Frankston property value

[WattleIdo]

Just when you thought it was safe... another Frankston thread.

For anyone who's interested, just had the Frankston property valued by bank. Of course this means that it's a conservative value. Has come in at 370K. That's only 10K more that what I paid for it 4 and a half years ago.

What I summise from this:

• it's not too late to buy in Frankston
• the place has taken 2 steps forward after having taken those backward steps a few years ago.

Am willing to admit that I didn't have my head screwed on properly when I bought this property and I'm sure many will have done somewhat better than me. The following are attributes that I'll be steering clear of in future purchases.
1/ A 4-bedder - smaller houses and units have done better during this period and so they should.
2/ Although in perfect functioning order, it's still daggy and un-renovated with an over-grown garden. Renters have higher expectations these days and a renovated property is easier to manage. Also,I prefer to do the renos myself.

3/ Situated in Frankston Heights - the 'less desirable' areas have done better due to popularity.

I have high expectations for the area but think it's a while off yet (another cycle?)

Wattle

 

[alicudi]

Hi

To: Wattleido, sorry to hear your gains have not been to good over the last 4 years on this particular property.

May I ask why did you have it valued?

I would strongly consider holding on to it for a little while longer to see what happens with the prices in the area and hopefully things may go up for you.

Regards,

alicudi

 

[WattleIdo]

Thanks alicudi,

yes, I'm sure it will happen in the future at some point - definitely intend to hold.

I had the valuation done so that I can buy more property.
Fortunately, I have plenty of equity elsewhere for now.

Cheers

 

[WattleIdo]

ooops
This is totally in the wrong section...

 

[Lord Shanghai]

Yes, base on the OPs experience there still appears to be plenty of value to be had in Frankston.

As an aside, I'm told that Frankston's ethnic Chinese population has doubled in the last 5 years. The local high school's highest performers appear to be mainly Asian. For some, this would appear to be a positive sign. For others, maybe not so. Each to their own.

 

[WattleIdo]

sounds good to me. bring it on!

 

[neeko]

Went to a auction in frankston today. Sold for 417k 3 bedder. Sold 37k above reserve which is brilliant for the area!

 

[Spades]

Grand dad must be couch surfing?...

Edit:I have been in the same situ in another area,i was green also.

OP's posts on asians imo means squat...You want asians buy in springy or glen wav.

That said though you maybe better off holding long long term and i don't know your IP IE:IF it has value add.

It is what it is,mt druitt by the sea but worse demo imo....It also has alot of meth chemists in a small radius and mentioned on another thread,youth unemployment at 30%.

I'm not trying to be negative but outlining what is.

On the upbeat,IF you have qualtity tenants,hold on tight.

Renters as well want little maintenance,sign of the times in terms of techno.

Good luck.

 

[Lord Shanghai]

Decent capital gain in Frankston seems fairly assured for those who get in at the cheap-end. But getting reliable tenants, that's another matter. But, to be fair, getting reliable tenants is a problem no matter where you go.