Frankston VIC: Australia's Cheapest Marina Suburb?

[Property Meister]

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

AHA!!

That's cheating!

Well done, you've just proved to your self that property works!!!!

 

[BayView]

Well done, you've just proved to your self that property works!!!!

Sorry PM; it wasn't me who said that - I was quoting someone else and forgot to re-insert the quotes.

I've been back in and fixed it.

But you are correct - it works.

 

[toony]

Whats Next????

Now that the Frankston Marina been approved for planning purposes what is the next step?

Does it go to tender to find a party prepared to fund and develop the $80m project? Who will own the development? What is the councils involvement? Has the project been funded or will the tender require the party to find the funding, therefore own the Marina?

 

[Toni]

Frankston Marina given green light by State Government - Leader News 26/05/09

The State Government today announced Frankston’s Safe Boat Habour project would go ahead following the decision to amended the local planning scheme as requested by the Frankston City Council.

http://frankston-leader.whereilive....kston-s-massive-marina-set-for-plain-sailing/

 

[toony]

So basically we now need a developer prepared to part with $80m and implement a viable business model. Still plenty of water to pass under the bridge before the project starts.

How many will tender for the project i wonder?

 

[yachtiefrankstn]

So basically we now need a developer prepared to part with $80m and implement a viable business model.

The local Mayor, a conservative fellow not known for exaggeration, hopes for construction to start at the end of this year now that it has been approved by all levels of government.

http://www.theage.com.au/national/frankston-marina-revamp-given-goahead-20090526-bm3u.html

$80m isn't a lot of money these days for what is going to be metropolitan Melbourne's largest marina. Even the very cheapest shopping centres sell for 4+ times more than what the marina will cost to build. I think its a bargain for $80m. And given that the approval is for a mega-sized marina, it will be more than commercially viable; the original concept was too small to work and it is great that this "mega" plan has been given the green-light. The new marina will extend 500m into the bay and will be a lot more attractive to the eye than the St Tropez marina in the south of France.

There has been interest from overseas financiers and investors who want to park their money here. A sure sign that this is going to be a tourist attraction, something the area sorely needs. I can't understand the motives of the "it will never happen" brigade. I guess its sour grapes from negative minded people who probably don't live here. Whatever their motives, I'm sure they will find something else to complain about once this project is finalized.

 

[Frankstonite]

The new marina will extend 500m into the bay and will be a lot more attractive to the eye than the St Tropez marina in the south of France.

There has been interest from overseas financiers and investors who want to park their money here. A sure sign that this is going to be a tourist attraction, something the area sorely needs. I can't understand the motives of the "it will never happen" brigade. I guess its sour grapes from negative minded people who probably don't live here. Whatever their motives, I'm sure they will find something else to complain about once this project is finalized.

Long time reader of this forum but this particular post got my blood boiling so I thought I'd sign up. St Tropez? Next you'll be calling Frankston the next Monaco! Can I be the clown prince?

Some facts:
- I live in Frankston near the water
- I have a boat
- I use the beach daily

Now Yachtie, I'd like you to substantiate what you say:

- Where is the OS interest coming from?
- Why would it be a tourist attraction in the colder months? Ever looked out on the water during the winter?
- Why is it negative minded of people to care about their beach?

Some answers would be great.

This marina IS a white elephant. It won't get built as any decent investor will see it for what it really is. There is no way it can be sustainable. Look at Safety Beach for an example.... I'd recommend taking your yacht to check out where that project is, a real eye opener from the water.

The other problem I have is that all of the environmental impact studies have been done prior to when it doubled in size, doesn't this concern you? We will most likely lose our beach, check out Sandringham for an example.

Also, parts of Frankston are dying, check out the main drag and see how many shops are empty. Bayside shopping center and the eyesore on Cranbourne Rd are slowly killing the city. There was a great doco on SBS regarding the prolification of "big box" stores and their affects on the local community, I'll try and remember the name. Creating more shopping away from the city is only going to hurt more.

And finally, I use the beach every day of the year, rain/hail/shine and I can tell you that it is a "ghost beach" apart from the summer months. So who is going to frequent the marina for the other 200 days of the year?

If the project could some how be incorporated into Kananook creek (close to the city), global warming hurries up and the sand is not lost from my favourite beach I am more than happy to jump on the band wagon.


Oh, and hi everyone!

 

[enricofermi]

no going back now

Every society has its luddites who are opposed to progress. Luckily, they rarely have any power even if they love being heard. In any case, "approved" means just that as far as the government and mayor are concerned, there's no going back now and the Marina will happen. It looks like Frankston has no choice but to move ahead. Many "silly" developers have fallen in love with the place, its extremely cheap.

Frankstonite may have to move on to other green pastures where V8s, white shoes and funny cigarettes are more welcome. Its progress mate......it will create jobs. Don't be so backward.

 

[Bayside]

Long time reader of this forum but this particular post got my blood boiling so I thought I'd sign up. St Tropez? Next you'll be calling Frankston the next Monaco! Can I be the clown prince?

Some facts:
- I live in Frankston near the water
- I have a boat
- I use the beach daily

Now Yachtie, I'd like you to substantiate what you say:

- Where is the OS interest coming from?
- Why would it be a tourist attraction in the colder months? Ever looked out on the water during the winter?
- Why is it negative minded of people to care about their beach?

Some answers would be great.

This marina IS a white elephant. It won't get built as any decent investor will see it for what it really is. There is no way it can be sustainable. Look at Safety Beach for an example.... I'd recommend taking your yacht to check out where that project is, a real eye opener from the water.

The other problem I have is that all of the environmental impact studies have been done prior to when it doubled in size, doesn't this concern you? We will most likely lose our beach, check out Sandringham for an example.

Also, parts of Frankston are dying, check out the main drag and see how many shops are empty. Bayside shopping center and the eyesore on Cranbourne Rd are slowly killing the city. There was a great doco on SBS regarding the prolification of "big box" stores and their affects on the local community, I'll try and remember the name. Creating more shopping away from the city is only going to hurt more.

And finally, I use the beach every day of the year, rain/hail/shine and I can tell you that it is a "ghost beach" apart from the summer months. So who is going to frequent the marina for the other 200 days of the year?

If the project could some how be incorporated into Kananook creek (close to the city), global warming hurries up and the sand is not lost from my favourite beach I am more than happy to jump on the band wagon.


Oh, and hi everyone!

Whats your other username Frankstonite?
Want Frankston all to yourself do you?

 

[rocket]

Good post Frankstonite adding some reality to the euphoria shown
Others are dreaming to think that the marina will somehow produce a miracle change in people's perspectives and use of the area
Most people are obviously "talking their book"
Cheers

 

[yachtiefrankstn]

What's with all the bickering and negativity? Maybe I read it wrong but wasn't this meant to be a forum for people who either invest in Frankston or are planning to do so? Wasn't that the purpose of this thread? People who have already made their minds up were meant to come here and share ideas about things like zonings, council requirements etc. Lets not spoil it for others by being negative or by trying to sell something to the rest of us.

There is no euphoria in Frankston, prices have gone sideways for two years and are still well below the Melbourne average. Rocket and Frankstonite can easily leave Frankston if they hate it here. This isn't a gulag, dissenters can leave and do not have to post unless they have something positive to say.

 

[Bayside]

Good point, i'm in Frankston every day and everyday I notice new works going on in the area. Everything from the redevelopment of the creek to nature strip tree planting from Frankston - Aspendale along the trainline.

 

[Frankstonite]

Every society has its luddites who are opposed to progress. Luckily, they rarely have any power even if they love being heard. In any case, "approved" means just that as far as the government and mayor are concerned, there's no going back now and the Marina will happen. It looks like Frankston has no choice but to move ahead. Many "silly" developers have fallen in love with the place, its extremely cheap.

Frankstonite may have to move on to other green pastures where V8s, white shoes and funny cigarettes are more welcome. Its progress mate......it will create jobs. Don't be so backward.

Nice try buddy, just moved here myself and drive a normally aspirated subaru. only own white footwear for tennis and golf, and don't smoke anything, so sorry to ruin your stereotype. Move along nothing to see here.

Oh, and it's not progress when the developer goes out of business and rate payers of Frankston are left to pick up the bill. There was a 6% increase in rates this year already and the same forecast for the next 2 years, we don't need this white elephant on top of that.

...and it won't happen if there is no private money.

 

[Frankstonite]

Whats your other username Frankstonite?
Want Frankston all to yourself do you?

No other username, am sure mods can check that out. No, don't want Frankston to myself, would love to see if move forward. Re-read my post, I think it is over the top considering our climate and current state of the city.

 

[Frankstonite]

Good post Frankstonite adding some reality to the euphoria shown
Others are dreaming to think that the marina will somehow produce a miracle change in people's perspectives and use of the area
Most people are obviously "talking their book"
Cheers

Cheers. It appears that I'm pushing **** uphill.

 

[Frankstonite]

What's with all the bickering and negativity? Maybe I read it wrong but wasn't this meant to be a forum for people who either invest in Frankston or are planning to do so? Wasn't that the purpose of this thread? People who have already made their minds up were meant to come here and share ideas about things like zonings, council requirements etc. Lets not spoil it for others by being negative or by trying to sell something to the rest of us.

There is no euphoria in Frankston, prices have gone sideways for two years and are still well below the Melbourne average. Rocket and Frankstonite can easily leave Frankston if they hate it here. This isn't a gulag, dissenters can leave and do not have to post unless they have something positive to say.

You still have not answered my questions, go back and re-read. You are the one with the negative comments regarding those who oppose a development that is clearly not going to work.

Here is my last comment:

If the project could some how be incorporated into Kananook creek (close to the city), global warming hurries up and the sand is not lost from my favourite beach I am more than happy to jump on the band wagon.

So how am I dissenter? Anyone that has an opinion different to investors can't speak their mind?

Remember , this is my home, I am not a developer trying to make a buck so I do not have any other motives, unlike some who post here.

 

[Mindmaster]

Sorry to sidetrack this thread away from personal issues etc but I want to talk about investing in Frankston/Frankston North

I short listed a bunch of what looked like good buys on the 22nd of May to see how they would move.

Here is a couple of examples
http://www.realestate.com.au/cgi-bin/rsearch?fslm=1&a=o&id=105682125&t=res&s=vic
http://www.realestate.com.au/cgi-bin/rsearch?fslm=1&a=o&id=105548591&t=res&s=vic
http://www.realestate.com.au/cgi-bin/rsearch?fslm=1&a=o&id=105779863&t=res&s=vic (30th May)

In roughly two weeks there has been no movement on any of the shortlisted properties.

So either there is no value in the places I listed (possible) or movement in the Frankston market is slow. What are other peoples thoughts on this?

How long is a property normally "under contract/under offer" for?

 

[BayView]

Sorry to sidetrack this thread away from personal issues etc but I want to talk about investing in Frankston/Frankston North

I short listed a bunch of what looked like good buys on the 22nd of May to see how they would move.

Here is a couple of examples
http://www.realestate.com.au/cgi-bin/rsearch?fslm=1&a=o&id=105682125&t=res&s=vic
http://www.realestate.com.au/cgi-bin/rsearch?fslm=1&a=o&id=105548591&t=res&s=vic
http://www.realestate.com.au/cgi-bin/rsearch?fslm=1&a=o&id=105779863&t=res&s=vic (30th May)

In roughly two weeks there has been no movement on any of the shortlisted properties.

So either there is no value in the places I listed (possible) or movement in the Frankston market is slow. What are other peoples thoughts on this?

How long is a property normally "under contract/under offer" for?

I think you'll find that properties that sit for a longer time in Frangers right now - especially in this pricepoint - it's becuase they are most likely to be:
1. Too expensive
2. Not well positioned
3. Cr@p house
4. All of the above.

The second house for example, is an older house with no wow factors - looks like the Vendors are trying to cash in on the land size a bit.

There was a 2x1 unit sold in our block a few weeks ago for $207k; it sat there for quite a few weeks before selling. I thought it'd go within a week.

I asked the agent what had happened there - she said it was the smallest in the complex, hadn't been renoed all that much, etc.

 

[Frankstonite]

Sorry to sidetrack this thread away from personal issues etc but I want to talk about investing in Frankston/Frankston North

I short listed a bunch of what looked like good buys on the 22nd of May to see how they would move.

Here is a couple of examples
http://www.realestate.com.au/cgi-bin/rsearch?fslm=1&a=o&id=105682125&t=res&s=vic
http://www.realestate.com.au/cgi-bin/rsearch?fslm=1&a=o&id=105548591&t=res&s=vic
http://www.realestate.com.au/cgi-bin/rsearch?fslm=1&a=o&id=105779863&t=res&s=vic (30th May)

In roughly two weeks there has been no movement on any of the shortlisted properties.

So either there is no value in the places I listed (possible) or movement in the Frankston market is slow. What are other peoples thoughts on this?

How long is a property normally "under contract/under offer" for?

Fair call on the personal issue, it just annoys me when ppl attack others for their beliefs, anyway back on topic.

I've lived in Frankston for the last 2 years but have been watching it for the last decade as I've been coming down here for a while, and to answer your questions:

- The first house is in the Pines estate, check it out on wikipedia if you want more information but it basically a housing commission area. A lot of these places are being sold to investors who don't really know the area and as a result capital growth has been there. There are plenty of people around to rent in the that area but I'd be concerned with the quality of tenant. I've heard second hand that there has been a shift out of this area into Carrum Downs due to rental increases.

- Better area then the first but still a little rough, nice sized block too. Any idea what it is rented at? That may be your answer.

- Don't know that area that well.

As far as properties "under offer/contract", I've seen a few times in the last couple of months where the sticker is put on the board, stays there for a month or so and then is removed. It might be a marketing ploy or it may just mean a condition fell through and the agent is a little slack to remove it. Problem is that you are relying on the agent to tell you the truth.

 

[Property Meister]

Sorry to sidetrack this thread away from personal issues etc but I want to talk about investing in Frankston/Frankston North

I short listed a bunch of what looked like good buys on the 22nd of May to see how they would move.

Here is a couple of examples
http://www.realestate.com.au/cgi-bin/rsearch?fslm=1&a=o&id=105682125&t=res&s=vic
http://www.realestate.com.au/cgi-bin/rsearch?fslm=1&a=o&id=105548591&t=res&s=vic
http://www.realestate.com.au/cgi-bin/rsearch?fslm=1&a=o&id=105779863&t=res&s=vic (30th May)

In roughly two weeks there has been no movement on any of the shortlisted properties.

So either there is no value in the places I listed (possible) or movement in the Frankston market is slow. What are other peoples thoughts on this?

How long is a property normally "under contract/under offer" for?

3rd one is just a block of land isn't it?