Frankston VIC: Australia's Cheapest Marina Suburb?

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DrK

My family & I are keen on investing in Frankston because it is Australia's cheapest beachside suburb with marina approval and infrastructure (including a university) in-situ. This thread is specifically for people like us: people who have bought or are hoping to buy in Frankston.

I'm especially keen on Frankston because it has many established homes on redevelopable dual-occ sites: many older houses can be replaced with two or more new ones. The median price for a house in Frankston is a scant $290k, well below the current Melbourne median of around $430k. The marina has been approved at all levels of government and it is just a matter of time before it is built, there is no longer any question that this is going to happen. Frankston will eventually be home to one of Australia's larger major-city marinas, according to high-level local government officials.

If you are a Frankston owner or are keen on buying, please share your views here. Please, no off-topic posts: lets share information and benefit from the mispricing of what must be one of Australia's cheapest beachside suburbs. :) Salesmen need not post here, thank you.
 
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I picked up a 4 bedder a couple of months ago, see how it goes.

I'm a little thrown out by stats though.. API say 12% growth over the past 12 months, RP Data say -3%?

Not sure whats happening as yet but long term growth should be good.

I like to buy in undervalued suburbs because they have to catch up sooner or later.
 
Hey All,

I am a fan of Frankston and own in both the south and north HOWEVER, havant we discussed everything that needs to be discussed on Frankston? There a 2 threads on this suburb already and from memory one has over 70 pages.

Not sure what we could possibly talk about which hasant already been covered? Unless new information comes to light??

Again im not having a go, just wondering how this thread is differant from the other 2?


Matt
 
Sabitor_84 said:
Hey All,

I am a fan of Frankston and own in both the south and north HOWEVER, havant we discussed everything that needs to be discussed on Frankston? There a 2 threads on this suburb already and from memory one has over 70 pages.

Not sure what we could possibly talk about which hasant already been covered? Unless new information comes to light??
Click to expand...

Which begs the question - Is DrK Newhigh/yacktiefrankston?

My comments on frankston are well captured in the other threads.
 
DrK said:
My family & I are keen on investing in Frankston because it is Australia's cheapest beachside suburb with marina approval and infrastructure (including a university) in-situ. This thread is specifically for people like us: people who have bought or are hoping to buy in Frankston.

I'm especially keen on Frankston because it has many established homes on redevelopable dual-occ sites: many older houses can be replaced with two or more new ones. The median price for a house in Frankston is a scant $290k, well below the current Melbourne median of around $430k. The marina has been approved at all levels of government and it is just a matter of time before it is built, there is no longer any question that this is going to happen. Frankston will eventually be home to one of Australia's larger major-city marinas, according to high-level local government officials.

If you are a Frankston owner or are keen on buying, please share your views here. Please, no off-topic posts: lets share information and benefit from the mispricing of what must be one of Australia's cheapest beachside suburbs. :) Salesmen need not post here, thank you.
Click to expand...

You said yourself a few weeks ago that your brother had bought there, and you would've but didn't because you're more conservative.

Seems like nothing's changed.

What more confirmation do you need that Frangers is ok?

You're a doctor, income shouldn't be a prob - just find a decent property and buy it.

The change needed is inside you.
 
Buyers paralysis is not a happy affliction. After much fussing, I managed to bite the bullet and signed a contract to buy a North Frankston house last month, subject to a couple of minor maintenance issues. Cost: $230k. Ceteris Paribus the house is on a dual occ site (STCA) as the land size is over 600sq metres. It is yelling distance from Seaford (which is also on my radar if I can spot cheapies).

The agent, an amiable fellow, tells me I have enough side-access to build at the rear of this North Frankston house if I so desire; apparently, he says, the council is going to keep that rule going for awhile. But the vendor and agent did not want any mention of side access or STC Approval on the contract so we did it with a minimum of conditions.

I don't think I got a bad deal for a solid brick house: I know people who spend more on cars. Still, I wish I could have gotten in a few years ago like some of the rest of you. Grumble, grumble.
 
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DrK said:
Still, I wish I could have gotten in a few years ago like some of the rest of you. Grumble, grumble.
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That's what everyone says.

Just get in when you can, and in 10 years someone else will be whinging because they didn't get in when you did.

Oh; and they'll be saying how "lucky" you were. :eek: :rolleyes:
 
the true believers

Thats a very philosophical way of looking at things Bayview. Good on you for having the foresight to get in early. Schadenfreude doesnt exist in my vocabulary - I am more than happy to learn from intelligent people who are successful at what they do. Wasn't it Issac Newton who said: If I see so far, it is because I have stood on the shoulders of giants.

The last Frankston thread was great. But it got split in two and the second part was not as intellectually coherent as the first. This new thread is specifically for people who already invest in Frankston or plan to do so. I'm hoping there will be less off-topic sniping on this thread by naysayers who don't see the light as we do. Visit us in 10 years time when our yachts are berthed at the marina.

On a more personal note to those who own locally: should I build at the back of my new North Frankston property (after it settles)? Have any of you Frankstonites done that? Do you think dual-occ sites will outperform ordinary houses in Frankston & surrounds over the next 10 years?

I will be buying more & have had two offers rejected because I'm too tightfisted to pay too much. There's still value to be had out there and I'm happy to wait for low-cost bargains to materialize.
 
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There are too many investors that have been investing in Frankston over the past years that suggest that Frankston is worthwhile investing in. The proposed marina, the development of the Kanonook Creek, the new Peninsula Bypass and other developments will see Frankston increase in values over the next 3-5 years. The only thing that needs to make this achievable will by the announcement of the letting of the project for the marina and the commencement of the Peninsula Bypass as this will make it easier for people to travel within Frankston and will have the affect of increasing values in this rather undervalued suburb.
 
Land size requirements for subdivision in Frankston

What size block does the City of Frankston require you to have if you want to subdivide?
 
Lilli said:
What size block does the City of Frankston require you to have if you want to subdivide?
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Rule of thumb is 600sqm. Corner blocks might get away with slightly smaller but thats on a case by case basis.

If the block is a werid shape you might need alot more then 600sqm.

Matt
 
Block size matters. Best to call the local council, the information they give you may be more reliable than what the real estate salesmen or their mates tell you. My understanding is the same as Sabitor's: best to buy homes that are on blocks >600sq meters if you want to develop the site.

We are retirees and we sold our home in Manly to move to Frankston in anticipation of the marina getting government approval. Bought a home in Frankston and 2 IPs, one in North Frankston and the other in Seaford. A friendly warning to anyone buying or selling. Do your homework. Find out the median price and don't be scammed. There is more information on how the local market works on the other Frankston thread.
 
approved, no longer proposed.

Good point Sparky. However, the marina has been through the proposal process and, after many years of debate, finally approved at all levels of government. It is only a matter of time before tenders are accepted and construction begins. Thats the word I have from the people in Frankston Council's planning office. So its not longer a matter of "if" its a matter of "when". As I have a 5-10 year timeframe, I don't mind waiting. Waiting may well be a good thing as it shakes out the short-termers and speculators.

I'm still looking for good value property and am having to work with agents to secure deals. Has anyone gotten any good deals lately? Feel free to post any links here.
 
Did a review

I did a review of the two properties i own in South Frankston. Both 2 bed units, One is in Nolan St, the other in George St. Both walking distance to the proposed harbour.

Both bought in 1999 for $95k. Now worth between $270k to $300k. No work done, not even a lick of paint. Ok, I did replace the carport in George St.
 
DrK said:
Good point Sparky. However, the marina has been through the proposal process and, after many years of debate, finally approved at all levels of government. It is only a matter of time before tenders are accepted and construction begins. Thats the word I have from the people in Frankston Council's planning office. So its not longer a matter of "if" its a matter of "when". As I have a 5-10 year timeframe, I don't mind waiting. Waiting may well be a good thing as it shakes out the short-termers and speculators.

I'm still looking for good value property and am having to work with agents to secure deals. Has anyone gotten any good deals lately? Feel free to post any links here.
Click to expand...

This one is also approved and a little bit of work got started, problem now seems to be the financing which was coming from land sales and of course that stalled last year. However if it does proceed I think if I was investing in a marina area my money would be here, having lived in both areas this is a much nicer spot!
 
I did a review of the two properties i own in South Frankston. Both 2 bed units, One is in Nolan St, the other in George St. Both walking distance to the proposed harbour.

Both bought in 1999 for $95k. Now worth between $270k to $300k. No work done, not even a lick of paint. Ok, I did replace the carport in George St
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AHA!!

That's cheating! :D
 
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