Thousands of buyers are flocking to Frankston South as limited listings intensify competition, with new data revealing just how fierce the battle for homes is.
More than 6700 desperate house hunters are vying for 222 homes in the bayside hotspot where it has officially disappeared.
Ray White’s latest property market report shows 6,749 buyers followed Frankston South last month.
The underground has already proven that it can play at the very highest end of the market.
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A state-of-the-art home at 23 Gulls Way reset local expectations last year when it sold for $17m, cementing Frankston South firmly in the limelight.
Ray White Frankston agent Brooke Wegener said buyer pressure was inevitable at inspections and auctions.
“We usually see 10 to 20 groups in a certain area, depending on the price range,” Ms. Wegener said.
“Auctions are still competitive, with an average of 2.6 buyers per auction.”
He said the average days of the 26-month low market indicate consumer behavior and weak demand.
Ray White Frankston agent Brooke Wegener says low listing prices keep competition strong, with busy open houses and multiple tenders still the norm.
A clifftop home at 23 Gulls Way set a new benchmark for the suburb after selling for $17m last year, highlighting the area’s growing popularity.
“For us, we do a lot of auctions, so that the 26 to 30 day window is consistent with a normal auction campaign,” Ms. Wegener said.
“The first few weeks, that’s when you see the most intense investigation and the most momentum.”
Zara Lend director Stephanie Jordan has warned increased competition increases the risk of consumers overextending themselves.
“One of the most common mistakes is going over the owner occupied mortgage,” said Ms. Jordan.
“Buyers often feel confident because they’ve paid off a lot of their mortgage, but when they upgrade, they effectively start over with a much larger mortgage.”
Zara Lend founder and real estate agent Stephanie Jordan says many reputable buyers are equity-backed developers, but she warns over-committing to the next price bracket can limit future flexibility.
Swimming pools and high-end finishes are back on buyers’ wish lists in Frankston South, with lifestyle features increasingly offering competition at the luxury end of the market.
He said the biggest killer remains buyers bidding without fully vetted funds, especially under auction conditions.
“A real pre-approval means that a credit checker has reviewed your income and checked it against the policy,” Ms. Jordan said.
While Frankston South’s median house price was $1.167m in 2025, Ms Wegener said the luxury sector was operating above that level.
“It depends on the property, but prices generally start from $1.8m and up,” Ms Wegener said.
“That’s where you see the offerings of life, great space and high-end finishes.”
He said the biggest group of buyers are growing families rather than first-time home buyers, and demand is coming from returning areas.
When those buyers missed out, they expanded their search to the Peninsula corridor.
“Mount Eliza, Mornington and Mount Martha,” said Ms. Wegener.
Sometimes Langwarrin too, especially lifestyle buyers.
MR Advocacy director and buyer’s agent Madeleine Roberts says flexible buyers are reassessing value and are increasingly shopping in Frankston South versus traditional Bayside areas.
Michael and Molly, who recently bought a home in Frankston South, are among a growing number of buyers navigating the fierce competition for limited listings in the suburb. Photo: Jason Edwards
Director of MR Advocacy and Consumer Advocate Madeleine Roberts said respected consumers are reassessing where value sits after several years of chasing growth elsewhere.
“Luxury buyers are a very dynamic market segment,” said Ms Roberts.
“They will go where the value is.”
He said Frankston South and surrounding areas on the Peninsula were increasingly being marketed in areas within the bayside.
“Buyers are comparing what $2m to $3m is buying here compared to inner Bayside,” Ms Roberts said.
“For many, the place and the way of life are too much.”
A local listing battle is playing out after a heated auction across Melbourne.
PropTrack data shows that 628 homes are set to go under the hammer across the city this week, underscoring that buyers priced out of “blue-chip areas” are hitting hard in the suburbs where listings remain scarce.
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