In 1849 a settlement was formed as a stopping-off point for the bullock wagons on the main track from the Burra Copper mines to Port Wakefield. In 1877 it was surveyed and developed as a town, and was named after the Battle of Balaklava in the Crimean War.
Balaklava before it was known as such, had some plain land with plots of timber and scattered trees of wattle, broom brush, Myall and others.
Today Balaklava, set on the banks of the River Wakefield and on the northern fringe of the Adelaide Plains, is a large rural centre, the main activities in the area being wheat, barley and sheep and serves as a grain collection point. The Rocks Reserve just south of the town is a unique formation of rock naturally carved by the River Wakefield. The 11.5-hectare reserve is abundant with flora and fauna and has walking tracks, as does the town itself, also along the banks of the river as it borders the northern edge of the town.
Activities include: Adventure playground, basketball, Courthouse Gallery, cricket matches, football matches, golf: greens, horse racing, lawn bowls, river walking trail, shooting clubs, squash, swimming pool, tennis.
- The Rocks Reserve - picnic and walking grounds located on the banks of the Wakefield River
- Devils Gardens Reserve - picnic grounds 7km se featuring river box gum trees
- Balaklava Folk Museum - exhibiting local agricultral implements and memorabilia
- Avon Art and Craft Guild - local craft group practicing traditional wool crafts
- Lions Club Walking Trail - scenic walk along the banks of the Wakefield River
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