Frankston 3 Unit Site With Rentable House for $285,000

O

one world

Deceased estates can be good value, if one can find them.

http://www.realestate.com.au/property-house-vic-frankston-113904583

The neighbour of this beauty has managed to put 3 units on his land which seems to be the same size, around 630sqm, as what was for sale. You will need to enlarge the pic to see what the neighbour has done.

Whoever bought this got a screaming bargain! That said, I cannot help but feel sorry for the beneficiaries of the deceased. This house would have been sold for a much higher price had it not gone to auction.

In an attempt to clean up the area, Frankston City Council is pretty lenient with development.

Plenty of bargains still abound - despite all the negative news about Frankston, this is a developers paradise.

Disclaimer: I own property in the area and hope to buy more.
 
being from perth
Dont know much about the area can you give us all a quick snapshot of what is underpinning growth, demographic etc general area knowledge what pockets r best etc
thanks
 
Hi leicachamp

The examples provided aren't necessarily comparable as they are in different parts of Frankston. Both are east of the freeway and one is actually more Karingal

The example posted by one world looks compelling value. That's about 1 km from the train/hub and major shopping centre. I also own a corner near there on 750 sq m. I reckon on a better day low 300 K would be a fairer price. Well done to whoever bought it. I note there are no internal pics so let's presume it's a bit if a $hitter and that asbestos roof looks great from the aerial's :D

Precedent is all well and good however it isn't a given that 3 T/H would be achievable there or 4 T/H on the others as we are unaware of the situation with easements and other encumbrances.

For those in the know is Frankston actually happy to go as low as circa 200 sq m per site these days compared to the traditional 300 sq m per T/H dwelling?
 
Player said:
For those in the know is Frankston actually happy to go as low as circa 200 sq m per site these days compared to the traditional 300 sq m per T/H dwelling?
Click to expand...

Thanks for that Player. Valuable information indeed.


leicachamp said:
And here is a 4 unit site for $350k

http://www.realestate.com.au/property-house-vic-frankston-113602191
Click to expand...

Compelling value here.

Ditts said:
is there a link or website you could direct me too oneworld to have a look at a zoning map and zoning info appreciated thanks
Click to expand...

Ditts, generally, having the right town planner on your side is what will get you over the line with the Frankston City Council. The broad rule is that anything over 600sqm is good for development. I was so surprised to see 3 units on a 630sqm site - I myself want to know the name of the town planner who got that passed.
 
Ditts said:
being from perth
Dont know much about the area can you give us all a quick snapshot of what is underpinning growth, demographic etc general area knowledge what pockets r best etc thanks
Click to expand...

The local agents talk about pockets a lot. Sadly, most have no idea about zonings and development opportunities. They just want a fast sale. Ring the Council and have a chat with them.

Frankston is Frankston, as far a I am concerned. Although it is a Beachside suburb, nobody has claimed it is paradise. The suburb has plenty wrong with it - which is why its so cheap to the extent that it is an outstanding bargain. It is certainly one of Australia's cheapest beachside suburbs with development opportunities. Plenty of infrastructure as well. Bunnings, McDonalds, Monash etc - these can't be found in one-horse towns or suburbs that are about to implode.

Over the next few years, Frankston's older houses will be torn down and replaced with units. The worst parts of Frankston, the places with the cheapest houses, will be the areas with the greatest capital gain IMHO.

For me, I prefer the cheapest areas with the biggest blocks. The more run down the area, the more likely the Council will be more generous with development applications.
 
Last edited:
as told by 2 agents that pocket of frankston is **** but is an upcoming area. all i can say is that people with land will be laughing in the long run cause of all this t/h redev. land is king. i bought on the other side of the freewy, and been told my house is worth 365 after a reno so very happy with that. now rented out and reaping the rewards
 
neeko said:
as told by 2 agents that pocket of frankston is **** but is an upcoming area. all i can say is that people with land will be laughing in the long run cause of all this t/h redev. land is king. i bought on the other side of the freewy, and been told my house is worth 365 after a reno so very happy with that. now rented out and reaping the rewards
Click to expand...

In addition to development, Council is also pretty good with granny flats. I know of several people who converted transportable dongas into granny flats and got away with it with the Councils blessing, although they do insist on a bit of landscaping.

Frankston is great for investors. The dodgy bogans are slowling leaving forr more inland areas where rent is cheaper. It will take time but there is definitely capital gain in the lowest quartile of prices. There's no point overpaying for prime property in Frankston. Size is all that matters, not the quality of the kitchen.

The pocket called Karingal IMHO seems to have the best bargains. Plenty of development sites under $300,000
 
Ditts said:
being from perth
Dont know much about the area can you give us all a quick snapshot of what is underpinning growth, demographic etc general area knowledge what pockets r best etc
thanks
Click to expand...

Think of Frankston as Rockingham.

Frankston North is more like Orelia/Kwinana.

Further down the peninsula is Mandurah without the inlet - lots of age pensioners and even a canal type estate
 
Spiderman said:
Think of Frankston as Rockingham.

Frankston North is more like Orelia/Kwinana.

Further down the peninsula is Mandurah without the inlet - lots of age pensioners and even a canal type estate
Click to expand...

Good comparison Spiderman. You know WA well. Did you hire a car when visiting? BTW how are your Geraldton units going?

Bought anything new lately? Fill us in with some goss mate.
 
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