House prices in Frankston have surged to a record high in recent months. Agents and vendors have seen prices climb slowly and steadily from the slump of 2011-2012 when the median house price fell to a low of $330,500 in June 2012.
The median house price for the March quarter in Frankston was at an all- time high of $380,150 according to figures from the REIV. Ash Weston, of Ray White Frankston, said the previous price peak at $370,000 was in September 2010.
“This new figure represents a quarterly change of 3.2 per cent,” he said. “It is an amazing recovery from the slump of 2011-12. There has been a consistent rise in prices from then on with September 2013 being $342,000.”
The price rise was attributed to high levels of buyer activity over the past year, Mr Weston said. The performance of units in Frankston was even better, with a median price of $312,500 in the March quarter compared with $275,000 in December 2013, representing a 13.6 per cent rise.
Frankston is among the top 20 suburbs in Melbourne for unit price growth. Figures from realestate.com.au showed 463 residential properties are on the market in Frankston, Frankston North and Frankston South, compared with 646 properties for sale in December 2011. The steep drop in the number of properties available to buyers reflected high buyer activity that created strong competition among buyers and pushed up prices.
The days on market for properties has also fallen, with Frankston recording an average of 96 days in September 2012 to about 70 days currently. In many cases, agents have reported sales within a week of listing well-priced properties in popular areas.
The latest RP Data results showed 39 sales, with four properties passed in and one withdrawn. Among the top sales was 14 Altair Close, Frankstin, for $505,000.