Mornington Peninsula Property Market: Prices, Vacancy & Trends
As of May 2026, median house prices across the Mornington Peninsula SA4 range from $880,000 (Frankston) to $960,000 (Mornington Peninsula). The stock-weighted rental vacancy rate is 3.4%, ranging from 3.2% in Frankston to 3.6% in Mornington Peninsula. Top median house rent is $1050/week in Mount Eliza.
Source: Suburbtrends, 12-month rolling medians · Updated monthlyWhat is the median house price in the Mornington Peninsula?
Median house prices across the Mornington Peninsula's SA3 markets span $880,000 to $960,000, with Mornington Peninsula the most expensive market and Frankston the most affordable.
| SA3 market | Median house | 12-mth change | Median unit | Days on market |
|---|---|---|---|---|
| Mornington Peninsula | $960,000 | +3.8% | $695,000 | 38 |
| Frankston | $880,000 | +11.3% | $636,000 | 24 |
| SA3 market | Houses for sale | Houses for rent | Units for sale | Units for rent |
|---|---|---|---|---|
| Mornington Peninsula | 1,233 | 264 | 259 | 85 |
| Frankston | 390 | 139 | 143 | 76 |
Listings counts are the current-month average of properties advertised for sale or rent. Unit stock can be thin in regional markets — some SA2 unit markets carry only a handful of active listings at any time.
| SA2 area | SA3 | House median | House 12-mth | Unit median |
|---|---|---|---|---|
| Mount Eliza | Mornington Peninsula | $1,700,000 | +9.0% | $750,000 |
| Flinders | Mornington Peninsula | $1,620,000 | +1.2% | — |
| Mount Martha | Mornington Peninsula | $1,480,000 | +10.9% | $815,000 |
| Mornington - West | Mornington Peninsula | $1,420,000 | +4.4% | $825,000 |
| Frankston South | Frankston | $1,210,000 | +5.2% | $835,000 |
| Dromana | Mornington Peninsula | $1,080,000 | +0.5% | $770,000 |
| Langwarrin | Frankston | $950,000 | +11.1% | $654,000 |
| Seaford (Vic.) | Frankston | $925,000 | +9.9% | $696,000 |
| Mornington - East | Mornington Peninsula | $925,000 | +2.4% | $632,000 |
| Point Nepean | Mornington Peninsula | $920,000 | +0.3% | $625,000 |
| Frankston | Frankston | $910,000 | +15.2% | $580,000 |
| Somerville | Mornington Peninsula | $910,000 | +13.7% | $620,000 |
| Skye - Sandhurst | Frankston | $895,000 | +8.4% | — |
| Hastings - Somers | Mornington Peninsula | $825,000 | +10.0% | $620,000 |
| Carrum Downs | Frankston | $815,000 | +12.7% | $642,000 |
| Rosebud - McCrae | Mornington Peninsula | $787,500 | +2.5% | $650,000 |
| Frankston North | Frankston | $775,000 | +15.0% | $581,200 |
† Thin market: fewer than 40 sales in 12 months, or a distorted price mix — medians are volatile and 12-month changes are not reported. A dash indicates too few unit sales to report a reliable median.
Which Mornington Peninsula areas are growing fastest?
Among SA2 areas with robust sales volumes, the strongest 12-month house price growth to May 2026 was Frankston +15.2%, Frankston North +15.0%, Somerville +13.7%, Carrum Downs +12.7%, Langwarrin +11.1%.
What is the rental vacancy rate in the Mornington Peninsula?
The stock-weighted rental vacancy rate across the Mornington Peninsula SA4 is 3.4% as at May 2026. Conditions range from 3.2% in Frankston to 3.6% in Mornington Peninsula.
| SA3 market | Dec 25 | Jan 26 | Feb 26 | Mar 26 | Apr 26 | May 26 | Rental stock |
|---|---|---|---|---|---|---|---|
| Frankston | 1.7% | 2.4% | 2.5% | 2.5% | 2.0% | 3.2% | 790 |
| Mornington Peninsula | 2.3% | 2.4% | 3.5% | 2.9% | 4.0% | 3.6% | 794 |
Suburbtrends Vacancy Index methodology: vacant rental listings as a share of total rental stock, rolling 3-month basis. SA4 weighted rate uses current rental stock weights.
What are the rents in the Mornington Peninsula?
Median house rents across the Mornington Peninsula run to $1050/week in Mount Eliza at the top of the region. Unit rents typically sit below houses; bedroom splits below show where stock supports a reading.
| SA2 area | Median | 2-bed | 3-bed | 4-bed |
|---|---|---|---|---|
| Mount Eliza | $1050 | $480 | $850 | $1175 |
| Mount Martha | $880 | $585 | $750 | $1050 |
| Mornington - West | $860 | $520 | $750 | $1150 |
| Flinders | $850 | $750 | $795 | $1000 |
| Frankston South | $710 | $630 | $660 | $800 |
| Dromana | $700 | $550 | $650 | $790 |
| Skye - Sandhurst | $690 | $570 | $630 | $720 |
| Mornington - East | $685 | $520 | $650 | $850 |
| Point Nepean | $675 | $520 | $600 | $750 |
| Langwarrin | $650 | $530 | $625 | $750 |
| Somerville | $650 | $520 | $620 | $750 |
| Seaford (Vic.) | $630 | $530 | $600 | $700 |
| Frankston | $620 | $510 | $600 | $690 |
| Hastings - Somers | $620 | $510 | $580 | $750 |
| Carrum Downs | $600 | $510 | $590 | $670 |
| Rosebud - McCrae | $580 | $500 | $575 | $750 |
| Frankston North | $570 | $520 | $550 | $650 |
| SA2 area | Median | 2-bed | 3-bed |
|---|---|---|---|
| Dromana | $660 | $530 | $695 |
| Mount Martha | $640 | $590 | $690 |
| Mornington - West | $630 | $570 | $700 |
| Mornington - East | $620 | $575 | $650 |
| Rosebud - McCrae | $580 | $500 | $620 |
| Somerville | $570 | $490 | $600 |
| Carrum Downs | $560 | $500 | $580 |
| Frankston South | $550 | $540 | $650 |
| Seaford (Vic.) | $550 | $500 | $650 |
| Mount Eliza | $550 | $550 | $765 |
| Skye - Sandhurst | $540 | $510 | $620 |
| Langwarrin | $530 | $520 | $600 |
| Hastings - Somers | $500 | $495 | $570 |
| Point Nepean | $500 | $480 | $650 |
| Frankston North | $485 | $500 | $570 |
| Frankston | $465 | $490 | $620 |
| Flinders | $450 | — | $850 |
Rents are median advertised asking rents over 12 months. Bedroom splits are reported where enough listings support a reading; a dash indicates too few. Unit rents are shown only for SA2s with sufficient rental stock.
How have Mornington Peninsula prices and rents moved?
Over the 16 months to May 2026, median house prices across the Mornington Peninsula SA4 moved from $880,000 (Frankston) to $960,000 (Mornington Peninsula) at the extremes. The chart tracks each SA3 market for house prices, unit prices and house rents.
| SA3 | Feb 25 | Mar 25 | Apr 25 | May 25 | Jun 25 | Jul 25 | Aug 25 | Sep 25 | Oct 25 | Nov 25 | Dec 25 | Jan 26 | Feb 26 | Mar 26 | Apr 26 | May 26 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Frankston | $785,000 | $785,000 | $787,000 | $791,000 | $799,000 | $800,000 | $810,000 | $815,000 | $825,000 | $845,000 | $850,000 | $860,000 | $860,000 | $872,500 | $875,000 | $880,000 |
| Mornington Peninsula | $950,000 | $950,000 | $940,000 | $925,000 | $930,000 | $935,000 | $930,000 | $943,000 | $940,000 | $950,000 | $950,000 | $960,000 | $951,000 | $955,000 | $960,000 | $960,000 |
How this data is compiled
Suburbtrends compiles transaction, listings and rental records monthly across every SA2, SA3 and SA4 in Australia. Medians and percentiles are calculated on a 12-month rolling basis; vacancy follows the Suburbtrends Vacancy Index methodology (vacant rental listings as a share of total rental stock, rolling 3 months). Development Rates covers completed strata projects of 4–40 dwellings, with each project's site purchase traced through the title record to derive the land component. Thin markets are flagged and 12-month changes suppressed where sample sizes do not support them. Boundaries follow the ABS ASGS Edition 3. This page was last updated with data to May 2026, and is refreshed in the first week of every month.
Kent's research is regularly cited in the Australian Financial Review, news.com.au and industry media. He previously led data science teams at major property data firms and founded Suburbtrends to publish independent, suburb-level market research. Full profile and press citations →