Healthcare
Invest in Frankston City's Healthcare Sector
Victoria's south-east health hub - and it's still growing.
Healthcare and social assistance is Frankston City's largest industry sector, employing more than 12,700 people and contributing over $1.4 billion to the local economy. The sector spans public hospital services, private health providers, allied health, specialist care, aged care and health-related professional services.
The centrepiece of Frankston's health economy is the $1.1 billion Peninsula University Hospital redevelopment, the largest health infrastructure investment in Victoria's south-east. Completed in January 2026, the expanded facility treats an additional 35,000 patients annually and has repositioned Frankston as one of Victoria's most important healthcare destinations. Alongside Peninsula Private Hospital, Monash University and Chisholm TAFE, it anchors a health and education precinct with genuine clinical depth, research capability and workforce infrastructure.
For healthcare businesses and providers, Frankston is not a speculative play. The demand exists. The infrastructure is in place. The gaps are clearly defined.
Why invest in Frankston's healthcare sector?
- Major hospital investment, complete and operational. The $1.1 billion Peninsula University Hospital redevelopment opened in January 2026, treating an additional 35,000 patients per year. It is already generating referral demand across every health category.
- Workforce shortage designation. Frankston and surrounds are a designated District of Workforce Shortage for GPs and psychiatry, meaning practitioners in these specialities may be eligible for Medicare incentive programs not available in most Melbourne locations. Check your speciality eligibility at the Health Workforce Locator.
- Built-in referral networks. Co-location with Peninsula Health, Peninsula Private Hospital, Monash University and Chisholm TAFE creates potential referral networks and a workforce pipeline from day one.
- A growing population. Frankston's population is forecast to grow from 144,615 in 2024 to 161,660 by 2041, driving sustained long-term demand across all health specialities.
- Ageing demographic. A growing senior population creates sustained demand for physiotherapy, psychology, speech pathology, aged care and related services.
Why now?
Frankston City has 13.12% fewer GPs per capita than the Victorian average, a measurable gap in a city where the patient base is growing and the hospital is already generating new volumes. Approximately 1,000 new CBD apartments are in the pipeline, bringing a denser, higher-income catchment to the precinct. Entry costs are still at their most favourable, as the precinct matures and vacancy tightens, the economics will shift. Providers who establish now will build patient lists and referral relationships ahead of those who wait.
Council support
Frankston City Council supports healthcare providers through site identification, local market data, connections to landlords and agents, and access to business grants and Council support programs. Our Investment Officer works directly with providers to match their requirements to available opportunities.
Contact our Investment Officer