Used to have a bit of a bad reputation as a rough area which probably hurts it a bit . Take a drive around the " pines " area , it's still pretty run down looking.
Of course , many a real estate fortune has been made from picking an unloved area that comes into favour.
A significant change factor ( imo ) has been the building of the Eastlink and Peninsula link roads. If you live in the Frankston area , now you can drive quickly to places like Ringwood , Berwick etc. In my view , the access to other employment opportunities that these roads give should not be ignored . Also , there has been a lot of new industrial warehouse investment along the freeway because it is easier for B doubles to access. On top of that , for some people that only need to go to the city a couple of days a week for work and do the rest at home , it means that they can live there for lifestyle reasons ( beach , golf etc ). Imagine , you sell your cramped inner city place for $1mill , buy a new house for $500k and commute a couple of days a week. Not for everyone but a nice option for baby boomers .
On top of that , there are some pretty nice areas and some nice surrounding burbs such as Mt Eliza and Mt Martha.
I know there is a university and they are spending plenty on the hospital but I don't know how good the schools are which is probably one of the biggest drivers in real estate imo.
In some ways , it's probably destined to become a regional centre given the way the whole peninsula is developing.
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