Frankston prices increased???

Damn! I finally have enough equity and savings to purchase a house in Frankston (something I've been working towards all year) and now I find prices haves appreciated almost 50K. Some of the houses of similar quality in June were approx. 270K, now they are asking for 330K.

Has anyone else noticed this?

Absolutely! Its happening, as everyone predicted!

DanielG said:

Damn! I finally have enough equity and savings to purchase a house in Frankston (something I've been working towards all year) and now I find prices haves appreciated almost 50K. Some of the houses of similar quality in June were approx. 270K, now they are asking for 330K.

Has anyone else noticed this?

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I wouldn't have thought that was surprising with all the interest in Frankston. Just look at the number of threads devoted to that very topic on SS!

Time to look elsewhere? Nearby perhaps?

Very frustrating for you though, but there is always somewhere else if you can no longer afford the area.

All the best for your search.

As much as I'd love to wish that was the case, I think it's perhaps a little optimistic. I bought in May but still watch the properties that come up for sale. I've noticed a bit of an increase but I think 18% in 4 months is a bit much, perhaps it's just some of the properties you have been viewing. I have noticed there seems to be a large range in prices, but I think it's mostly due to location, given that Frankston is so large.

I'm not sure what you're after, for me personally, I wanted a nice house in a nice estate where I would have low risk tenants (which has worked, my tenants are fantastic), for a long term investment. If this is what you're after, I'd look at something like this:

http://www.realestateview.com.au/Real-Estate/Property-Details-buy-residential-1433255_S.html

I'm sure this property sold, but the ad for it mentions the grand final and last weekend for the extra grant, so I pressume the sale has fallen through and the ad updated. I don't like the way Harcourts price their properties, "Neg over $X". This one says over $290K, but I've also noticed a number of their ones selling for the dollar they advertise, and not necessarily "over". If I had to price this property without seeing it I'd say about $300K.

If you're after something cheap, run down in any area on a large block to re-develop then I have no knowledge on that.

I'd have to say 'no'

Having 1 property in Frankston, I haven't seen any reason to believe there has been any growth whatsoever within the past year.

I'm still waiting for the predicted spurt.

RP Data states that prices have pretty well remained the same over the past year also. Unless someone else has some hard evidence.

PS, Why has Harcourts always got those damn twilight photos in Frankston!

We've got a 2 x 1 unit in Central Frangers.

I haven't really kept in touch of late, but I'd say the values have levelled off a fair bit.

Maybe some slow growth this year.

I'll have a quick sqizz at re.com.au and get back to yousall.

I'm back.

Here are the closest and cheapest examples of similar properties to ours:

http://www.realestate.com.au/cgi-bi...er=&cc=&c=3169079&s=vic&snf=rbs&tm=1253944578

http://www.realestate.com.au/cgi-bi...er=&cc=&c=3169079&s=vic&snf=rbs&tm=1253944578

http://www.realestate.com.au/cgi-bi...er=&cc=&c=3169079&s=vic&snf=rbs&tm=1253944578

http://www.realestate.com.au/cgi-bi...er=&cc=&c=3169079&s=vic&snf=rbs&tm=1253944578

http://www.realestate.com.au/cgi-bi...er=&cc=&c=3169079&s=vic&snf=rbs&tm=1253944578

The Nursery ave unit is quite new I must say.

By my last reckoning when we did the finance for the business purchase, our unit was worth about $200k, and the Bank supported it.

So, based on this, we are KICKING A HOOOGE GOAL!

We bought it in 2003 for $155k incidentally.

Values are up around 10% in Frankston since March - a bit more for Frankston North.

Havent looked lately at Frankston South however considering that the most activity has been in the sub $300-$350k sector associated with FHOG, no surprise that the demand has lifted the values at the lower end.

Harris

I'm guessing Frankston prices have a lot more room to grow as they are still well below the greater Melb median. There's more upside to be had once the long avaited marina tenders come through. Some of the loser real estate agents who frequent the Frankston threads will have to eat humble pie when construction starts - most lacked the vision to see that it would someday happen.

When the vast majority of people on here talk of prices going up in Frankston, do you mean Frankston central or are you talking about the Franston area in general.

I have an IP in Carrum Downs and was wondering if that area will be pulled along with any rises Frankston may/will see.

Regards
Marty

DanielG said:

Damn! I finally have enough equity and savings to purchase a house in Frankston (something I've been working towards all year) and now I find prices haves appreciated almost 50K. Some of the houses of similar quality in June were approx. 270K, now they are asking for 330K.

Has anyone else noticed this?

Click to expand...

Daniel, I was looking at Frankston last year but a friend who lives in Melbourne tells me it's too far (from what I asked). I really like the suburb because of its close proximity to the water. What do you think of a house for investment? I'm happy to forgo a little yield in exchange for capital appreciation which might have proven me correct, only if I acted last year!! But at $330k, I get absolutely nothing in Sydney!

kissfan said:

When the vast majority of people on here talk of prices going up in Frankston, do you mean Frankston central or are you talking about the Franston area in general.

I have an IP in Carrum Downs and was wondering if that area will be pulled along with any rises Frankston may/will see.

Regards
Marty

Click to expand...

Hi Marty,

I think that seeing on the ground what's going on around Carrum Downs at the moment, it is more the development and the new housing/unit stock being built that will pull along the value of the existing older stock.

Some new unit developments that are selling 2/3 bedroom "small" units for a price not too different to a 4 bedroom house on a good sized block that "someone" bought a couple years back

Vacant blocks are hard to come by and are selling for prices that surprise me, but when i compare to surrounding areas, they are still cheap in comparison.

i am still bullish on Carrum Downs in the long run....the boring old long run

Nathan

Cheers,
Nathan

awsydney said:

Daniel, I was looking at Frankston last year but a friend who lives in Melbourne tells me it's too far (from what I asked). I really like the suburb because of its close proximity to the water. What do you think of a house for investment? I'm happy to forgo a little yield in exchange for capital appreciation which might have proven me correct, only if I acted last year!! But at $330k, I get absolutely nothing in Sydney!

Click to expand...

Hi awsydney,

I am not sure if you have read this thread:

http://www.somersoft.com/forums/showthread.php?t=31663&highlight=Frankston

In this Harris, who has significant investments in Frankston outlines outstanding information about the suburb and it's investment potential.

Regards Jason.

jingo said:

Hi awsydney,

I am not sure if you have read this thread:

http://www.somersoft.com/forums/showthread.php?t=31663&highlight=Frankston

In this Harris, who has significant investments in Frankston outlines outstanding information about the suburb and it's investment potential.

Regards Jason.

Click to expand...

Thanks for the thread Jason. I see Harris has gone into Frankston many years earlier and has seen good appreciation. Notwithstanding this, I still like it and think it has potential. But I feel there is even more upside in the north (20km from CBD eg Macleod, Watsonia) and west (up to 40km from CBD eg Werribee, Melton) since east Melbourne is relatively more developed. What I can buy in Melbourne I can't even smell in Sydney. Cheers.

kissfan said:

I have an IP in Carrum Downs and was wondering if that area will be pulled along with any rises Frankston may/will see.

Click to expand...

I am pro-Frankston. But I am anti-carrum downs. Carrum downs does nothing for me. I know a few mates bought their first homes and within a few years were out of there quick smart, never to return.

toony said:

I am pro-Frankston. But I am anti-carrum downs. Carrum downs does nothing for me. I know a few mates bought their first homes and within a few years were out of there quick smart, never to return.

Click to expand...

Put it this way, I have not met anyone who is not pro-Frankston yet. But I will check out Seaford based on what I have been told tonight.

What have you been told about Seaford?

awsydney said:

Put it this way, I have not met anyone who is not pro-Frankston yet. But I will check out Seaford based on what I have been told tonight.

Click to expand...

Seaford only has two things going for it versus Frankston;
1. Closer to Melb CBD.
2. St Kilda are building their training facility there.

Otherwise its not much different than Carrum Downs or Frankston North.

What about the properties west of the freeway in Seaford?

toony said:

I am pro-Frankston. But I am anti-carrum downs. Carrum downs does nothing for me. I know a few mates bought their first homes and within a few years were out of there quick smart, never to return.

Click to expand...

Toony, irrespective of what your "mates" did a few years ago and the fact that it does nothing for you...you cant argue the ammount of development, new money being brought into the suburb, making the "downs" look more appealing...especially with the new Sandarra development (while technically being in sandhurst) selliing out real quick...alot of people are moving here, the demand is there
Cheers