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Decent capital gain in Frankston seems fairly assured for those who get in at the cheap-end. But getting reliable tenants, that's another matter. But, to be fair, getting reliable tenants is a problem no matter where you go.

Yes, base on the OPs experience there still appears to be plenty of value to be had in Frankston. As an aside, I'm told that Frankston's ethnic Chinese population has doubled in the last 5 years. The local high school's highest performers appear to be mainly Asian. For some, this would appear...