Frankston North

Very Interesting, wonder how they get these stats? Just been on realestate.com.au to find out for myself what the going rentals were for the North.

Only 6 properties available in the North, ranging in price from $200-$230. Just what I had expected!

Seaford houses are -5.8% Franston North houses are up considerably, would love to know the percentage. Unfortunately Frankston North doesn't have units on the graph to really be able to compare apples with apples!

Toni
 
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"that which rises in bad times keeps rising when the good times return"

What, you mean like just across the road?

Seaford units up 15.3% in the Dec 08 quarter, and up 24% since the Jun 08 quarter

http://realestateview.com.au/portal...rtydata&search=1&suburbname=seaford&state=vic

Bear in mind that Seaford units are quite different animals to Seaford houses and there can be substantial variation between the two. And Seaford is a diverse suburb with many pockets and varying housing quality.

Seaford units are overwhelmingly west (beachside) of the railway line so are not spread eavenly through the suburb as much as houses.

If you're lucky it will be on Nepean Hwy near the Seaford station and shops, across from the beach. There are some townhouses there, and despite the Nepean Hwy location I would regard them as being well-located.

However the vast concentration of units in Seaford are 2br villas west of Wells Rd between Kananook Station and Overton Rd. A great place to live if you don't have much money and want a small place by the beach. However there's no shops within walking distance and Kananook Station has the worst reputation on the line. But if you work at a car dealers then work is a very short walk from home.

Nevertheless there's some lovely streets in the area and the houses are nice if you get away from the abovementioned unit 'ghetto' area. Some even back onto Kananook Creek. The blocks are also a good size.

So this is the location where most Seaford units are. As are a minority of Seaford houses. But they're good as they're beachside of Wells Rd and the railway. Also good are the pocket of older houses between the railway and the freeway north of Seaford Rd. Also big blocks and still walking distance to Seaford Station, beach etc.

Not as good is that portion of Seaford east of the freeway/Wells Rd. This is still west of Frankston-Dandenong Rd. Nevertheless the northern part around Belvedere is better than the southern part immediately east of Kananook Station. This southern part has the station but there's some rough looking houses, and of course its right near Franga North. There's not many units in this part.

Seaford houses are spread across all these areas; Seaford units are very heavily concentrated. So what might go for units might not apply for houses.
 
Seaford houses are -5.8% Franston North houses are up considerably, would love to know the percentage. Unfortunately Frankston North doesn't have units on the graph to really be able to compare apples with apples!

Toni

According to the graph only up from $218K to $225K which is 3.2%. Dont see how that is "up considerably". Even though they are up this quarter, they are -5.5% since the Mar 08 quarter so nothing to be excited about.

Up considerably, LOL...
 
True, but not bad considering the encomonic conditions at present. There are alot of developments underway here and I believe in the long term Frankston will do quite well.


Toni
 
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BB,

I own 2 in frankston and i agree. To much spruiking going on.

Out of interest how many IP'S do you have and where are they located?

Matt
 
Frankston North's two year gain was massive, albeit from a low base. I think the median price two years ago was around $180k. There was a breather early last year after a massive rise, full marks to Bodybuilder for pointing that out to us. And in the quarter ending Dec 2008, when everything else in Australia fell, Frankston North moved up again.

Bodybuilder has done well to buy in Seaford - and at an ultra cheap price. He's obviously gone there to cheer on St Kilda, now that they have relocated to Seaford. Good on you Bodybuilder - it must feel good to be in your own place. The kids will like Seaford beach. And if you don't have any kids, have fun working on it *wink* :)
 
spruikers and realtors: keep on waiting

Disclosure: I put my money where my mouth is. I own property in the area and would like to buy even more, with a view to holding for 5-10 years. The only "spruiking" on these boards comes from real estate agents who hang around in search of new business. Aware of my portfolio, they sometimes PM me, warning of the so-called meltdown and how I should sell for next-to-nothing and head for the hills, tinned food in hand. I'd trust them a lot more if they owned property locally - most own nothing more than their own cars. :mad: Your average Frankston real estate salesman is as informed as most taxi drivers ie. they have no macroeconomic qualifications and are only interested in the next fast commission.
 
BB,

I own 2 in frankston and i agree. To much spruiking going on.

Out of interest how many IP'S do you have and where are they located?

Matt

Hi Sabitor,

I do not own any IP's, however I am a keen follower of property and shares. The more I research now, the better off I'll be when I'm ready to purchase an IP! I do own a town house in Seaford as mentioned earlier - actually, I'll own it after settlement!
 
Yes, I agree. Land component is the one thing that'd move Frankston upwards, after the marina. Buy land - there isnt much of it available Bayside
 
Hi Guys,

I am a newbee. I have looked at this property and I liked it.

http://www.realestate.com.au/cgi-bi...r=&cc=&c=17179724&s=vic&snf=rbs&tm=1235624559

This is my first home and was told that I can save half of the cost of stamp duty. I am planning to live in this unit for 6-7 years ad then sell it off. I work in the city and am planning to catch the train. Do u guys think it is a good idea. Also what offer can be made.

Thanks a lot

Not sure why you would want to buy a unit when you can have a full size block and decent house for around that money??

If you have your heart set on new then go for it but i doubt it would appreciate as quickly as a full size block.

Just my 2 cents.

Offer whateva you want. Id start at $200,000 and go from there.

Matt
 
Thanks Matt. I was told by the agent that the offer should be atleast $240000. Do u think it is a fair deal. I will be going overseas after 6-7 years to care for my parents. I just dont want to miss out on this grant and also I am renting at the moment.

Thanks a lot for ur advice

cheers
 
Thanks Matt. I was told by the agent that the offer should be atleast $240000. Do u think it is a fair deal. I will be going overseas after 6-7 years to care for my parents. I just dont want to miss out on this grant and also I am renting at the moment.

Thanks a lot for ur advice

cheers

Yah, well the agent would say that. Not to say someone won't pay it but you are definitely paying full value. The builder is making the money here; I agree that you'd be better off finding something with more land. Don't sweat about the grant too much. Firstly, it's almost certain to be extended so there's no great rush. Take your time, ausrock. Have you looked around the area to see what else is available?
 
Thanks Jade for your help. I have looked at 2 other properties and they are units as well. Cant get a block of land around that range. Will keep looking. I am living in Dandenong at the moment. Still cant decide between the two ie Dandi and Franga. Which one do u think has more growth in the next 6-7 years?

Thanks
 
Heheh, I live in Frankston Sth so I am perhaps the wrong person to ask, but have a look at some of the Frankston threads on this forum. No doubt in my mind it's a better bet than Dandenong. I know there are some nice areas in Dande but no compsrison with the beach, infrastructure, transport etc of Franga. Just had a quick look & found these houses on blocks in Nth Frankston:
http://www.realestate.com.au/cgi-bi...r=&cc=&c=64670692&s=vic&snf=rbs&tm=1235688782

http://www.realestate.com.au/cgi-bi...r=&cc=&c=64670692&s=vic&snf=rbs&tm=1235688782

Easy to cosmetic reno and because the corner one has dual occ potential, it will widen your market to investors when you want to sell. From an investment viewpoint, remember that it is the land that appreciates in value while the buildings depreciate - especially if you buy brand new. That said, you are looking for a PPOR so you need to decide how important the $ factors are.
I would personally wait for an extra $10 & buy in Frankston proper (rather than North), simply because it will be valued more & right now there is only 10-20k difference. I think that by the end of your timeframe this difference will be more because (like it or not) Frankston postcode is more sought after.

I am tempted to buy this one myself, purely because I love mid-century architecture & it's an easy reno:


http://www.realestate.com.au/cgi-bi...r=&cc=&c=54020856&s=vic&snf=rbs&tm=1235688680
 
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