Frankston has shed its old image of being too far from the city with little to offer. Today, its bayside lifestyle, better transport connections and thriving cultural scene are drawing in buyers – and it may well be the suburb pushing Melbourne back towards a $1m median house price.
If you’ve been keeping an eye on Melbourne’s property market, you’ll know it has felt like a slow climb over the past few years. But the tide is turning. Prices are rising again, and Frankston, the bayside suburb that many buyers used to overlook, is now one of the strongest drivers of that growth.
Why buyers are drawn to Frankston
Frankston’s story is one of transformation. A decade ago, its reputation was mixed, with house prices sitting around $422,500. Fast forward to today, and the median has almost doubled to $800,000. It’s still more affordable than inner Melbourne, but the suburb has matured – with a lively foreshore, better transport connections and big-ticket projects like a new $1bn hospital that promise to reshape local life.
For buyers, that means you’re not just investing in bricks and mortar but in a community that’s quickly becoming one of Victoria’s most talked-about addresses. It’s a place where lifestyle – the bay, the beaches, the cafes – meets growth potential.
Frankston’s bayside lifestyle is attracting more homebuyers (Image: Nils Versemann via Shutterstock)
A market that’s surprising even the experts
At a recent auction, a Frankston home expected to fetch around $850,000 sold for $1.11m after a five-way bidding battle. Local agents say it’s a sign of the times: more interstate investors are circling, more families are looking for value by the water and confidence is building.
Property analyst Terry Ryder even named Frankston the fourth-best place to buy in the country this spring, calling it “probably the hottest market in Victoria right now”. When seasoned experts are this bullish, you know something is shifting.
Probably the hottest market in Victoria right now
Melbourne’s bigger picture
Of course, Frankston is only part of the story. Melbourne’s overall median house value rose by nearly $3,900 in August, bringing it to $991,000. If growth continues, the city could officially return to the $1m mark before the end of spring. Units are also climbing steadily, with a typical apartment now priced at $610,000 – making Melbourne still one of the more affordable capitals compared with Sydney or Brisbane.
For buyers who’ve been waiting for the right moment, relative affordability is becoming harder to ignore. Melbourne is cheaper than Sydney by a long way, and while investors still grumble about land tax and stamp duty, many are now prepared to accept those costs for the growth prospects.
What this means if you’re considering Melbourne
For would-be buyers, the message is clear: Melbourne is stirring again. Frankston is proving that once-maligned suburbs can quickly become the centre of attention, and the city as a whole is showing signs of renewed strength.
So, whether you’re picturing daily walks along the beautiful bay after moving into your new home or you’re looking for an investment property that still has room to grow, Frankston is fast proving itself as the place to be.
Source: Melbourne’s surprise hotspot set to drive city’s next property boom – realestate.com.au
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