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 analysis of ABS population updates for the broader area, as of Nov 2025, the estimated population of the suburb of Balaclava (Vic.) is around 5,989. This reflects an increase of 597 people since the 2021 Census, which reported a population of 5,392 people. The change is inferred from the resident population of 5,983 estimated by AreaSearch following examination of the latest ERP data release by the ABS (June 2024) and an additional 88 validated new addresses since the Census date. This level of population equates to a density ratio of 7,880 persons per square kilometer. Balaclava's growth rate of 11.1% since the 2021 census exceeded both national (8.9%) and state averages, marking it as a growth leader in the region. Population growth for the area was primarily driven by overseas migration, contributing approximately 81.0% of overall population gains during recent periods.

AreaSearch is adopting ABS/Geoscience Australia projections released in 2024 with 2022 as the base year for each SA2 area. For areas not covered by this data, AreaSearch utilises VIC State Government's Regional/LGA projections released in 2023, adjusted using a method of weighted aggregation of population growth from LGA to SA2 levels. Considering these projections, a significant population increase is forecast for the suburb over time, with an expected growth of 1,448 persons by 2041 based on aggregated SA2-level projections, reflecting a gain of 22.6% in total over those 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 allocated from statistical area data indicates approximately 27 new homes approved annually in Balaclava. Between FY-21 and FY-25, around 135 homes were approved, with one so far in FY-26. The population decline has likely been matched by new supply meeting demand, providing good choice for buyers.

New properties are constructed at an average value of $821,000, suggesting a focus on the premium market with high-end developments. This financial year, $6.3 million in commercial approvals have been registered, indicating the area's residential character. Compared to Greater Melbourne, Balaclava shows reduced construction activity (59.0% below regional average per person). This constrained new construction typically reinforces demand and pricing for existing homes. New development consists of 8.0% detached houses and 92.0% medium and high-density housing, creating more affordable entry points suitable for downsizers, investors, and first-home buyers.

The population density is around 1054 people per approval, reflecting a mature, established area. According to the latest AreaSearch quarterly estimate, Balaclava is projected to add 1,356 residents by 2041. At current development rates, housing supply may struggle to match population growth, potentially intensifying buyer competition and supporting price increases.

Balaclava has very high levels of nearby infrastructure activity, ranking in the top 10% nationally

AreaSearch has identified eight projects that could significantly impact the area due to changes in local infrastructure, major projects, and planning initiatives. 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.

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The labour market in Balaclava demonstrates typical performance when compared to similar areas across Australia

Balaclava has a highly educated workforce with notable representation in the technology sector. Its unemployment rate was 5.1% as of June 2025, with an estimated employment growth of 6.4% over the past year, according to AreaSearch's aggregation of statistical area data.

In June 2025, 4,173 residents were employed, with an unemployment rate of 0.5% higher than Greater Melbourne's rate of 4.6%. Workforce participation in Balaclava was 73.2%, compared to Greater Melbourne's 64.1%. The dominant employment sectors among residents include professional & technical, health care & social assistance, and education & training. Professional & technical employment levels were at 1.5 times the regional average, while construction showed lower representation at 6.0% versus the regional average of 9.7%.

Employment opportunities locally may be limited, as indicated by the count of Census working population vs resident population. Over the 12 months to June 2025, employment increased by 6.4%, labour force by 7.1%, resulting in an unemployment rise of 0.6 percentage points. By comparison, Greater Melbourne recorded employment growth of 3.5%, labour force growth of 4.0%, with unemployment rising 0.5 percentage points. National employment forecasts from Jobs and Skills Australia (Sep-22) suggest national employment will expand by 6.6% over five years and 13.7% over ten years, with varying growth rates between industry sectors. 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 only and does not account for localised population projections.

The area exhibits notably strong income performance, ranking higher than 70% of areas assessed nationally through AreaSearch analysis

AreaSearch's latest postcode level ATO data for financial year 2022 shows Balaclava had a median income among taxpayers of $60,312 and an average of $87,755. Nationally, these figures are extremely high compared to Greater Melbourne's median of $54,892 and average of $73,761. Based on Wage Price Index growth of 12.16% since financial year 2022, current estimates for Balaclava would be approximately $67,646 (median) and $98,426 (average) as of September 2025. According to the 2021 Census, individual earnings in Balaclava stand out at the 89th percentile nationally ($1,172 weekly). Income brackets indicate that 32.5% of the population (1,946 individuals) fall within the $1,500 - 2,999 income range, mirroring the surrounding region where 32.8% occupy this bracket. The locality demonstrates considerable affluence with 31.0% earning over $3,000 per week, supporting premium retail and service offerings. High housing costs consume 17.2% of income, though strong earnings still place disposable income at the 65th percentile nationally. The 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

In Balaclava, as per the latest Census data, 17.3% were houses while 82.8% consisted of other dwellings such as semi-detached homes, apartments, and 'other' dwellings. This contrasts with Melbourne metro's figures of 8.7% houses and 91.3% other dwellings. Home ownership in Balaclava was 19.8%, lower than Melbourne metro's level. Mortgaged dwellings constituted 30.5% while rented dwellings made up 49.7%. The median monthly mortgage repayment in the area stood at $2,223, surpassing Melbourne metro's average of $2,170. Median weekly rent was recorded at $386, compared to Melbourne metro's figure of $420. Nationally, Balaclava's median monthly mortgage repayments were significantly higher than the Australian average of $1,863, while median weekly 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 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, 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's educational attainment is notably higher than national and state averages. 55.5% of residents aged 15+ have university qualifications, compared to Australia's 30.4% and Victoria's 33.4%. 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, 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. Schools appear to be located outside Balaclava's immediate boundaries, requiring families to access them in neighboring areas.

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

Transport analysis indicates 12 active stops in Balaclava, offering a mix of train, light rail, and bus services. These stops are served by 5 individual routes, collectively facilitating 3,596 weekly passenger trips. Transport accessibility is rated excellent, with residents typically located 160 meters from the nearest stop.

Service frequency averages 513 trips per day across all routes, equating to approximately 299 weekly trips per individual stop.

Balaclava's residents are extremely healthy with very low prevalence of common health conditions across all age groups

Analysis of health metrics shows strong performance throughout Balaclava. The prevalence of common health conditions across all age groups was very low. Approximately 61% of the total population (3,677 people) had private health cover, compared to 73.1% across Greater Melbourne and a national average of 55.3%.

Mental health issues were the most common medical condition in the area, impacting 10.7% of residents, followed by asthma at 7.3%. A total of 73.5% of residents declared themselves completely clear of medical ailments, similar to the 73.3% across Greater Melbourne. Balaclava had 11.4% of residents aged 65 and over (682 people), lower than the 14.3% in Greater Melbourne. Health outcomes among seniors were particularly strong, broadly in line with the general population's health 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 the latest data from [insert date]. Additionally, 35.4% were born overseas. Christianity was the predominant religion in Balaclava, comprising 25.2%, according to data from [insert year].

However, Judaism was significantly overrepresented compared to regional averages, making up 12.9% of Balaclava's population, while the Greater Melbourne average stood at 3.7%. Regarding ancestry, the top three groups were English (22.8%), Australian (18.2%), and Other (14.9%). Notable disparities existed in certain ethnic groups' representation: Polish residents constituted 2.2% compared to the regional average of 1.5%, Russian residents made up 1.3% versus 0.9%, and Hungarian residents accounted for 0.6% against a regional average of 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 age group of 25-34 has strong representation at 27.6%, higher than 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 average of 14.5%. Between 2021 and the present, the proportion of the population aged 25 to 34 has grown from 26.2% to 27.6%, while the 15 to 24 cohort increased from 10.4% to 11.6%. Conversely, the 5 to 14 cohort has declined from 8.0% to 6.9%. Population forecasts for 2041 indicate significant demographic changes in Balaclava. The 45 to 54 age cohort is projected to increase substantially, growing by 326 people (49%) from 670 to 997. Meanwhile, the 0 to 4 cohort grows modestly by 6% (17 people).