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A few people have mentioned buying below the median, and seem to be making the conclusion that because it is below the median it represents good value.
Could someone please explain the reasoning behind this? Does the median price have any relevance?
Thanks,
Tristan
In this instance, the buyer bought a rentable house on a massive redevelopable block which was priced well below the median and yielding circ 5%. I am told that the buyer waited patiently and negotiated hard. He did not use a buyers agent.
getting closer to Frankston there are certainly opportunities but still make sure you do your due diligence (many can do it on their own I agree but many do not have the property expertise or database of comparable sales evidence). And obviously Frankston South/ Olivers Hill is a different market altogether where you can pay over $1 million for a quality property .
Hi
Some great information for the ill informed in this thread. However I would debate whether Frankston North is arguably the worst area in Melbourne.
Go and check out some parts of Doveton and Dallas and compare it to Frankston North.
Regards,
alicudi
As an aside, Frankston South is great for PPORs. That said, although it is a great place to live, it is not as good if you plan to invest there. Why? Because there are fewer bargains........ If anyone spots exceptional value there, can they please post the links here?
The only place where rusted out car shells could be marketed as a built-in playground for the kids.
Hi granddad.
http://house.ksou.cn/p.php?q=Frankston&sta=vic&id=1059
This link says the property sold in 2010 for $2000 less than what it sold for recently. Doesn't seem like purchasing at the bottom end of the market worked out well for the previous owner.
I am skeptical about the 'bargains' you are referring to - Just because it is cheap does not mean it will perform better than the "median" trend.
' I do work for an advisory firm and am not worried about putting my name out there. Giving misleading information .
Have you been to 'The Pines' before and had a walk around the streets? .
so I could understand why the values were below 'median'. .
My understanding is that the seller used the house as a PPOR, not an IP. I am told the owner worked offshore in the oil industry and was posted to another state. He wanted a quick no-nonsense cash sale. Not sure what he earns but I expect that $315,000 will be around a years earnings for many oil workers.....in these circumstances, some people don't bother holding out for a better price. So yes - if you look hard enough, there is value to be found.