Overview
Median House Price $271,000 (Jun '07 REIV)

Frankston is approximately 40km south east of the Melbourne CBD, on the eastern side of Port Phillip Bay. It was originally a sea side resort but is now quite a large suburb, dominated by single storey detached dwellings on large quarter acre blocks.

It has an abundance of retail areas, including three major shopping centres. Bayside and Bayside North Shopping Centres are located near the beach and train station and Karingal Hub Shopping Centre is situated on the eastern outskirts of Frankston. There are many schools in the area, including private and public, primary and high schools. There is also the Peninsula Campus of Monash University and the Chisholm Institute of TAFE is located near the train station. In addition to the train, Frankston is serviced by a bus service. Frankston is also well serviced by its hospital. For the young at heart, it has the largest skate park in Australia.[i]

Demographics
People- There is approximately 35,000 people living in Frankston. In relation to the rest of Australia, it is a suburb that houses an older population, as evidenced by differences in median age (38 years to 37 years), proportion of people aged 65 years and over ( 16% to 13%) and people aged 14 or younger (17% to 20%). There are a relative high proportion of English and Scottish migrants in the area. There are more single parent families (25% to 16%) and less families with kids (37% to 45%) in Frankston than the rest of Australia. The most common religious affiliation is no religion. The median household income is only $776 per week whereas the Australia wide median is $1,027.

Housing – In Frankston, 30% of dwellings are fully owned, 30% are being purchased and 31% are rented. This compares to the Australian average of 33% fully owned, 32% being purchased and 27% rented[ii]. As can be seen from these figures, there are currently a relatively high number of renters in Frankston.

Why you should consider buying here
One of the main drivers of capital growth is location.

As Frankston is on the beach, it is very attractive to many people. One of the leading indicators of capital growth is if the private and public sectors are willing to spend their money on upgrading an area. Frankston is an excellent example of this. Frankston is a nominated Principal Activity Centre (part of the Melbourne 2030 Strategy). This ensures that money will be spent in this area to upgrade facilities and infrastructure. A local initiative entitled "Frankston 2025" will also enhance the revitalisation of this area. The following are just some of the improvements that are planned or are already underway in Frankston:

üFrankston Safe Boat Harbour – this will include five boat ramps, over 300 berths, pedestrian promenades, play areas, restaurants, cafes, specialty stores and ferry terminal. The government and private sector is hoping to position Frankston as the boating capital of Melbourne[iii].

üEastlink – This is Australia's biggest road project at a cost of almost $4 billion. It will link Melbourne's eastern and south-eastern suburbs[iv]. It will significantly cut commuting time between Melbourne and Frankston and bring Frankston and surrounding areas "closer" to Melbourne.

üRedevelopment of the Frankston Waterfront, including major landscaping, redevelopment of Frankston Life Saving Club and restaurants[v].

üRedevelopment of the Peninsula Centre building – Often referred to as Frankston's ugliest building, the $40 million redevelopment will convert this 1970's building into a modern 12-storey apartment complex with day spa, retail stores and restaurants[vi].

Areas to focus on
The closer you are to the beach, the better off you are in regards to capital growth. Streets west of the Nepean Highway can attract a premium.

Areas to avoid
A light industrial area, consisting mainly of car repair workshops, is in the north-west of the suburb, in and around New Street[vii]. Avoid living on the Frankston Freeway or too close to the train line.

[1] www.frankston.vic.gov.au

[1] www.abs.gov.au

[1] www.frankston.vic.gov.au

[1] www.connecteast.com.au

[1] www.frankston.vic.gov.au

[1] www.frankston.vic.gov.au

[1] www.wikipedia.org

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