Frankston consists mostly of traditional quarter-acre blocks colloquially referred to as the "Australian Dream", and 70% of houses in the suburb consist of three or more bedrooms. A concentration of apartments, flats and units are also centred around the Frankston CBD. Being one of the southernmost suburbs of the metropolitan area of Melbourne, Frankston is also one of its most affordable. As of the March quarter of 2015, the median house price in the suburb is A$390,000. Comparatively the median house price of the metropolitan area of Melbourne overall is A$638,445, and the median house price of Australia generally is A$576,100.