In news that will shock precisely nobody, Melbourne’s house prices are on the up. According to property experts, Melbourne is on track to become a $1 million city by the end of spring, meaning the median price of a house will surpass $1 million. Wondering which suburbs are pushing up the house prices? One surprising hotspot has been tipped as the place that will drive the city's next property boom. Enter, Frankston.
At the start of this week, real estate appraiser PropTrack released their latest Housing Price Index – and the stats show that house prices in Melbourne rose 0.3 per cent in August, and are now just 0.6 per cent below their previous 2022 peak. According to the data, the average house price in Melbourne has risen by $23,500 in the past 12 months, with median house prices in Melbourne now sitting at $830,000. While house and unit prices across the city are on the up, there are some locations where prices are rising faster than others.
According to the PropTrack data, the median house prices in the City of Frankston have almost doubled since 2015 – rising from $422,500 in 2015 to $800,000 in 2025. Property expert Terry Ryder has named the City of Frankston as Australia’s fourth best spot to buy a home this spring, with the waterside LGA’s coastal location, growing number of apartment approvals and major infrastructure projects (including a huge hospital redevelopment) helping boost its desirability. As part of his Hotspotting report, Ryder labelled Frankston as “probably the hottest market in Victoria right now”.
Ryder’s Hotspotting report also listed the City of Yarra and the Geelong region among the ten best places in Australia to buy a home this spring.
If house prices in Melbourne continue to grow at the rate they’ve been accelerating, median house prices in the city will break the $1 million mark by the end of the year. This would make Melbourne Australia’s third $1 million house price capital, with Brisbane and Sydney already firmly on the list.
You can check out the most recent PropTrack house price index here, and you can check out Terry Ryder’s Hotspotting reports here.
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