David Bonaddio, Real Estate Reporter
First published 21 Oct 2026, 9:00am
First-home buyer Muhammad Khan outside the Frankston North house he bought with wife Megan for $622,000 after the couple spent two years living with her parents to save a deposit. Picture: Mark Stewart
Megan and Muhammad Khan have bought their first home for $622,000 after spending two years living with her parents to save a deposit.
The couple are preparing to move from their Mount Waverley rental into a three-bedroom Frankston North house opposite a playground for their daughter.
The couple previously rented in Bentleigh East before moving into her parents’ Carnegie home to put money aside.
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Their daughter added another dimension to the living arrangements.
“Chucking a kid in there changes the dynamic a bit,” Ms Khan said.
After two years with family, they moved into a Mount Waverley rental, where they have spent the past 10 months.
Frankston North was already on their list, offering comparatively affordable detached houses close to the beach and local green spaces.
Schools and the nearby Pines nature reserve also appealed.
The family’s new clinker-brick house sits on 618sq m and faces Monterey Community Parkland.
OBrien agent Mark Burke hands Muhammad Khan the keys to his family’s three-bedroom Frankston North house, set on 618sq m opposite Monterey Community Parkland. Picture: Mark Stewart
“We’ve got a dog and there’s a playground for our daughter,” Ms Khan said.
“It’s nice to have that greenery just across the road.”
New REA Group modelling ranks Frankston North second for potential annual house-value growth over five years, if past trends repeat.
Under that scenario, its typical $642,000 house would reach about $831,000 by 2031. The figures are projections, not forecasts.
But capital growth was not the couple’s priority.
“At the end of the day, we just wanted a place to call our home,” Ms Khan said.
“Any kind of growth that the value might see is a positive, but that’s not why we’ve bought.”
Muhammad Khan at his family’s new Frankston North home, where REA Group modelling suggests the typical house could gain about $189,000 in value over five years if past trends repeat. Picture: Mark Stewart
She encouraged other first-home buyers to find a good mortgage broker and understand their borrowing capacity rather than give up.
“You can still work on it and change your situation and make the great Aussie dream a reality,” she said.
As for the family, their next move should be the last for some time.
“It’s our home for the foreseeable future,” Ms Khan said.
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