No offence and not trying to be a Smartie Pants, but what type of advisor is worried about being sued? People make mistakes, especially being an advisor since most human beings are not psychic and cant truly pick the markets, at most they can make good calculated guesses, everything is theoretical when it comes to predictions. Misleading is not good for anyone but you should rather say. "I don't want to mislead cause I don't want to look silly if I'm wrong", not because you could Hypothetically get sued, that's why I and many other professionals who use their mouth have Professional Indemnity Insurance, I presume you don't have any since stating your not here to mislead anyone, cause hypothetically you could be sued????? (my apologies if you do have PI insurance, but why care if you are covered?)
Have you ever stayed more than a few days / lived in the pines? (I have) What type of market research does walking through the pines provide? How does that give any merit to understanding why the values are below median? I'd say go stay a week in "The Pines" & in some of Melbourne's other shady suburbs such as Heidelberg West in the North, Kings Park in the West, Footscray in the West, etc.... Even that might give you some idea but there are son many other factors to take into account.
Id say the BIG one is Stigma / Stereotype that has more to do with it. I used to live in Collingwood a good 15yrs ago and can tell you that, it was a suburb that required you to be smart and streetwise, it was known as the Junkie Capital, but I never had any major issues living there because you can adapt to your environment, learn the ins and outs and how to handle the bad people in the area (predominately the drug addicts in the case of Collingwood)
That being said I had a friend living In Frankston North Couple years ago and requested id stay with him for couple weeks to suss out the area, before deciding to buy an IP in the area (along with my other research), Let me tell you, In comparison to the above mentioned suburbs, I would pick Frankston North, Hands down. It has a bad stigma from 10+ years ago and that's about it really, given it is no Parkdale, Northcote, Kew, Hawthorn, Toorak, Brighton etc... but alot better than many places that I know are much worse, that said, this little gem of a suburb is only going to get better and sooner or later (As it cleans up with new buyers in the area) It will almost be on par with the rest of Frankston / Frankston South.
No need to get into stats here but rental yield is good, the suburb is undervalued, good bargains in the area and in close proximity to everything you could ever want, beach, shopping centres, million dollar properties, parks, recreation facilities, freeways, etc...
Everything surrounding FN is sitting much higher than the median house price of FN, Seaford 440k+ Frankston 400K+ Carrum Downs 340k+ Frankston South 580k+ Mt Eliza 1.1mil+
Department of Housing Sold a bucket load of houses to private owners in the 90's and since then, private ownership continues to grow with the remaining state owned homes slowly being sold off by the Napthine govt, in 2011 the state still owned 250 dwellings, This has drastically fallen since 2011, but since their is no newer census data, percentages are speculative, word has it the its around 20-25% mark.
Anyhow, no matter which way you look at it, Melbourne's population is ever growing, In terms of affordability & one cant help but notice the undervalued little pocket called "Frankston North" good for an IP or PPOR in my opinion. Just a matter of time before its too hot to touch. I think timing is just about right to buy, personally I think their will be a decline in property sales by end of year, so id wait a couple months to see how the markets are, that said plenty people told me to wait before purchasing an IP a couple years ago in Oak Hill Estate reservoir, I didn't wait and my property is now valued at 250k above what I paid. SO don't just take my word on it, act on your gut feeling so you only have yourself to thank or blame if your wrong. "You can lead a horse to water but you cant make it drink"
I should put a patent on that idea.
