Frankston has long been recognised as the preferred place for living for many, for its beachside beauty, improved connectivity and lifestyle. Attracting attention from investors and home buyers Frankston has seen increased population growth, greater connectivity to the Southeast and CBD, as well sturdy growth in house prices. Whilst still an affordable option for residential development now is the ideal time to invest in Frankston.
Snapshot of Frankston Property Market and Trends
Frankston City is part of the Melbourne South region that has the highest population of Greater Melbourne with 1.06 million residents. It is also estimated to have the fastest growth of the region by 2050. The region has a 65 per cent workforce participation rate.
Frankston City's sustainable population growth over many years has seen it become Melbourne's premier bayside capital, home to over 141,700 residents. Its is estimated that the population will increase to 157,000 by 2036. The Frankston Metropolitan Activity Centre (FMAC) is forecasted to grow at an accelerating rate of 52 per cent by 2036, indicating a strong demand for housing that will generate in the area.
The impact of this population growth has translated into the demand for property in Frankston City with almost $264 million worth of building approvals issued between 2017-2018.
The construction sector within the City of Frankston has benefitted from this growth and has increased by 148% since 2011 with 120% growth in employment.
Council has recently adopted the Structure Plan for the FMAC. One of the strategies within the plan relates to housing; in particular, it identifies that niche opportunities may exist for high rise apartment developments that have the opportunity to attract premium price for those if they have water views.
The initiatives and projects noted in the Structure Plan aim to achieve this shared vision-
"Frankston is the capital of the Mornington Peninsula - a vibrant and diverse city centre boasting a strong beachside character.
It is a place where all residents and visitors can take part in a range of learning, employment and recreational opportunities, and cultural experiences that are unsurpassed in the region.
The lifestyle qualities of Frankston are enriched by a strong connection to the waterfront and Kananook Creek.
There is a strong sense of pride in the streets and public spaces. The city centre is a people-oriented, thriving place for business and an inspiring place to in due to the quality of landscaping, public art and architecture. Everyone is welcome to engage in public events and to socialise in the streets.
Frankston is a great place to live, with a range of housing choices that are close to everything. Residents benefit from opportunities for walking, cycling or using public transport to access their daily needs."
The objective for Council in the Plan is to provide a range of housing types in close proximity to shops, services, education and transport for people of all ages and circumstances. This is achieved by encouraging a mix of dwelling types, promote residential uses above retail and commercial premises and promote student accommodation in suitable locations.
The Ebdale Precinct, positioned close to the beach and alongside Nepean Highway, forms part of the Structure Plan and has been earmarked for increased residential densities. Preferred development in this precinct are medium density residential projects that embody design excellence and innovative solutions to achieve enhanced streetscapes and a high level of amenity for existing and future residents.