of lightrail and buses. These stops are covered by 6 different routes, collectively offering 5,851 weekly passenger trips. Residents enjoy excellent transport accessibility, with an average distance of 162 meters to the nearest stop. Most residents commute outward from this primarily residential area. Cars remain the dominant mode of transport at 55%, followed by trains at 20% and walking at 8%. The average vehicle ownership is 0.5 per dwelling, below the regional average.

According to the 2021 Census, 49.4% of residents work from home, which may be influenced by COVID-19 conditions. Service frequency across all routes averages 835 trips per day, 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 of health metrics shows strong performance throughout Balaclava. Mortality rates and chronic condition prevalence were low across both young and old age cohorts, according to AreaSearch's assessment. Private health cover was found to be exceptionally high at approximately 61% of the total population (3,660 people), compared to 56.7% across Greater Melbourne and a national average of 55.7%.

The most common medical conditions in the area were mental health issues and asthma, impacting 10.7 and 7.3% of residents respectively. A total of 73.5% of residents declared themselves completely clear of medical ailments, compared to 72.6% across Greater Melbourne. The under-65 population demonstrates better than average health outcomes. Balaclava has 11.3% of residents aged 65 and over (673 people), which is lower than the 15.0% in Greater Melbourne. Health outcomes among seniors are 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's population is more linguistically diverse than most local markets, with 22.7% speaking a language other than English at home and 35.4% born overseas. Christianity is the predominant religion in Balaclava, comprising 25.2% of its population. Notably, Judaism is substantially overrepresented, making up 12.9%, compared to Greater Melbourne's average of 1.0%.

The top three ancestry groups are English (22.8%), Australian (18.2%), and Other (14.9%). Some ethnic groups show significant deviations: Polish at 2.2% (regional average 0.8%), Russian at 1.3% (0.4%), and Hungarian at 0.6% (0.3%).

Balaclava's population is younger than the national pattern

Balaclava's median age is 34 years, which is lower than Greater Melbourne's average of 37 and Australia's average of 38 years. Compared to Greater Melbourne, Balaclava has a higher proportion of residents aged 25-34 (28.0%) but fewer residents aged 5-14 (7.1%). This concentration of 25-34 year-olds is significantly higher than the national average of 14.6%. Between the 2021 Census and now, the proportion of Balaclava's population aged 25 to 34 has increased from 26.2% to 28.0%, while the proportion of those aged 15 to 24 has risen from 10.4% to 11.6%. Conversely, the proportion of residents aged 45 to 54 has decreased from 12.2% to 11.0%. By 2041, population forecasts indicate significant demographic changes for Balaclava. The 45-54 age group is projected to grow by 53%, adding 345 residents to reach a total of 1,001. In contrast, the 15-24 age group shows minimal growth of just 4% (an increase of 26 people).