frankston north on the move....?

[neeko]

ah yeah hi.

I have just been reading and it seems to me that people are paying quite insane amount for frankston north. I just cant understand why though.

I have just seen a 4 bedder sell for 330k on a decent 725 block, yeah has had a little work but still wouldn't pay 330 for it.

is it or are people overpaying in the area?

 

[strongy1986]

ah yeah hi.

I have just been reading and it seems to me that people are paying quite insane amount for frankston north. I just cant understand why though.

I have just seen a 4 bedder sell for 330k on a decent 725 block, yeah has had a little work but still wouldn't pay 330 for it.

is it or are people overpaying in the area?

I guess some people need 4 bedrooms and will pay an extra 50k

Havnt been watching though

 

[Bhp19]

I was having a browse Peninsula wide on RE.com the other day and I was blown away by the prices being asked for F'ston north. I used to live down the Peninsula further a few years ago and prices (or at least expectation) has increased significantly.

 

[Cassandra]

4 bedders usually fetch a premium in suburbs where most houses are 3 bedders.

There was something in Domain's blog a few weeks ago about FN being an outstanding "value buy." I cannot seem to find the link - did anyone else read it?

 

[JamesP]

I think Doveton might be a better option for investors? Nicer homes, streets, relatively same price but right in the suburbs and far far better located. I believe the Northernmost parts are considered liveable not sure if there's anywhere in the Pines where UK retirees would want to live? But I don't know Frankston North to well it may have some "nicer" areas to it's credit.

Doveton is 33% owned by investors which is a very good sign, and I think abound 8% UK generationals. Once rates go up investors should be able to hold and the suburb should stay resilient.. I wouldn't be expecting too many mortgagee sales in the area with 1/3rd of the suburb being investor owned. Growth? No idea, every surrounding suburb is over 100k more and the area is very treeish, shady and fertile with a creek running though it.. I'd live there if not for the story's I've heard the area seems silly cheap when you think about it.

 

[nicholas91]

Just refreshing this topic,

would like to get a few members thoughts on frankston north in current market,

for 3brs +

frankston central and east- I've seen a few listings sitting around 300-350 but they have been on the market for a while... however in the golden triangle around 360+ and karingal area / skye rd area probably averaging about 370 as per listing prices..

Frankston south- can't comment on median price because of discrepancies with bay view homes and those that are situated further in land, but it seems no townhouse or larger property of quality is going for under 500

does anyone live or have any experience with purchases in the FN area, would like to get some feed back on good streets /, or streets or courts (& amenities to) avoid..

i came across this one tonight.. http://www.realestate.com.au/property-house-vic-frankston+north-119388679 . i haven't ventured so far as inland through frankston north..

 

[Cassandra]

According to Domain.com's blog this suburb is an underpriced diamond, which is set to outperform

The buyers agents are slowly moving in. When they start trumpeting about it openly, you will know the horse has bolted.

Sure, it's got plenty of flaws. But thanks for the bad news, its been so underpriced that the only direction from here is up.

- Most blocks are on dual occ sites

- a local Council that's pro-development

- local Bogans slowly moving deeper inland

- Yields 5-8%

Everyone with half a brain knows it's not exactly 1600 Pensylvannia Ave. But as sure as night follows day, this suburb is definitely going places. \

A third of buyers are overseas investors, according to a local agent. That should say something

 

[Connolly]

Looked at a house in Seaford yesterday and went into FN for about 20min driving up and down the streets to get a general feel on the place.

Lots of graffiti, kids pushing prams around, quite a few For Lease boards and a lot of old and current housing commission stock by the look of the houses an their state of repair.

Despite this lots of potential dual occupancy sites very reasonably priced.

The agent that I met with had grown up in FN, didn't have a bad thing to say- told me how in 97' he sold his house for $57k in FN and couldn't believe anyone would pay that much for it, now it's been subdivided an built at the rear with both premises just being sold for $270k each. The old 'if only I had of held'

 

[S.T]

According to Domain.com's blog this suburb is an underpriced diamond, which is set to outperform

The buyers agents are slowly moving in. When they start trumpeting about it openly, you will know the horse has bolted.

Sure, it's got plenty of flaws. But thanks for the bad news, its been so underpriced that the only direction from here is up.

- Most blocks are on dual occ sites

- a local Council that's pro-development

- local Bogans slowly moving deeper inland

- Yields 5-8%

Everyone with half a brain knows it's not exactly 1600 Pensylvannia Ave. But as sure as night follows day, this suburb is definitely going places. \

A third of buyers are overseas investors, according to a local agent. That should say something

Can we call you grandma ?

 

[pinkboy]

Can we call you grandma ?

Nice!

pinkboy

 

[JamesP]

The problem with Frankton North (and Frankston itself) is that it is a hole in the middle of nowhere. 50km from the cbd is Pakenham/Macedon rurality.. and at least these two area's have freeways. Frankston also seems to have an affinity for spruiking therefore you need divide anything you hear on the topic by at least 10 for a more realistic perspective.

When it comes to homes under 350k in the SE I'm a spruiker of the Casey area, I mentioned Narre Warren which has moved 13% over the last 12 months (almost twice the cg). If you go on real estate and search in Narre Warren you'll see every established home under contract. Whereas if you go search Frankston North there's endless rundown homes listed that are not going under contract. To me that proves the area is not hot at this current point in time. I'd also say it's got no short term prospects, people will buy there and as the market peaks into overtime, and you may gain 20-30k in cg before a correction in 3-5yrs along with higher rates. The suburb is not going to boom this cycle, growth is at the point of slowing down and some people will buy in cheap area's like this in fear of getting priced out, but it'll hardly be a boom they'll reach 300k and stagnate before correcting before there's any more major growth.

And I wouldn't be buying the most undesirable homes in these area's as some spruikers have suggested. In Frankston North you can get a quality brick home on the same size block in a nicer street towards the seaford hotel for 250-270k. The crapper homes are located south of the estate and are concrete commission, portables, asbestos brick ready to be bulldozed. Yet they don't sell below 240k!! Seems ridiculous not to pay the extra 30k and get a home worth 80k more in a better street.

You need to be wary of such advice as spruikers need all the undesirables out of their region for their investment to gentrify and boom in growth. It would be in their interest to encourage others to buy out all the undesirables.

 

[JamesP]

This is Doveton https://www.google.com.au/maps/@-37...ata=!3m4!1e1!3m2!1sbYy26gWrg2FQg-sQDPaHaw!2e0

Doveton is a hole that makes Frankston North look like a hole within itself. Hills, well kept gardens, infrastructure, proximity twice as close, 2 freeways (but 1 tolled), princes highway, dandenong bypass, 5 of the best hospitals and uni's less than 10km away, rail services to Pakenham and Cranbourne lines etc.

I will say the area is heavily undervalued as Dandenong is revitalized and surrounding suburbs are 150k more in median. Better buy there quick before it also becomes a bazillion dollar suburb! But in all seriousness no, until the bongs go along with the car shells the middle class simply won't live in these area's, meaning there will be less than average growth as their long term trends show. Low rates are currently enticing poorer people to buy in these areas, and when they hit 6-8% area's like this suffer the most.

 

[nikkig]

We bought in FN last year. 3bd for $252k. Rent is $270/wk
Look for houses on the outer ring of the suburb ie. the closer to Ballarto & Dandy-Frankston Rds the better.