5 hours Ago By Sarah Petty
Amy Bignell purchased a house in Frankston at the end of 2024, taking advantage of the suburb’s new-found affordability. A drop in home prices last year helped Amy Bignell snap up a house in Frankston following years of being priced out of the suburb. After buying her first home in Clyde North as a stepping stone in 2015, it was only following the pandemic when values along the coast fell that she was able to return to where she grew up.
The 43-year old said her move to Clyde North had been her first time living away from the beach. RELATED: Bali Body founders sell Mediterranean-inspired Vic home $4.4m Surf Coast residence offers best seat in the house Wild images reveal Aussie landslide horror “I did not like being away from the beach and my work is across on the Peninsula as well,” Ms Bignell said.
“I got really sick of the commute after not having to do it during Covid. It’s about an hour each way with traffic.” Ms Bignell managed to snap up a three-bedroom home on a huge block of land — an upgrade from her former Clyde North home.
MORE: Beach homes from $500k: Vic’s bargain hotspots revealed She added that by the time she started looking for a new residence, prices had fallen across the Mornington Peninsula and its fringes. “I was looking elsewhere because I didn’t think I would get onto the Peninsula,” she said. “But the prices did seem to drop for me at about the right time.
” PropTrack data shows Frankston’s median house price is $730,000 and has decreased 8.6 per cent from $798,687 in the year to December, while a typical unit costs $510,000 and is down 13.1 per cent from $586,882.
26 Nursery Ave, Frankston is listed for sale right now. The four-bedroom house has a $700,000-$740,000 — around the suburb’s median house price of $730,000, as of December. Ms Bignell said she managed to buy a three-bedroom house in Frankston — the same amount of bedrooms she had in Clyde North, but with much more land.
“It’s almost 600sq m and I was on 350sq m I think, so yes I was able to get bigger land than what I thought,” she said. “I was expecting best case, I might be able to get a unit.” Buyer’s advocate Andrew Pereira said after a few years of home prices declining, he believed significant interest rate cuts could soon help increase property values in the region again.
“Hopefully there will be a shift in the next one to two years,” he said. The new research comes as Victorian sun-lovers could snag beach houses across the state for a bargain, after prices dropped by as much as 10 per cent. See the suburbs with the biggest price falls for houses and units .
Sign up to the Herald Sun Weekly Real Estate Update. Click here to get the latest Victorian property market news delivered direct to your inbox. MORE: Vic’s biggest home sell off has knock-on effect to the coast What really happens to home values in fires, floods The Body Shop mogul makes $10m move on Peninsula sarah.
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