Frankston North - VIC?

Hi Guys,

About to buy IP number 4. The other 3 are house & granny flat combos on Central Coast of NSW - this way they are mostly cash flow neutral.

I figured I'd diversify & avoid some NSW land tax by buying in Melbourne.

As I'm not overly flushed with funds and I tend to buy at or below median price anyway, I thought I'd check out Frankston - particularly Frankston North.

It seems to satisfy certain criteria - near bayside, near rail / shops / schools. New infrastructure (freeway) going in soon as well as redevelopment of Frankston marina.

But i have no idea of the culture of the place. Anybody got any helpful comments / warnings.

Thanks,

You can get a free report about the area here

http://www.reports.rpdata.com.au/

Gday Aimjoy
I went down there from NSW a couple of months ago to check it out. Frankston itself seems to be coming along nicely - lots of developments going on in the city centre, new shopping centre and cinema complex etc.
Standard 3 brm brick houses about 2-5km from beach are approx 220-240k, rents approx 200-220/week.
Frankston North has a bit of a stigma attached. Lots of old housing commision homes - cement or fibro, around 170k, 170/week. Thats the dodgier part. There are some nicer brick homes with large yards, about 185k 175-180/week in the better parts of Frankston Nth.
Frankston Nth is not too close to the train station - would need to drive 5min. The new freeway when completed will cut travel time to the city to 40min from the 1hr currently. One of the real estate agents told me that the freeway on-ramp will be near Currum Downs (closer to Frank Nth than Frankston), but I havent researched this further.
IMO buying closer to the Frankston city centre will be a better growth option in the future, but F Nth has had very solid gains in the last 2years also (I think due to its very low base price).
I guess it comes down to your financial situation. If you want any further info PM me for details
Good luck

If you use the search function at the top of the page, you'll find heaps of information already posted on the area.

This recent post is just one of them http://www.somersoft.com/forums/showthread.php?t=19608&highlight=frankston+north they might help answer a few of your questions.

Ruby

Aimjoy,

As a further bit of interest, you might like to take a look at February's API magazine which ran a 4 page spread specifically on Frankston (all sectors).

Cheers,

Jo

As you will read from other threads on this area, Frankston is a very diverse suburb and has some great potential.

Sure Frankston Nth is cheap. There is a reason. Lots of cement houses, low income earners, crime drugs and very little amenity.

No one wakes up in the morning and says "I want to move to/live in Frankston Nth."

Look at other parts of Frankston, in particular Frankston central which has much more long term development potential or Frankston STh

I just read H.S. Dents papers on population trends and the effects on Real Estate in America.

What I particularly like about it, and how it would apply to Oz is the way the author clearly shows how you can analyse towns and suburbs - to try and predict where growth areas are. Thus maximising your chances of good CG returns in RE.

There are some amazingly simple yet clear indicators, some good logic and a simple written style that brings it all together.

Maybe read through it, and then see how it applies to your investement style, and how it applies to Frankston North.

T.

Thankyou to all who replied.

I have to overcome my desire for a "bargain" mate! (I think I have Scottish genes)

I will get a bigger deposit and buy in a more desirable area which was my initial strategy anyway. I just got a bit off track.....

Thanks for the frank (if you'll excuse the pun) advice (especially Michael Yardney).

Aimjoy