hello,
frankston will be a mixed basket for a long time I believe
the peninusla centre has just be sold again to a hotel chain I believe and may not get the residential units as planned
still too many charity organisation placements in frankston (ex-jail etc accomodation)
mates nickname for franga is Gandelston due to one's heavily involvment in the area, frankston sth area from yuille or kars down to beach will be solid
the pines, cheap but jingo has described issue's there
thankyou
myla
Hi myla,
As is the case with many suburbs there are often a range of areas which are aligned with the various socioeconomic demographics. These in turn are aligned with people's earning capacity. The usual mix includes the affluent, average and poorer areas. This diversity of socioeconomic demographics is also prevelant in the inner city suburbs. There are many well renowned suburbs for instance that have Housing Commission Towers and the less desirable features that accompany them. Some suburbs that spring to mind include Williamstown, North Melbourne, Kensington, Fitzroy to name but a few .
North Melbourne, for instance includes various socioeconomic demographics. The more affluent people live in Terrace homes in Hotham Hill. These are priced from $550,000-$1,000,000. The poorer area of North Melbourne is closest to the Housing Commission Tower. Accordingly, property values in this area are considerably lower. I went to an auction of a property that faced the Housing Commission Tower two weeks ago. It was a Terrace Home and it sold for $370,000.
It's interesting to note that many investors on this forum have made a considerable amount of money by investing in areas like 'The Pines' in Frankston. Over the past 10 years Frankston North has increased in value at a higher rate than other parts of Frankston. (I don't have the figures at hand, but 'Our Obsession' posted them recently in a thread).
Similar scenarios have occured interstate in lower socioeconomic areas. Elizabeth in South Australia is considered to be a lower socioeconomic area. I was reading one thread where an investor mentioned that the values had tripled in Elizabeth over the past 10 years whereas in the area she chose to invest in (a blue chip suburb in Sydney), her property had doubled in value.
Frankston will be interesting to watch over the coming months, especially as the completion of the East Link project draws closer. It's possible that there may well be a ripple effect. As people are priced out of the inner areas they may begin to discover Frankston which will be 'bought closer to the city' due to the new Freeway infrastructure.
Properties in Frankston are currently being sold very rapidly. Harris has written in detail about this in the thread by GSJ entiteld 'Outer suburbs in Melbourne - the ripple effect'.
Myla, your comments about the peninsular centre are interesting. I noticed that the units had already been marketed on the internet as early as last year.
Regards Jason.
