Get a property report and suburb profile for any property in Frankston

Frankston sits on Port Phillip Bay with a long sandy beach, a pier and extensive foreshore parklands, so daily life has a coastal focus. It also functions as a regional commercial and civic centre, anchored by the train line and a busy transport interchange, a concentrated retail and dining strip and the Frankston Arts Centre. Housing ranges from waterfront apartments and renovated weatherboard cottages to established suburban blocks inland, and the suburb draws families, commuters and retirees who use the beach, walking and cycling paths and boating facilities.

About 37,331 people live in Frankston, with a median age of 39 and a median household income of $1,387 a week (about $72,100 a year). Most homes are owner-occupied (59.9%) while 40.2% are rented. The area has seen substantial public-sector change: the hospital redevelopment now operates as Peninsula University Hospital, a new training facility at Chisholm Institute has opened, council has adopted a metropolitan activity centre structure plan and a Nepean Boulevard master plan, the federal government has pledged $50 million for works along Nepean Highway, the Skye/Overton Road level crossing has been removed, and council has adopted an Affordable Housing Policy and plans to electrify the PARC and Arts & Library precincts. Whether that mix suits you depends on the kind of lifestyle you want.

Buying sits well above what local households earned at the last Census: a median house price of $842,000 is about 11.7 times a typical local annual household income at the last Census, and the median unit price of $531,250 is about 7.4 times that income. For renting in Frankston 3199, the average house rent of $595 a week would take about 43.0% of a typical local household's weekly income at the last Census, while the average unit rent of $450 a week would take about 32.5% of that income, so house rents take a large share and unit rents a sizeable share of local incomes recorded at the last Census.

Everyone's financial situation is different, so it's important to consider your own circumstances when deciding which suburb is right for you.

Over the past year Frankston's median house value climbed 13.1%, a strong rise, while median unit values edged up 1.5%, a slight increase. Rents rose at a more modest pace: house rents increased 4.4% and unit rents increased 4.7% over the same period.

Put another way, the figures show houses produced notably stronger capital growth than units this year, while rental income growth was modest for both property types, with units a little ahead on rent growth. Which of those outcomes matters to you depends on whether your priority is capital growth or rental income.

This information has been prepared without taking your objectives, needs and overall financial situation into account. It is not meant to be a substitute for professional financial advice. For this reason, you should consider the appropriateness of the information and, if necessary, seek appropriate professional advice.