Frankston vs RichmondTwo Melbourne suburbs compared for a home loan
Frankston (VIC 3199) is approximately 40 km south-east of the Melbourne CBD. Richmond (VIC 3121) is approximately 3 km east of the Melbourne CBD. At the 2021 Census, Frankston had 37,331 residents with a median age of 39, and Richmond had 28,587 residents with a median age of 34.
The most common occupied dwelling was separate houses in Frankston and flats and apartments in Richmond. Flats and apartments made up 6% of occupied dwellings in Frankston and 53% in Richmond, while 40% of Frankston households rented compared with 55% in Richmond. These differences matter for finance, because lenders assess apartments, strata buildings and houses on land differently.
Both suburbs are in the same state, so transfer duty is calculated on the same scale and the difference in upfront cost comes from the purchase price. The panel below applies that scale, and an estimate of lenders mortgage insurance, to the prices you enter.
VIC 3199 · South East Melbourne
Frankston
Frankston is a bayside activity centre in south-east Melbourne with a beach, major hospital and rail terminus, and a mix of houses, units and apartments.
City of Frankston. Approximately 40 km south-east of the Melbourne CBD.
Read the full Frankston guideVIC 3121 · Inner East Melbourne
Richmond
Richmond is an inner Melbourne suburb of Victorian cottages, warehouse conversions and apartments, with a major rail interchange and six tram routes.
City of Yarra. Approximately 3 km east of the Melbourne CBD.
Read the full Richmond guide
What buying in Frankston and Richmond would mean for the loan
The difference between two suburbs is usually a difference in price, and price drives the deposit, the transfer duty, any lenders mortgage insurance and the repayment. Enter the prices you are seeing and the panel works out each of those for Frankston and Richmond.
Your prices and deposit
Enter the price you are seeing in each suburb. BorrowWise does not quote prices, so the comparison uses yours.
- Loan amount
- $740,086
- Loan to value ratio
- 87.9%
- Transfer duty, Victoria
- $44,690
- Lenders mortgage insurance
- $13,086
- Upfront cash needed
- $147,690
- Loan amount
- $1,351,995
- Loan to value ratio
- 92.8%
- Transfer duty, Victoria
- $76,863
- Lenders mortgage insurance
- $54,495
- Upfront cash needed
- $179,863
- At these prices, Richmond costs $3,708 more a month than Frankston and needs $32,173 more cash upfront.
Warning: The interest rate used here is an example only. It is not a comparison rate and is not a rate offered by any lender, and it does not include fees and charges. Different rates, terms, fees or loan amounts will give a different result.
Estimates only. Repayments assume a principal and interest loan at a constant rate, which is an assumption and not a current market rate. Transfer duty is indicative for established homes, first home buyer relief depends on eligibility, and upfront cash includes an allowance of $3,000 for conveyancing and inspections. Lenders mortgage insurance is an estimate and is added to the loan. A lender makes its own assessment.
Frankston and Richmond: Census profile compared
Figures are from the 2021 Census, so rents, repayments and incomes have moved since. They are most useful for comparing one suburb with another and with Australia as a whole.
| Measure | Frankston | Richmond |
|---|---|---|
| People and households | ||
| Residents | 37,331 | 28,587 |
| Median ageAustralia 38 | 39 | 34 |
| Average household sizeAustralia 2.5 | 2.2 | 2.0 |
| Median household income, weeklyAustralia $1,746 | $1,387 | $2,245 |
| Housing costs at the 2021 Census | ||
| Median rent, weeklyAustralia $375 | $342 | $441 |
| Median mortgage repayment, monthlyAustralia $1,863 | $1,733 | $2,292 |
| Who owns and who rents | ||
| Households rentingAustralia 31% | 40% | 55% |
| Owned with a mortgageAustralia 35% | 33% | 24% |
| Owned outrightAustralia 31% | 26% | 19% |
| Types of home | ||
| Separate housesAustralia 72% | 73% | 16% |
| Townhouses, terraces and semi-detachedAustralia 13% | 20% | 31% |
| Flats and apartmentsAustralia 14% | 6% | 53% |
| Homes with two bedrooms or fewer | 28% | 67% |
| Homes with four bedrooms or more | 21% | 6% |
| Dwellings unoccupied on Census night | 8% | 15% |
Source: Australian Bureau of Statistics, 2021 Census (CC BY 4.0). Tenure shares exclude households that did not state their tenure. Dwelling shares are of occupied private dwellings.
Home loan considerations in Frankston and Richmond
Lenders treat houses on land, townhouses and apartments differently, and some apply extra conditions to small apartments, high-density buildings or particular postcodes. These are the points each guide raises.
Frankston
- First home buyers
- Investors
- Upgraders
- Downsizers
- Small unit developments still involve an owners corporation, and evidence of common property insurance may be required before settlement.
- Coastal exposure can accelerate building deterioration, which may influence valuation and maintenance budgets.
- Planning overlays on sloping land near Olivers Hill or low-lying land near Kananook Creek can affect insurance, building approvals and renovation finance.
- Lenders may restrict loan-to-value ratios for small apartments or buildings with a high concentration of investor-owned lots.
- Off-the-plan apartments are valued at completion, so the valuation may differ from the contract price agreed earlier.
- Unit valuations can vary with the age and density of the development, so buyers may wish to allow a margin in deposit planning.
Richmond
- First home buyers
- Upgraders
- Investors
- Downsizers
- Some lenders apply minimum floor area rules or lower maximum loan-to-value ratios to small and high-density apartments.
- Postcode or building concentration limits may apply to inner-city apartments, which can narrow the choice of lender.
- Auction purchases in Victoria carry no cooling-off period or finance condition, so approval is usually arranged before bidding.
- Heritage controls are widespread and can lengthen the approval process for renovations a buyer intends to finance.
- Warehouse conversions, very small allotments and homes without parking can produce valuation variance because comparable sales are limited.
- Owners corporation fees, maintenance funds, defect matters and special levies should be reviewed for any strata-titled purchase.
Housing stock in Frankston and Richmond compared
Frankston
- Post-war detached houses
- Weatherboard and brick veneer homes on generous allotments, varying from original condition to fully renovated.
- Units and townhouses
- Older villa units and newer two-storey townhouses on subdivided blocks, usually within a small owners corporation.
- Apartments
- Low-rise and mid-rise buildings in the activity centre and near the foreshore, a small but growing segment.
- Bay-view homes
- Houses of varied age and design on elevated or sloping sites towards Olivers Hill.
Richmond
- Victorian cottages and terraces
- Single-fronted and double-fronted period homes on narrow allotments, many under heritage controls and without off-street parking.
- Warehouse conversions and townhouses
- Former industrial buildings and infill sites adapted into strata-titled or freestanding dwellings of varied size and layout.
- Apartments
- Older walk-up flats and contemporary multi-storey buildings, which the 2021 Census shows make up more than half of occupied dwellings.
Official sale price and rent figures for Frankston and Richmond
Only figures published free of charge by a government agency are shown. Where none is published the space is left empty rather than filled with an estimate. Each guide charts the full series.
Frankston
- Median house price, 2025
- $827,000
- Median unit price, 2025
- $570,000
- Median weekly rent, 3 bedroom house, 2025 Q3
- $570
- Median weekly rent, 2 bedroom flat, 2025 Q3
- $475
Source: Valuer-General Victoria (Department of Transport and Planning), State of Victoria; Victorian Department of Families, Fairness and Housing (Homes Victoria).
Richmond
- Median house price, 2025
- $1,397,500
- Median unit price, 2025
- $585,000
- Median weekly rent, 3 bedroom house, 2025 Q3 (Richmond-Burnley)
- $990
- Median weekly rent, 2 bedroom flat, 2025 Q3 (Richmond-Burnley)
- $700
Source: Valuer-General Victoria (Department of Transport and Planning), State of Victoria; Victorian Department of Families, Fairness and Housing (Homes Victoria).
Transport, schools and amenities in Frankston and Richmond
Frankston
Transport
- Frankston Station (train)
- Stony Point line (train)
- Frankston Station bus interchange (bus)
- Nepean Highway (road)
Schools and campuses
- Frankston Primary School (primary, government)
- Frankston High School (secondary, government)
- John Paul College (secondary, catholic)
- Chisholm Institute, Frankston campus (tertiary, tafe)
Amenities
- Peninsula University Hospital
- Frankston Beach and Pier
- Peninsula Aquatic Recreation Centre
- Samuel Sherlock Reserve
- Chisholm Institute, Frankston campus
Richmond
Transport
- Richmond Station (train)
- East Richmond, West Richmond and North Richmond stations (train)
- Routes 12 and 109 (tram)
- Routes 48 and 75 (tram)
- Route 70 (tram)
- Route 78 (tram)
Schools and campuses
- Richmond High School (secondary, government)
- Melbourne Girls' College (secondary, government)
- Richmond Primary School (primary, government)
- Richmond West Primary School (primary, government)
Amenities
- Epworth Richmond
- Victoria Gardens Shopping Centre
- Bridge Road and Swan Street retail strips
- Citizens Park
- Barkly Gardens
- Richmond Town Hall
School listings show name, level and sector only. Enrolment areas change, so confirm eligibility for a specific address with the school or the Victoria education department.
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