The median house price in Frankston just reached an all time high of $380,150 in the March Quarter 2014.
An amazing recovery from the sales slump experienced in 2011-12 where the median sale price dropped to a low of $330,500 in June 2012, from a peak of $370,000 in September 2010.
There has been a consistent rise in prices from then on with September 2013 being at $342,000 and December 2013 at $362,500.
The rise in prices can be attributed to high levels of buyer activity over the past 12 months, which cleared out the stock that accumulated in the slow 2012 period.
At present there are just 460 properties for sale in Frankston, Frankston North and Frankston South, comparable to 646 for sale in December 2011. That’s a 28.7% decrease in the number of properties available to purchase, this coupled with high buyer activity is creating strong competition between buyers and pushing the prices up.
Days on market have also been dropping, with the Frankston area recording an average of 96 days in September 2012, to the current average of just 78 days.
Should you require any help or advice be assured we are always at your service.
Regards,
Ash Weston
*Median sale price figures are from reiv.com
*Days on market statistics are from domain.com.au
*For sale statistics are from realestate.com.au
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