Melbourne is on track to regain its status as a $1m city by the end of spring, and a surprising hotspot has been tipped to help get it there: Frankston.

PropTrack’s latest Housing Price Index released today has revealed a late winter price uptick that added almost $3900 (0.39 per cent) to the city’s $991,000 typical house value in August.

If it maintains that level of growth throughout spring it will break the $1m mark in November — a level not seen since Real Estate Institute of Victoria home value data released in 2021.

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It comes as respected property pundit Terry Ryder has named the City of Frankston as Australia’s fourth best spot to buy a home this spring — with a shock $1m-plus auction result there over the weekend validating the tip.

The bayside council area was given the nod for its coastal locale, major infrastructure works including a $1bn-plus hospital project, and a growing number of apartment approvals.

As part of his Hotspotting report Mr Ryder said the area was “probably the hottest market in Victoria right now”.

“Something’s happening here and it’s become one of the hottest markets, certainly in the state, but also nationally,” he said.

Ray White Victoria chief auctioneer Jeremy Tyrrell handled a Frankston house sale on the weekend that sold for $1.11m in a five-bidder frenzy, after expectations it would only make it to $850,000.

PropTrack data shows the City of Frankston currently has an $800,000 median house for the municipality, almost double the $422,500 it was in 2015 when the area came with a reputation that has improved significantly since.

Mr Tyrrell said in light of the result it was no surprise to hear Melbourne was on the cusp of a $1m median house price — and that the Frankston area was helping to lead the charge.

“We have been seeing Frankston really starting to move over the last couple of months, there has been a lot of eyeballs there,” he said.

“Especially interstate investors. That was probably one of the early signs, so it’s definitely on the move.”

Mr Ryder’s report also named the City of Yarra, which covers Fitzroy and Richmond, as well as the Geelong region as among the nation’s 10 best places to buy a home this spring.

The list was topped by Queensland areas.

But he warned Melbourne was a “real conundrum” for property investors.

“I understand why some people sold up and got the hell out. I considered doing it myself, in fact, because the state government is absolutely a pain in the arse,” Mr Ryder said.

“But suddenly Melbourne is cheaper than Brisbane, much cheaper than Sydney, and it’s roughly on a par with Adelaide and Perth, so great value for money.

“And I think that a whole lot of people are saying, ‘well we’re going to be paying more stamp duty to buy there. We’re going to be paying higher land tax. And the laws that govern the relationship between landlords and tenants aren’t particularly helpful to landlords, but we’re willing to wear that, because we can see that we’re going to get some good growth there’.”

PropTrack’s data shows Melbourne units gained about $1350 in the past month, with their typical value rising to $610,000.

With the city’s high prevalence of flats, townhouses and apartments compared to most other state capitals, it is still Australia’s third most affordable capital overall, behind Adelaide and Perth — with an $831,000 dwelling price, which amalgamates houses and units.

PropTrack senior economist Eleanor Creagh said Melbourne’s dwelling value had risen 2.1 per cent in the past year, and were now just 0.6 per cent below their peak set in 2022 — according to their data, which differs from the REIV’s $1m-plus record.

It would also make Melbourne the nation’s third $1m house price capital, joining Brisbane and Sydney, according to the PropTrack data.

“It’s somewhat of a milestone for Melbourne, not quite fully recovered, but almost fully recovered after what has been a prolonged period of several years of underperformance for Melbourne’s property market,” Ms Creagh said.

“Demand has re-accelerated in Melbourne, and of course, relative affordability is also likely to be playing a role, with Melbourne now one of the most comparatively affordable capital city markets.”

However, the economist noted it was unlikely the city would imminently move up the nation’s affordability list with Melbourne’s dwelling value growth for the past three months still below that of Adelaide and Brisbane.

“However, if we look at forward looking indicators like inquiries per listing, which is a measure of potential buyer demand, we are seeing that inquiries per listing have lifted significantly in Melbourne over the past year, and it’s close to 90 per cent of suburbs in Melbourne have seen a lift in inquiry per listing,” Ms Creagh said.

“So that does point to the potential for price growth to accelerate into the spring selling season.”

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Hobart’s median home price has grown by a five-figure sum in just one year.

PropTrack’s Home Price Index, released Monday, reveals a 3.1 per cent increase in the median value comparing August results to the same time last year.

That’s a $22,800 increase to the price of a typical home.

The report shows August prices dipped by 0.5 per cent compared to July. However, they remain 30 per cent higher than they were five years ago.

At $665,000, Hobart’s median price is the second cheapest of the capital cities, behind only Darwin.

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Katrina Arkley, director of Arkley & Co, said over the past few months there has been a noticeable lift in buyer activity, particularly from Hobart families and younger buyers who are keen to secure a home before the end of the year.

Mrs Arkley said there is also a steady flow of interest from interstate purchasers who see good value in Hobart compared to larger cities.

“Investors are beginning to re-emerge, too, encouraged by stable rental demand and competitive yields,” she said.

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Petrusma Property sales manager David McLeod said activity had been “steadily increasing” over the last few months.

“Anecdotally, more young buyers and interstate buyers and investors are snapping up anything in the lower price ranges,” he said.

“Stock levels do appear lower than average, but as is typical at this time of year, appraisals and listings have begun to increase with new properties to hit the market for the spring rush.”

REA Group senior economist Eleanor Creagh said buyer inquiry data suggests conditions in Hobart could be “poised for a turnaround”.

Ms Creagh said this could come “potentially later this year”, if current housing market momentum and sentiment is maintained.

“Hobart has experienced a meaningful lift in inquiry per listing, rising around 30 per cent year-on-year,” she said.

“So underscoring that, there’s the potential to see activity reigniting into the spring selling season.”

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Interest rates remain a talking point, but Mrs Arkley said buyers seem far more comfortable now that there has been a period of stability.

Many are optimistic about the possibility of small decreases ahead, she said.

“That sense of certainty has given people the confidence to get on with making decisions,” she said.

Meanwhile, Hotspotting’s new Top 10 Best Buys report included Hobart and Launceston among the nation’s most promising markets for medium-to long-term capital growth.

The report highlights locations where infrastructure investment, economic momentum, and dwelling type align to create compelling opportunities for investors and homebuyers.

Hotspotting director Terry Ryder said Launceston is emerging as a tech and energy hub, with projects like the $2.1bn AI factory as well as hospital upgrades driving population growth.

“It’s a city that’s quietly building a future around innovation, and the property market is responding,” he said.

Hotspotting general manager Tim Graham said Hobart is evolving into a capital city with serious investment appeal.

“It’s a market that blends affordability with ambition — ideal for strategic investors,” he said.

Mr Graham said Hotspotting’s research identified more than just growth.

“We’re forecasting transformation,” he said.

“These markets are evolving in ways that will reward early movers.”

HOME PRICE INDEX

Area, Monthly growth, Annual growth, 5-year growth, Median value

Hobart -0.5% 3.1% 30.2% $665,000

Capital cities 0.5% 4.9% 46% $938,000

Rest of Tasmania -0.1% 4.3% 55.8% $516,000

Regional areas 0.3% 6.6% 65.2% $658,000

Source: PropTrack August all dwellings

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A $60m apartment development in Geelong West has won planning approval through a fast-tracked process.

Up Property received a planning permit on Friday for the four-storey Hope & Autumn project, comprising 56 one, two and three-bedroom apartments across two buildings at 51-53 Hope St and 66-76 Autumn St.

The project was submitted through the state government’s Development Facilitation Program, as the town planner steering Hope & Autumn said it won widespread support.

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Tract Consultants senior principal town planner Nick Clements said the medium rise project would make an important contribution to achieve the city’s target to build nearly 130,000 new dwellings by 2051.

“Geelong is crying out for positive examples of in-fill housing,” Mr Clements said.

“We are proud to see the project’s outstanding planning and design merits recognised by the State Government, the Office of the Victorian Government Architect and the City of Greater Geelong.

“The project’s innovative design, focus on expansive landscaping, environmental credentials and site-responsive design ensured a seamless planning approval process.”

Mr Clements said Up Property is ready to launch into selling dwellings over two stages, with a sales office primed to open on Pakington St.

The success of the sales process would allow Up Property determine the construction timeline for the entire project, he said.

“They’re looking for downsizers, people that have a little bit more money to spend on a more premium product and have gone with a top-end architect,” Mr Clements said.

“This is the first project in Geelong for Austin Maynard Architects, which has a lot of credentials in Melbourne.”

Hope & Autumn will offer apartments tailored for downsizers, families and professionals in a location adjacent to the Pakington St cafe, restaurant and shopping strip and walking distance from Geelong train station.

Austin Maynard Architects managing director Sophie Whittakers said the project was a thoughtful, sustainable and heritage-sensitive design, such as white gabled buildings with setbacks for four-storey elements.

AMA’s approach ensures Hope & Autumn would “harmonise seamlessly with Geelong West’s distinctive character while introducing new standards for context-responsive suburban development,” Ms Whittakers said.

“I was born and raised in Geelong and I’m incredibly proud that Austin Maynard Architects is contributing to a medium-density apartment project of this calibre in the region,” she said.

Some residents labelled developer Up Property as “arrogant” in proposing the development, claiming it set a dangerous precedent for the neighbourhood in terms of height and increased traffic and limits on carparking.

But Mr Clements said the development was an example of how established areas can contribute incremental housing growth towards the 2051 target.

“The broader industry is aware that there’s such substantial challenges in getting high density projects off the ground in the CBD, we’re going to have to rely upon these medium density and even smaller density like townhouses to achieve those aspirational housing targets,” he said.

Medium density projects can deliver a higher value apartments.

“If you’re buying into a 40-storey building in the CBD, it doesn’t have the same exclusivity. “Yes, you’ll have the upper levels that have got the beautiful views over the bay, but they don’t have the same amenity that is immediately adjacent to Pakington St.”

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An epic mansion featuring a golden toilet and Hollywood-style cinema is set to shatter Strathmore’s house price record by at least $2m.

Named Villa Monticello, the home at 37-39 Bournian Ave – which even has a link to iconic singer Michael Jackson – is for sale with a $7.75m-$8.5m range

That’s seven figures above Strathmore’s existing $5.5m benchmark set by 1 Henshall Rd in 2024.

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Villa Monticello was built by the late Essendon powerbroker and former number one ticket holder Ron Kirwan and his wife Sylvia, less than two decades ago.

Mr Kirwan was a life member of the football club, its Past Players and Officials Association and the Essendonians’ coterie group.

He was also part of the First XVIII coterie, a collection of prominent club supporters who contributed significant funds to the Bombers and helped to bankroll their move from Windy Hill to Tullamarine in 2013.

Two rooms at the Tullamarine headquarters were named in Mr Kirwan’s honour, the coaches meeting room and the player’s auditorium.

Mr Kirwan was also a successful businessman who started out in office cleaning, security and landscape gardening.

In 2005, he decked out his company’s MCG box with a life-size Elvis replica, marbelled handprints of actors Kim Basinger and Demi Moore and a 1957 Chevy bonnet repurposed as a drinks table.

When Mr Kirwan died at the age of 74 in 2016, Essendon legend Kevin Sheedy said the team stalwart had been “the heart and soul and serious backbone of this club for more than 40 years”.

Mrs Kirwan, a staunch Bombers fan herself, said Villa Monticello had hosted club luminaries including Sheedy, Terry Daniher, Mark Harvey and Simon Madden.

She and her husband chose to build their French Provincial-style, five-bedroom house on a 1600sq m block because they were “looking for another challenge in life” at the time.

Across 2.5 years, Grollo Homes constructed the abode that features gold-leaf ceilings, an 11-seat Art Deco-esque cinema, a fairy garden and five-car garage with a separate tool room.

The outdoor plunge pool with a waterfall and spa was designed by former Bomber Paul Van Der Haar, whose family business installed and designed swimming pools and spas.

Mrs Kirwan said Villa Monticello was named after the circa-1768 estate of former US President Thomas Jefferson, which she and her husband had visited in Virginia.

She said although their home did not look like its US counterpart, she and Mr Kirwan had liked the name “Monticello” and been impressed with how modern Jefferson’s historic address was despite its age.

“Coincidentally, one of our ancestors, I believe, hosted President Jefferson when they had a winery in France,” Mrs Kirwan said.

Villa Monticello showcases formal and informal living areas, twin offices, a lift and main bedroom with a dressing room, spa ensuite and full-length balcony

The kitchen is fitted with Miele appliances, a marble-topped island bench, walk-in pantry and butler’s pantry.

“We have gold leaf on the columns in the kitchen, on the front door and the staircase,” Mrs Kirwan said.

She nominated an ensuite with a gold-coloured toilet and bidet as one of her favourite features.

Mrs Kirwan spotted the toilet in a magazine while in the US.

She and her husband travelled across three states to inspect it before importing the glamorous loo to Australia, where they added some gold leaf decoration.

“I always loved that toilet, it’s so unique, it’s like a throne,” Mrs Kirwan said.

She said her husband would likely have selected the cinema, where he enjoyed screening Casablanca and American Civil War documentaries, as his favourite room.

The home theatre’s entrance boasts an Egyptian-like set of figures similar to carved replicas on the front of boats.

“They’re very elaborate – I wish I could have taken them with me, but they won’t fit into an ordinary house,” Mrs Kirwan, who is planning to downsize, said.

Features and materials used in the house’s build came from international locations such as Italy, the UK, France, Africa, the US and Asia.

The carpets were made in Thailand and the tap fittings were shipped from Spain.

Some of the lighting was sourced at a Las Vegas shop.

While in the store, Mrs Kirwan saw a photograph of Michael Jackson from when he had purchased several items there himself.

As a fan of the legendary performer, Mrs Kirwan struck a fairly unique bargain with the store’s staff.

“I said, ‘Well, on the proviso that you give me that photograph, I‘ll take all this lighting,’ and they’re quite happy about that,” she said.

The photo sat on her desk for many years but has now been cleared away for the sales campaign.

The Kirwans’ collection of 70 or so hats, bought during their travels, is displayed through the home.

As the author of The Kirwan Clan book and another book on genealogy, Mrs Kirwan previously had hundreds of framed family tree photos hung around the home.

Her fairy garden is filled with fairy and toadstool ornaments, and was created with the help of an artist friend.

And as a prolific charity work volunteer, she has hosted 230 groups of senior citizens for tours and luncheons through Villa Monticello.

Jellis Craig Essendon managing director Chauntel Considine said the house would suit families and buyers who appreciated fine quality.

“The detail is just quite extraordinary and replacement value, you just couldn’t replace this in this day and age with the cost of construction,” Ms Considine said.

Buyers from Sydney, Hampton, Taylors Lakes and Melbourne’s northwest have inquired about Villa Monticello, which is zoned for Strathmore Secondary College.

In addition, it is close to schools, parks, Napier St Village and public transport.

Expression of interest close at 5pm on September 23.

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