Balaclava (Vic.)

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

Based on ABS population updates and AreaSearch validations, as of Nov 2025, the Balaclava (Vic.) statistical area (Lv2) has an estimated population of around 5,927. This reflects a growth of 535 people since the 2021 Census, which reported a population of 5,392. The increase is inferred from AreaSearch's estimate of 5,917 residents following examination of ABS ERP data release in Jun 2024 and an additional 88 validated new addresses since the Census date. This results in a density ratio of 7,798 persons per square kilometer, placing it in the top 10% of national locations assessed by AreaSearch. The area's growth rate of 9.9% exceeded the national average (9.7%). Overseas migration contributed approximately 81.0% of overall population gains during recent periods.

AreaSearch projections for Balaclava (Vic.) (SA2) are based on ABS/Geoscience Australia projections released in 2024 with a base year of 2022, and VIC State Government's Regional/LGA projections released in 2023 adjusted using weighted aggregation method. Future population growth is forecasted to be significant, with the area expected to grow by 1,500 persons to 2041 based on aggregated SA2-level projections, reflecting a total gain of 24.8% 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 shows Balaclava recorded around 26 residential properties granted approval annually over the past five financial years, totalling an estimated 131 homes. So far in FY-26, one approval has been recorded. The population has fallen during this period, yet housing supply has remained adequate relative to demand, indicating a well-balanced market with good buyer choice. New dwellings are developed at an average expected construction cost of $821,000, suggesting a focus on the premium segment with upmarket properties.

In FY-26, commercial development approvals totalling $5.9 million have been recorded, reflecting the area's primarily residential nature. Compared to Greater Melbourne, Balaclava has markedly lower building activity, 61.0% 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 appealing to downsizers, investors, and entry-level buyers. Balaclava has approximately 1288 people per dwelling approval, indicating an established market.

Future projections estimate Balaclava adding 1,470 residents by 2041 (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 significantly impact a specific area's performance. These include the 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 considered 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 4.9% as of September 2025, with estimated employment growth of 5.3% over the past year.

The area had 4,131 residents employed at this time, with an unemployment rate of 0.3% higher than Greater Melbourne's rate of 4.7%. Workforce participation was 73.2%, compared to Greater Melbourne's 64.1%. Key industries for employment were professional & technical, health care & social assistance, and education & training. Balaclava had a particular specialization in professional & technical jobs, with an employment share 1.5 times the regional level.

However, construction was under-represented at 6.0% compared to Greater Melbourne's 9.7%. Employment opportunities locally may be limited, as indicated by Census data on working population versus resident population. From September 2024 to September 2025, employment levels increased by 5.3%, and labour force increased by 5.2%, reducing unemployment by 0.1 percentage points. In comparison, Greater Melbourne had employment growth of 3.0% and unemployment rose by 0.3 percentage points. State-level data for Victoria to 25-Nov-25 showed employment grew by 1.13% year-on-year, with an unemployment rate of 4.7%, compared to the national rate of 4.3%. Jobs and Skills Australia's projections from May-25 suggest national employment will expand by 6.6% over five years and 13.7% over ten years. Applying these projections to Balaclava's employment mix indicates local employment should increase by 7.1% over five years and 14.3% over ten years, though this is a simple extrapolation for illustrative purposes.

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

Balaclava suburb has high national income level according to latest ATO data aggregated by AreaSearch for financial year 2023. Median income among taxpayers is $60,312 and average income stands at $87,755. Greater Melbourne's figures are $57,688 and $75,164 respectively. By September 2025, estimated median income would be approximately $65,288 and average $94,995 based on Wage Price Index growth of 8.25% since financial year 2023. From the 2021 Census, individual earnings are at the 89th percentile nationally ($1,172 weekly). Income distribution shows that 32.5% (1,926 individuals) earn between $1,500 and $2,999 weekly, aligning with broader area's 32.8%. Notably, 31.0% earn above $3,000 weekly. High housing costs consume 17.2% of income, but strong earnings place disposable income at the 65th percentile. Area's SEIFA income ranking places it in the 9th decile.

Balaclava features a more urban dwelling mix with significant apartment living, with ownership patterns similar to the broader region

The dwelling structure in Balaclava, as per the latest Census, consisted of 17.3% houses and 82.8% other dwellings (semi-detached, apartments, 'other' dwellings). In comparison, Melbourne metro had 8.7% houses and 91.3% other dwellings. Home ownership in Balaclava was at 19.8%, with mortgaged dwellings at 30.5% and rented ones at 49.7%. The median monthly mortgage repayment in the area was $2,223, higher than Melbourne metro's average of $2,170. The median weekly rent figure for Balaclava was $386, compared to Melbourne metro's $420. Nationally, Balaclava's mortgage repayments were significantly higher than the Australian average of $1,863, while rents exceeded the national figure of $375.

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

Family households account for 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 constitute 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 larger than the Greater Melbourne average of 1.9.

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 has a higher proportion of residents aged 15 and above with university qualifications compared to national and state averages. Specifically, 55.5% of Balaclava's residents hold such qualifications, compared to 30.4% in Australia and 33.4% in Victoria. This educational advantage is driven by a high proportion of residents holding bachelor degrees (35.3%), postgraduate qualifications (15.0%), and graduate diplomas (5.2%). Vocational pathways are also well-represented, with advanced diplomas accounting for 11.5% and certificates for 11.1% of qualifications among those aged 15 and above.

Educational participation in Balaclava is notably 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 train, light rail, and bus services. These stops are served by 6 individual routes, collectively facilitating 5,851 weekly passenger trips. Transport accessibility is rated as excellent, with residents on average located 162 meters from the nearest stop.

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 very low prevalence of common health conditions across all age groups

Analysis shows Balaclava had strong health metrics, with low prevalence of common conditions across all ages. Private health cover was high at approximately 61% (3,639 people), compared to Greater Melbourne's 71.9%. Nationally, it stands at 55.7%.

Mental health issues and asthma were the most common conditions, affecting 10.7% and 7.3% respectively. 73.5% declared no medical ailments, similar to Greater Melbourne's 73.3%. Balaclava had 11.4% seniors (675 people), lower than Greater Melbourne's 14.3%. Senior health outcomes were strong, mirroring the general population's profile.

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 was found to be more linguistically diverse than most local markets, with 22.7% speaking a language other than English at home as of 2016 Census data. Additionally, 35.4% of its residents were born overseas. Christianity was the predominant religion in Balaclava, making up 25.2% of the population.

However, Judaism was significantly overrepresented, comprising 12.9%, compared to Greater Melbourne's average of 3.7%. In terms of ancestry, the top three groups in Balaclava were English at 22.8%, Australian at 18.2%, and Other at 14.9%. Notably, Polish was overrepresented at 2.2% (vs regional 1.5%), Russian at 1.3% (vs 0.9%), and Hungarian at 0.6% (vs 0.4%).

Balaclava's population is younger than the national pattern

Balaclava's median age of 35 years is slightly younger than Greater Melbourne's 37 and somewhat younger than the national average of 38 years. The 25-34 age group makes up 27.5%, compared to Greater Melbourne, while the 5-14 cohort is less prevalent at 6.9%. This concentration in the 25-34 age group is well above the national figure of 14.5%. Between 2021 and the present, the 25 to 34 age group has grown from 26.2% to 27.5%, while the 15 to 24 cohort increased from 10.4% to 11.5%. Conversely, the 5 to 14 cohort declined from 8.0% to 6.9%, and the 45 to 54 group dropped from 12.2% to 11.1%. By 2041, population forecasts indicate substantial demographic changes for Balaclava. The 45-54 age cohort is projected to rise substantially by 349 people (53%), from 657 to 1,007. Meanwhile, the 0-4 cohort grows modestly by 9%, adding 23 people.