Frankston North Houses At Record High In Slowing Market!

[newbyinvestor]

Where exactly is Whistlestop? Any links you can share? I agree with you about Frankston North houses being smallish - but its the block size that interests me; most Frankston North blocks are good for development whilst still allowing you to retain the existing house, in some circumstances.

Annie, Whistlestop is a smallish estate of approximately 600 houses which runs off Skye road. I have a place in Lakewood and made unsuccessful offers on a few places in Whistlestop back in december when vendors seemed to have things their way.
Currently I see properties such as 25 Dalpura Circuit listed at $347,500 after apparently being sold subject to finance.

 

[annie lumen]

Annie, Whistlestop is a smallish estate of approximately 600 houses which runs off Skye road. I have a place in Lakewood and made unsuccessful offers on a few places in Whistlestop back in december when vendors seemed to have things their way.
Currently I see properties such as 25 Dalpura Circuit listed at $347,500 after apparently being sold subject to finance.

http://www.realestateview.com.au/Re...operty-Details-buy-residential-2205941_S.html

Check out the interior pics - stunning, what a bargain! Sadly, its not what I'm after as I only want something where I can keep the existing building and still build another townhouse up the back. There are a few of these for sale in Frankston.

 

[newbyinvestor]

Where exactly is Whistlestop? Any links you can share? I agree with you about Frankston North houses being smallish - but its the block size that interests me; most Frankston North blocks are good for development whilst still allowing you to retain the existing house, in some circumstances.

Annie, Whistlestop is a smallish estate of approximately 600 houses which runs off Skye road. I have a place in Lakewood and made unsuccessful offers on a few places in Whistlestop back in december when vendors seemed to have things their way.
Currently I see properties such as 25 Dalpura Circuit listed at $347,500 after apparently being sold subject to finance.

 

[investor2009]

Yep you betcha. And theres still plenty of room for growth.
I'm sure hanging on-to mine! I think anyone who gets in even now will do very well for themselves. I see no problem with a $400k median in 12-24 months time. Could be more, could be less but either way you look at it it's still affordable, even at that level.

 

[Bayside]

Yep you betcha. And theres still plenty of room for growth.
I'm sure hanging on-to mine! I think anyone who gets in even now will do very well for themselves. I see no problem with a $400k median in 12-24 months time. Could be more, could be less but either way you look at it it's still affordable, even at that level.

ditto for Frankston North

 

[pickle pickle]

For Frankston North to have a $400,000 median in 12-24 months prices are going to have to go up by around 33%. As it looks like Melbourne is not growing much at the moment I can't see Frankston North going up by 33% in 24 months. I hope prices in Mlebourne stay the same and prices go up by 33% in 24 months. I'm really hoping. But I don't expect to see it.

 

[investor2009]

Well we'll see. I don't overly expect it within the year but I WOULD expect a median of $350k within 12 months.

 

[Bayside]

I've had a few people private message me now asking me to stop letting everyone know about Frankston North because they are wanting to buy a couple in there and don't want it getting to popular. No matter how much people talk it down and try to hang on to the old stigma things are changing. Another place i'm looking at in a Geographically great spot is Tanti Park in Mornington. Does anyone own here?

 

[Property Pig]

I just purchased another in Frankston North. Happy days! What part of Tanti are you looking at? I don't know the area well.

 

[newbyinvestor]

All I know is that in the current market Frankston Nth is last on my list.

 

[Property Pig]

All I know is that in the current market Frankston Nth is last on my list.

Thats because you're a self confessed newby

 

[newbyinvestor]

Thats because you're a self confessed newby

Piggy, the reason Frankston Nth is last at the moment is that bargains are popping up in superior locations..

 

[Melbournian]

realistically frankston north is limited due to its demographics.
by the time anyone tries to subdivide - they won't be much CG to go around.

 

[annie lumen]

I bid $305,000 for this one (link below) but missed out. Someone else outbid me. I liked because it was clearly a dual occ situation where you could keep the existing house and build up the back with a minimum of fuss. House is rentable. In the event of redevelopment, the rear garage would have to be demolished and a new garage erected up the front.

http://www.realestate.com.au/property-house-vic-frankston+north-107156271

 

[Melbournian]

I bid $305,000 for this one (link below) but missed out. Someone else outbid me. I liked because it was a clearly a dual occ situation where you could keep the existing house and build up the back with a minimum of fuss.

http://www.realestate.com.au/property-house-vic-frankston+north-107156271

Yup just see the drainage costs when it comes in all the way to the back. And 2ndly - you would have to reno the front unit as it is bit of a turn off to buy a brand new unit when the front looks like something from the 70s.

annie, It is cheaper and easier to build next to each other as oppose to way in the back from experience. i got an architect who can tell yes/no and rough estimates how to go about doing it.

There is also the opportunity costs - more hours on subdivision.

 

[annie lumen]

annie, It is cheaper and easier to build next to each other as oppose to way in the back from experience. i got an architect who can tell yes/no and rough estimates how to go about doing it. There is also the opportunity costs - more hours on subdivision.

I may or may not redevelop. I will make a decision in a few years from now. For me, a property that can be developed is more easily sold to investors later down the track if I decide that development is not my cuppa tea.

The only uncertainty in my mind is this: ......should I pay circ $300,000 for a place in Frankston North or maybe splurge out and buy something in the Karingal district of Frankston for an extra $20,000?

 

[Melbournian]

I may or may not redevelop. I will make a decision in a few years from now. For me, a property that can be developed is more easily sold to investors later down the track if I decide that development is not my cuppa tea.

The only uncertainty in my mind is this: ......should I pay circ $300,000 for a place in Frankston North or maybe splurge out and buy something in the Karingal district of Frankston for an extra $20,000?

the question is annie - have you got some solid sales history of ppl who have sold with plans? then you can start talking

and who are you targeting as your target market in frankston.

 

[annie lumen]

have you got some solid sales history of ppl who have sold with plans? then you can start talking and who are you targeting as your target market in frankston.

What else do we need? Peer reviewed evidence, published in international journals?

I don't want to overcomplicate what is a simple business decision......Frankston is one of the cheapest beachside suburbs in the country. Bunnings and McDonalds are better at the demographics than I am.....they have made the decision to invest there and so too will I.

 

[Melbournian]

so basically - i should buy anything with mcdonalds and bunnings nearby

That's like gambling in crown casino annie.

 

[annie lumen]

so basically - i should buy anything with mcdonalds and bunnings nearby .

Ritalin might help reduce your proclivity to respond in a kneejerk fashion. Please re-read my past words carefully. In case you didn't get it, let me repeat myself: property is only worth buying IF IT IS CHEAP and in a location with major infrastructure and good demographics.