Beachside Property

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From: BILLY BOY


Hi Everyone

I accidently posted in the meeting point forum.

I haven't posted for a while so I'm a bit rusty.

Anyway, I'm looking into buying a second investment property in Vic on Nepean Hwy in the Frankston area .

Anyone else out there have any beachside property and has any stories to tell???

Billy
 
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Reply: 1
From: Michael Yardney


Properties all along the Nepean Hwy have become very popular over the last few years as Melbourne has begun to realise the benefits of living near the beach (we’re a bit behind Sydney in understanding the benefits of the water.)
Properties beach side of the Highway are very much in demand, but prices drop considerably on the other side of the Highway.
Having said this, properties at the Frankston end have not performed too well. The median price of property in Frankston rose by 5.4% while most of Melbourne rose over 20% - so maybe you should be wary of Frankston.
But properties from Mordialloc to Seaford are in strong demand.
I know the bayside area you are considering very well, having completed 5 developments down that way in the last year.
I also know a little information about some of the developments going on the Highway in the Seaford / Frankston area that I would not put on the forum; but email me directly and I may be able to pass on some interesting information.
By the way there is no ulterior motive. I have nothing to sell down there- its all sold!
Michael Yardney
Metropole Properties
 
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Reply: 1.1
From: Michael Vaughan


Billy!
From someone who has invested a large amount of money in the Frankston area here is a story you may not have heard. In 1999 I purchased a two bedroom weatherboard in Frankston Sth for $50,000!(it was passed in at action for $42,000) I sold it last December for $140,000.
How much did I spend?, about $10,000 on simple cosmetic changes such as replacing some w/b's adding window canopies, down lights, french doors and polishing the floorboards. It is my opinion that Frankston is still undervalued. If the new mariner goes ahead as planned the area will take off.
Not convinced!.....luck I here you say. Well I purchased another property also in the Frankston area for $81K(1998) and have recently had it valued at $170K.

Regards

Mike
 
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Reply: 1.1.1
From: Kevin Forster


Michael

Don't tell everyone about Frankston - because while everyone thinks it's bad there are many good deals to be had and less competition. Those that invest/live there know what it's really like.

Recently went to one of those property investment seminars in Frankston, mainly because they had wine and cheese and my wife and I thought it'd be nice to have a night out for free. Also we might pick up an idea or two. The presenter basically stated that Frankston was a bad place for capital growth to a room full of Frankston people. Probably not the best thing to do when your trying to flog property.
 
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Reply: 1.1.1.1
From: Property Investor


Kevin,

Obviously this presenter wants the area for himself!

Look I know the area in mention very well as I have a couple of properties on the Nepean Hwy in Seaford and in the last 9 mths both have had an average increase of 31%.
I do know the main developer and builder in the area which save you time and money if you know what I mean.
Frankston on the other hand as Michael mentioned earlier has only seen a 5% increase.
While there is talk of the proposed marina and shopping centre in Frankston, I do believe this is one area that will most certaintly boom in the near future.

This is just my opinion.

Mannie.
 
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