Frankston has Melbourne's most affordable units with a $270,000 median

Frankston, a beachside satellite suburb, has the most affordable units in Melbourne, according to the Real Estate Institute of Victoria.

The REIV puts the median unit price in Frankston at $270,000 after the suburb's median unit price increased 2.7% over the March quarter.

A search on online real estate portals reveals an array of units for under $300,000. 

Unit 9 at 430 Nepean Highway (pictured below), an eight-year-old two-bedroom unit marketed as an investment property, is listed at $240,000 to $265,000. According to RP Data it was last listed in 2010 at an optimistic $285,000 to $310,000.

It January the property was advertised for rent at $270 per week, giving a potential yield of 5.3% if it sells for the upper bracket.

It is being listed by Deb Sanderson of Harcourts Frankston.

Unit 1 at 56 Screen Street (pictured below), an unequivocally retro two bedroom unit over 100 square metres, is listed for sale for more than $275,000. It is being listed by agents Katherine Vasilopoulos and George Findikakis from Eview Real Estate.

Unit 4 at 50 Petrie Street (pictured below), a three bedroom unit 740 metres from the train station, is listed for sale at more than $250,000. It has an estimated rent of $1130 per month giving a potential yield of 5.42%. Body corporate comes to $235 per quarter.

The asking price for the apartment has varied significantly over the last few years. In 2009 it was listed at $249,950, in 2011 it was listed at more than $260,000 and in 2012 it was listed at more than $230,000.

It is being listed by Sam Bucca from Eview Real Estate.

Unit 29 at 402 Nepean Highway (pictured below), a two-bedroom fully furnished unit on the first floor, is listed for sale at a negotiable $280,000.

It has an advertised rental return of $240 per week giving a potential yield of 4.46%. It is marketed as having two large bedrooms though pictures show a rather tight squeeze in one of the rooms.

Up until January this year the apartment was listed at $245,000 to $260,000.

It is being listed by Mike Joy and Nicola Nakon from O'Brien Real Estate Chelsea.

Unit 9 at 1-3 Skye Road (pictured below), a two-bedroom unit with a new kitchen and breakfast bar, is listed with price hopes of above $220,000.

It is being listed by Ashley Weston of Ray White Frankston.

Off-the-plan units at Airio, a $50 million 97-apartment complex being developed by PNP Property Group, are being sold from $323,000.

And serviced apartments at Peninsula on the Bay, a 10-storey Nepean Highway complex, are being marketed for between $250,000 and $350,000.

Agent George Findikakis says sales in the area are driven predominantly by first-home buyers and investors.

“I think $270,000 is quite affordable for first-home buyers,” Findikakis says.

He says the new developments in the area aren’t affecting prices at the lower end of the market as they tend to be in a different price bracket.

“The market has been quite strong. At the start of last year it was a bit flat but consumer confidence picked up towards the end. Now with the election looming supply has gone down in last two or three months but prices are OK,” Findikakis says.

“I think this quarter should be quite good, as soon as the election is over. Next year is going to be better I think.”

Image of Frankston by Simon Yeo, courtesy of Flickr.