It’s no secret that Frankston High School is one of the top schools on the Mornington Peninsula, many families are sacrificing home ownership to rent in the “Frankston High School Zone” in which is sky rocketing rental prices (also home prices) which is a common trend across all high performing school suburbs across Melbourne.
The median rental price in Frankston High School Zone is $450 per week, fetching on average $85 per week more than properties outside of the zone- The average house price within Frankston High School zone is $720,000 in comparison to homes outside of the zone with a median price of $620,000- as you would have seen in Saturdays Herald Sun.
Frankston/Frankston South is becoming more and more out of reach for home buyers- based on the below stats from the Australian Bureau of Statistics tenanted properties are far out numbering owner occupied- Frankston/Frankston South home prices increased on average 10% last year, the expected annual growth is sitting at 8.1% – with the inflated home prices where is this pushing our rental properties? Only further and further up….
With this much growth within the area, when was the last time your investment properties rent was reviewed and potentially increased to be consistent with the current market value?
If you have a home within Frankston or even surrounding suburbs in which you would like to receive an indication of the rental return, contact our office today for an obligation free valuation.