Frankston has been crowned the state's top property spot, and Australia's fourth best place to buy a home this spring.
Property expert Terry Ryder delivered the somewhat surprising news in his latest Hotspotting report, positioning the bayside suburb of Frankston ahead of traditional Melbourne favourites.
The coastal council area earned recognition for its beachside location, massive infrastructure projects and growing apartment development pipeline.
Frankston’s hot streak comes as Melbourne edges closer to reclaiming its million-dollar city status.
Frankston, Melbourne
- Location: Bayside Melbourne, approximately 40km south of CBD
- Median house price: Approaching $1m mark
- Market status: Fourth best buying spot in Australia according to Hotspotting report
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PropTrack’s Housing Price Index shows the city added almost $3900 to typical house values in August, pushing the median to $991,000. If spring maintains this momentum, Melbourne could break the $1m barrier by November for the first time since 2021.
This would make Melbourne the nation’s third $1m house price capital, joining Brisbane and Sydney, according to the PropTrack data.
Ryder described Frankston as ‘probably the hottest market in Victoria right now’, pointing to several key factors driving demand. Major infrastructure works include a billion-dollar-plus hospital project, while the area continues attracting buyers seeking coastal lifestyle without premium price tags.
The report also highlighted other Victorian success stories, naming the City of Yarra covering Fitzroy and Richmond among the nation’s top 10 buying destinations. Geelong region also made the prestigious list, cementing Victoria’s strong showing in national property rankings.
Recent auction results support Ryder’s assessment, with Frankston recording surprise million-dollar-plus sales that validate the area’s emerging status. The combination of infrastructure investment, lifestyle appeal and relative affordability positions Frankston as a key driver in Melbourne’s property recovery.
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