Frankston offer

[want2bewealthy]

So I've put in an offer on a 4bdrm 2 bath house on 550squares just 1.5 km's from the CBD and will know within a few hrs if it's accepted, the only 'bad' thing I can notice is its the next street over from a major highway, Im buying sight unseen and let me tell you I'm having a hard time with the agent there, he's a total knob! I'm having to convince him to let me buy it.. I just cant wait until this is all over, and until next time

Anyhow it's fully renovated on Mc'mahons Rd and asking price is $300k, seem fair?

It amazes me how many of these old looking houses have been made to look new and modernised inside,

PS, I also spotted an awesome block, great for a developer, check this out
http://www.realestate.com.au/cgi-bi...er=&cc=&c=5167002&s=vic&snf=rbs&tm=1235867183

 

[buzzlightyear]

Is that the Frankston Flinders Hwy? Of course, there will be noise, but you would realise that.

If you are concerned about the location, why don't you go onto Google Streeview and go for a virtual walk This will give you at least a better indication of the locality. Google Earth is often good as well, but more to examine the block and set-backs of adjoining properties.

I often use Google Streetview when I am looking at properties that are in locations that I am not that familiar with, to at least get an initial impression of the area.

Edit: As for the property on HeatherHill rd, you would struggle to get approval for 3 based on the block size, so it would be ~$150k per unit site (for 2) Still a bit exy IMO, especially on that side of the highway. Not sure what others think.

 

[Propertunity]

Anyhow it's fully renovated on Mc'mahons Rd and asking price is $300k, seem fair?

Seems like a very busy street (in parts) . A lot of houses down the Cliveden Ave end have high brick front fences - presumably for noise reduction? The other end of course is the Moorooduc Highway (which always somehow reminds me of Lord of the Rings, whenever I drive down it) as buzzlightyear says.

What's it going to rent for?

 

[Bayside]

I drive down that street everyday pm me what number it is and i'll tell you.
If it's up over the trainline should be ok but just hoping it's not directly across from the bulky goods corner as it's very busy there

 

[Property Meister]

Is that the Frankston Flinders Hwy? Of course, there will be noise, but you would realise that.

If you are concerned about the location, why don't you go onto Google Streeview and go for a virtual walk This will give you at least a better indication of the locality. Google Earth is often good as well, but more to examine the block and set-backs of adjoining properties.

I often use Google Streetview when I am looking at properties that are in locations that I am not that familiar with, to at least get an initial impression of the area.

Edit: As for the property on HeatherHill rd, you would struggle to get approval for 3 based on the block size, so it would be ~$150k per unit site (for 2) Still a bit exy IMO, especially on that side of the highway. Not sure what others think.

can somebody please quote my friend on this.

basically, you need 600sqm as a minimum for 2 units, fair enough.

but I have been quoted 800sqm is enough for 3 units if its a perfectly square block, can someone confirm this please?

for example if 800sqm was the absolute minimum for 3 subdiv, then buying a property with 799sqm, will be no different in buying one with say 650sqm, that is unless you weren't paying a premium for it, which I think the larger land size does come with a premium price tag!

 

[buzzlightyear]

can somebody please quote my friend on this.

basically, you need 600sqm as a minimum for 2 units, fair enough.

but I have been quoted 800sqm is enough for 3 units if its a perfectly square block, can someone confirm this please?

for example if 800sqm was the absolute minimum for 3 subdiv, then buying a property with 799sqm, will be no different in buying one with say 650sqm, that is unless you weren't paying a premium for it, which I think the larger land size does come with a premium price tag!

The answer; it depends!

If the property is located on a secondary raod, then the council especially at Franga, is more inclined to allow higher density development. Not necssarily so in a residential street.

What are the setbacks of the blocks on either side of the block you are looking at? For memory the regs are 9m set back from the front of the block, however, if the adjoining properties setback is less, then you can use that as your setback. The you have shadowing, the design of the proposed development will also affect the way the council views the proposal, as a starter.

I have a 817sqm block in Frankston South which should be a 3 unit site. Next door has the same block size and has three townhouses built on it approx 12 months ago. It is not on a residential street however.

 

[want2bewealthy]

I drive down that street everyday pm me what number it is and i'll tell you.
If it's up over the trainline should be ok but just hoping it's not directly across from the bulky goods corner as it's very busy there

Thank you,

Its located directly between Clivedon Ave and Barklay Ave if that gives you some indication?

 

[want2bewealthy]

Seems like a very busy street (in parts) . A lot of houses down the Cliveden Ave end have high brick front fences - presumably for noise reduction? The other end of course is the Moorooduc Highway (which always somehow reminds me of Lord of the Rings, whenever I drive down it) as buzzlightyear says.

What's it going to rent for?

The agent says 280-300 'being conservative' but I cant really take his word, Id expect 280 to be 'fair'

 

[Ms Jade]

Your ******** Metre is working fine there, w2Bw. I would not regard $280 as conservative at all. May I ask why you chose this particular property, BTW? I don't want to dampen your optimism but my first instinct is that 300k is top money for 550sqm on that road.

 

[Ms Jade]

Hehehe. I feel so naughty. That is the 2nd post in a week that I've been ***'d. Nothing to be proud of, i know. ..See how immature i am?

BTW, there is no rude word in this post. I just made up a new verb:
To censor via use of asterisks.

 

[want2bewealthy]

Your ******** Metre is working fine there, w2Bw. I would not regard $280 as conservative at all. May I ask why you chose this particular property, BTW? I don't want to dampen your optimism but my first instinct is that 300k is top money for 550sqm on that road.

Well it gets better, I've spoken with three property managers in the area and they tell me theres a big demand for the property I'm looking at, waiting list for tenants and it should rent for $330 no troubles at all but probarbly more towards $360

Not bad for an old Frankston

 

[kissfan]

So I've put in an offer on a 4bdrm 2 bath house on 550squares just 1.5 km's from the CBD and will know within a few hrs if it's accepted

So W2BW, did you hear back yet?

Regards
Marty

 

[want2bewealthy]

So W2BW, did you hear back yet?

Regards
Marty

Yea mate, the agent is indipendant and a bit of a funny bugger, alls I gotta do now is sign my end of the contract and Im done, Im really happy with the choice, sounds great!

 

[kissfan]

Good on you. Great to see you out there swinging the bat. Not every swing will get you runs, but you're definately having a good go. Sounds like a very good (prospective) rent too...bonus.

Regards
Marty

 

[newhigh]

selling grandma - trust but verify

Although rent returns in Frankie are far from bad, it would be wise to be wary of what agents tell you prior to a sale. Sadly, in my experience, most local agents tend to be very nearsighted and can't see past their next commission. Be assertive: get something in writing from them to ensure the purported rent estimation stacks up.

Be aware that your agent gets an extra commission if his firm becomes your property manager. If he discloses this to you, he's a lot more honest than the agents I've had to deal with in the past. Also be aware that many PMs sell their rent rolls to other firms (for a profit, of course!) and you may find your properties managed by someone that you have never met. It has happened to me. Feel free to PM me for further information.

In my experience, most local agents would sell their own grandmothers if it'd secure them a quick commission. I've dealt with most local firms and none show the slightest interest in long term relationships. Their

That only a tiny minority of local agents own their own homes should speak volumes. Frankston isn't yet Double Bay or Kirribilli and one shouldn't expect too much from local agents who, for the most part, tend to be disloyal, poorly educated, ungrateful and just plain rude.

Goodluck with your acquisition. Again, feel free to PM me for more info about local property managers etc. I've had to learn the hard way and I'm happy to share. And no, I don't get commissions from anybody. I'm an investor, noti an agent.

Enough of my constant whining and blatant ramping! Oh I'm sure there are some nice agents out there somewhere

 

[funkysouth]

dividing property

Still got that chip on your shoulder NH...
Don't treat agents like second rate citizens for doing a job that involves having to cater to your arrogance and premeditated disdain for my profession.
Most agents are family people, who DO OWN their own home (including myself) and treat your comments about selling their own grandmothers to get a commission cheque with disgust.
As for uneducated... bla bla bla.
The council imposes no minimum land size for subdivision as long as the plans meet minimum requirements re: setback, dwelling size, car accomodation etc. I know of 900sq blocks with 3 stand alone villas/units and an 1050sq property in South Frankston with 4 townhouses and common walls between the single garages. These have all acheived the famous Frankston council stamp of approval. In my experience, I have encountered the same architect for many of the developments around Frankston and have had many a conversation with him on this subject. When selling off the plan I need to know that what I am selling meets requirements (Its called proffesional indemnity NH and covers me from being sued by YOU when you realise your garage is 200mil short of legal width)
As for Heatherhill Road, it is a decent property and a decent area with public transport at your doorstep, shops, parklands and Frankston High School zoning but a fraction of the South price. Do your due dilligence and don't pay a cent over 295k.