Median Prices the Envy of Big Smoke

With Melbourne’s median house price hitting $525,000, what can that amount buy in the Frankston region? Plenty, it would seem, as the Frankston median price was just $371,500 for houses and $305,000 for units in the 12 months to April, according to RP Data.

The latest results from RP Data showed that of the 24 house sales, only four were priced above the Melbourne median price. The rest sold from a bargain $295,000 for a two-bedroom home in Hastings to a three-bedroom property in popular Frankston South for $515,000.

Most houses, with the exception of those close to the water, certain Frankston South streets and large lifestyle properties, would sell easily below the Melbourne median, said Ray White Frankston sales manager Ashley Weston.

The Frankston market was dominated by sales starting from the high $200,000s to mid-$400,000s, he said. There was very limited supply of properties in the $500,000-$800,000 range.

“The buyer demand is still very strong and shows the affordability of homes in the area,” Mr Weston said. “One of the most popular is Karingal estate where properties are seen to offer value for money and attract many first-home buyers.”

For $525,000, a buyer could get a four-bedroom, two-bathroom family home in popular Frankston South, but not on the beach side of the Nepean Highway, he said. Ray White Frankston, a mid-sized agency among 18 real estate offices in Frankston, sold about 45 properties in the past three months or about one every two days.

Unit sales have performed better, with seven of 11 recent sales above the Frankston unit median price of $305,000. Among the top sales was a four bedroom Olivers Hill house at 25 Humphries Rd, Frankston South that sold for $647,000. The charming home offered a large parents’ suite, a spacious kitchen, a decked courtyard, heated pool and low maintenance garden.

Source: Frankston Leader