Frankston VIC: Australia's Cheapest Marina Suburb?

[Ms Jade]

Mindmaster, it's not unusual in current climate for sales to be "under offer" for a long time before going unconditional. It's due to the backlog at the major banks. Agents have told me that vendors are continually being asked to extend finance clauses for 2 weeks at a time.

The market is pretty slow right now down here. If you are really keen on any of those properties you should be feeling good that you may be able to buy now at a low price. There are always motivated vendors so perhaps now is a good time for lowball offers.

 

[Ms Jade]

BTW, as far as value (seeing you asked):
First property seems good value - depending what it sold for. Maybe why it's under offer.

2nd & 3rd properties are pitched at investors, who are pretty thin on the ground at the moment. Whereas 18 mths ago a vendor could ask for a higher price based on subdivision potential; this is not necessarily the case at the moment. The 2nd property is in Frankston heights, which I consider one of the best parts of Frankston. However, it's on the main road for the area so wouldn't be my choice for a road to live on. I imagine that the block would be subdividable but it will only sell to a very limited market. (I'd be surprised if owner-occs wouldn't be interested in it).

Property 3, if only a block of land, is a very limited market as the price is inflated because of the development potential. Just around the corner is this good reno prospect:
http://www.realestate.com.au/cgi-bi...r=&cc=&c=49096274&s=vic&snf=rbs&tm=1244076684

Also will not appeal to owner-occs, probably. There has been a lot of FHB activity but I've been told that they don't want a reno project. Good thing with this house is that you'll always have an advantage with a 4 bedder in the rental market. Smaller block but from the map looks a decent size despite absolutely woeful pics that make the place look like it's on no land at all. If you are looking mainly for a block with development potential you'd have to check the size of this. But advantage is if you want to wait for a definite market upswing before developing down the track, something like this is perfect. Spend about $20k and you'll get a good return in the meantime.

 

[Bayside]

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



- 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.

.

It was a Housing commission area but now over 90% are privately owned.
Annoys me when you say investers are buying in the area who don't know the area, now thats just crap. You're the one saying 'I've heard' second hand that there has been a shift out of this area into Carrum Downs due to rental increases.

 

[Bayside]

If you did your DD and spoke to some locals you would find that alot of people who did move to Carrum Downs are moving back to Frankston North because of all the social problems in Carrum Downs.

 

[Frankstonite]

So Bayside, how many ppl you know from the area? I've worked with several over time, including one that owns several properties in the Pines (and lives there himself). So my information is coming from those that actually live there, can you tell me where yours is coming from? Are these locals you speak of real estate agents?

At least I'm up front and honest about where I hear things instead of trying to pass it off as "DD". What do you consider to be adequate DD?

Social problems in Carrum Downs but not in the Pines? Sorry buddy you really have no idea do you.....

 

[pawprints]

Well I looked at purchasing in Frankston North late last year as a PPOR and investment at later date. Chose not to because I didn't feel safe in the area.

I purchased in Carrum Downs instead. Now wishing I didn't.

There are definately 'social' problems in some areas of Carrum Downs. Police are fed up with 'antisocial' behaviour and the local paper is littered with people having enough of the vandalism, hoons and damage being caused by idiots.

Can't wait to get out and turn this PPOR into an investment.

 

[Bayside]

I actually do have a fairly good idea, I too spent 7 months living in the area. Walking the streets, shopping at locals shops. Catching public transport. Having cups of coffee with local Neighbours who have lived in the area since it was established. I've also chatted with more local people than you can count on internet forums and chat rooms. I'm not hear to talk up the area just telling it as I see it. Frankston is a UNDERVALUED suburb who's day hasn't come yet. If you want to talk down the area then go somewhere else. Alot of us here are excited about Frankstons long term potential. Might take 10yrs but so be it

 

[virgo]

Frankston

Ms Jade

have pm you.

virgo

 

[Bayside]

So Bayside, how many ppl you know from the area? I've worked with several over time, including one that owns several properties in the Pines (and lives there himself). So my information is coming from those that actually live there, can you tell me where yours is coming from? Are these locals you speak of real estate agents?

At least I'm up front and honest about where I hear things instead of trying to pass it off as "DD". What do you consider to be adequate DD?

Social problems in Carrum Downs but not in the Pines? Sorry buddy you really have no idea do you.....

Just curious, why would your mate invest and live in 'The Pines' if it was such a bad area.

 

[Bayside]

So Bayside, how many ppl you know from the area? I've worked with several over time, including one that owns several properties in the Pines (and lives there himself). So my information is coming from those that actually live there, can you tell me where yours is coming from? Are these locals you speak of real estate agents?

At least I'm up front and honest about where I hear things instead of trying to pass it off as "DD". What do you consider to be adequate DD?

Social problems in Carrum Downs but not in the Pines? Sorry buddy you really have no idea do you.....

One more thing, you need to pick your area. The Rosemary Crescent end down near the golfcourse still has a small pocket of commission houses.
I spent 12months researching Frankston & Frankston North before purchasing so i'd say that's DD.

 

[Frankstonite]

Agree with you Bayside on that one, in the grand scheme of things it is undervalued but "the Pines" is not one of them. Frankston is a big, big suburb and that is probably one of the worst parts of town.

Can you tell me where you lived? If you really did what you say you did, and lived in the area for 7 months then you were wearing rose coloured glasses.

I think Frankston in general is a great place for investment and a great place to live. Remember I'm the one who lives here. There is still a strong undertow of low life scum that are not going away as development happens and prices increase, check out Hampton East for a perfect example. Building a marina is not going to solve any of these problems and it especially won't solve them when it's a 20-30 minute walk from the city itself. And rememeber, the Pines is ~10kms from the proposed development site.

At the end of the day I merely pointed out that the Pines area is/was a housing commission, and that should paint an accurate picture for anyone looking to invest in that area.

 

[Frankstonite]

Just curious, why would your mate invest and live in 'The Pines' if it was such a bad area.

Not a mate, he was a work colleague. He grew up in the area and has family there. Not everyone has aspirations to move up on socio-economic geography tree and not everyone that lives in the area are scumbags, just a small percentage that ruin for everyone else.

 

[Frankstonite]

Well I looked at purchasing in Frankston North late last year as a PPOR and investment at later date. Chose not to because I didn't feel safe in the area.

Looked up that way also and came to the same conclusion. Ended up south of the football oval and could not be happier.

 

[Bayside]

Just off Excelsior Drive across from The Seaford Hotel Frankston North.
I might add most of locals drive much nicer cars than I do.

 

[PackedLunch]

So Bayside, how many ppl you know from the area? I've worked with several over time, including one that owns several properties in the Pines (and lives there himself). So my information is coming from those that actually live there, can you tell me where yours is coming from? Are these locals you speak of real estate agents?

At least I'm up front and honest about where I hear things instead of trying to pass it off as "DD". What do you consider to be adequate DD?

Social problems in Carrum Downs but not in the Pines? Sorry buddy you really have no idea do you.....

Still second hand information that you are relying on Frankstonite. I grew up in Rosebud and used to play footy against the pines some 15-20 years ago and always had a bad view of the Pines. Thugs, crims etc

Funny though when i moved here a year ago after purchasing an investment property I haven't seen one single incident that has made me feel uncomfortable. People have always been friendly enough. Sure not everyone takes pride in the way they dress or keeps their lawns etc but I just don't see why all the rumours and innuendo persist. I suppose it's hard to shake a reputation. To add to this my mother moved here 3 years ago to be closer to the city and has also had the same experiance.

 

[fokas]

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.

I can't give out any more kudos...so here I am saying it to you.

 

[Frankstonite]

Still second hand information that you are relying on Frankstonite. I grew up in Rosebud and used to play footy against the pines some 15-20 years ago and always had a bad view of the Pines. Thugs, crims etc

Can you point out where I say it is gospel? I've spelt out exactly where my information has come from in about 3 different posts.

I stand by all of my comments. The Pines is one of, if not, the worst area of Frankston. It is ~10km from the marina site and is/was a housing commission area.

These comments were made in response to a property that was listed in the Pines. It is just my 2cents.

 

[enricofermi]

It is ~10km from the marina site

Given the massive amount of work that has gone into getting final approval from the government and the inevitability of its construction, how will you cope psychologically when the marina DOES get built Frankstonite? Of course you'd want it to fail, that much is clear to all of us. In your negative world, jobs may not be a necessary thing.

I wonder what you do for a living? Need I ask! It unbelievable to think that anyone could want a suburb to fail as much as you do. Please continue to share your aberrant and highly divergent views with us. We are probably the only people who listen to you. Let loose another tirade - we shall all wait with amused smiles to hear what a terrible place Frankston is. If its so terrible, full of crime and despair, I wonder why you live here?

 

[Bayside]

I find it funny someone would open an account just to talk a suburb down, I think Frankston will keep moving forward with or without the Marina. Too many good things happening now

 

[kql]

Hi all,

Firstly, it is a pleasure to finally stumble on this forum. We have only just recently joined the property investment market and look forward to sharing everyone's wealth of expertise (excuse the pun).

I have to agree with Bayside's comments regarding the future capital growth of Frankston. We purchased our first IP in Albion 3 weeks ago, and when it came down to looking for our second IP we were looking around the Seaford/Frankston/Frankston North area. After inspecting Frankston North we thought the houses were generally in a more delapidated and older condition and would require more maintenance over the long term. We also didn't feel it had much more potential than say Carrum Downs despite what has been written in the property investment magazines.

We found a recently renovated 4 BR 2 bathroom BV property in Frankston and brought it as our second IP this week. It is located near the university and a drive around the neighbourhood gave a pleasant vibe. I'm not sure that the marina will make that much of a difference in the long term as we bought in Frankston primarily because it is an undervalued bayside suburb that will grow significantly from next year onwards (but not immediately).