Chat with us, powered by LiveChat

“Return to normal” in Frankston with strong prices and quick sales

Home buyers
07 November 2022
Save Article

Investor pays premium to land coveted Frankston South house

An investor has snapped up an original Frankston South house to give the seller an $80,000 premium.

The three-bedroom house at 1 Violet Street fetched $1.48 million in a three-bidder contest on October 22, the first Super Saturday of auctions this spring in Victoria.

The long-time owner had the reserve at the top of the $1.275-$1.4 million price range, Barry Plant Frankston auctioneer Alyssia Jecks said.

Sales records indicate the 876sq m property was purchased in 1988 for just $115,000. The price gain showed the strong growth in the sought-after suburb.

As a sign of the market returning to “normal”, Ms Jecks said there was growing demand for properties, with many selling within a good time frame.

The Violet Street house had a sales campaign of 24 days, which included eight open inspections that attracted 26 groups.

“Every attendee was interested in the property, and the investor outbid a homebuyer,” Ms Jecks said.

“There are still investors out there looking for opportunities and you can get a better yield in Frankston South.”

She noted that the buyer would have paid more than $2 million for a similar property in neighbouring Mt Eliza.

Ms Jecks added that with the sharp rises in rent prices in the suburb, the house could fetch $700 a week and will be leased out by the agency. The seller is downsizing to a property purchased through Barry Plant Frankston.

There is very high buyer demand in the suburb, with the median price for three-bedroom houses at $967,500 in the year to September 2022, according to

Records also showed a 7.5 per cent price growth over 12-months plus a rental yield of 2.9 per cent.

Another property, 2/17 Jolly Street, Frankston, was passed in at auction but sold after negotiations and for above the seller’s reserve price.

The townhouse on 229sq m changed hands for $665,000 after three offers were received post-auction, and the sale achieved $15,000 above the reserve.

“This just shows what can happen after a property is passed in,” Ms Jecks said.

And 19 Quamby Avenue, Frankston, sold in just two weeks after keen buyer interest.

A total of 32 groups attended the first inspection, and it sold for well above the top of the seller’s price guide of $695,000-$750,000.

Home buyers
07 November 2022
Save Article

Get more from Barry Plant.
Sign up for our newsletter

Sign up now to stay informed about market trends, investment opportunities, and exclusive property listings. Don't miss out on valuable insights - join our community today!