Frankston

Hiya

I remember 3 years ago passing by Frankston on the way to Phillip Island with my family on holidays...when i stepped out of the car, my jaw (together with that of my husband) literally dropped!:eek:

In the blazing sun, walking on the beach foreshore with my kids playing on the beach by the water, we shook our heads...how could a place like that with proximity to Melbourne be SO CHEAP???? (it will never happen in Sydney!)

(Now, all we have to do is band together as a Somersoft group, each one buy one IP or PPOR, drive those feral tenants out:p! and watch prices go up! End of story....)
 
my ip in fr south just been vacated, tenant bought in fr north. his comment is buying is cheaper than renting. although different location.

have to end up drop the price from $350 to $340/week and about 2 month vacancies (starting from the day tenant put up notice).

it seems like there is a lot to rent in market at fr south, and couple of mortage sale (i saw the result of one selling for 320k, 3/2/2 house, in really good nic).

i think it will be very good to pick up those mortage sale from bank.
 
I've had a small 4 bed IP in Frankston (Karingal) for 3 years now. Have increased the rent to 365 pw, purchase price was 320k. Tenants have been good and no issues with rent or house condition. As with any area it really depends on who you get, obviously some common sense is required when filtering tenancy applications too.

Frankston has huge potential and I believe it's a matter of when, not if, it will go up. Suburb demographics/prices can change drastically eg in Sydney look at Redfern, Surry Hills, Balmain, Putney, etc. All extremely pricey areas now which were once considered rubbish. Here's hoping Frankston will also transform soon. :)
 
thetruth said:
Frankston has huge potential and I believe it's a matter of when, not if, it will go up. Suburb demographics/prices can change drastically eg in Sydney look at Redfern, Surry Hills, Balmain, Putney, etc. All extremely pricey areas now which were once considered rubbish. Here's hoping Frankston will also transform soon. :)
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Those sydney suburbs you list border the CBD, Frankston does not :p
 
Hi twiggy,

I love to find out as well so i can bid on the auction, unfortunately i only know after seeing the result of sales, however read the advertisemen, it usually have some hint...

Twiggy said:
Hi Long,

How do you find these houses that are mortgage sale from the bank?

Thanks

Tim
Click to expand...
 
I own an IP in F'ton South. Not the flashy bit on Olivers Hill, but in a 'nice-ish' part. So far, I've been lucky, with no bad tenants. I've had to drop the rent once, but it has also gone up over time (the majority of times).

I consider the RIGHT parts of Frankston a GREAT investment. Port Melbourne used to be a **** hole too, and I bet most people would love to own an IP there.

Course I could be completely wrong, but it's what I'm banking on.
 
SupaRex said:
I own an IP in F'ton South. Not the flashy bit on Olivers Hill, but in a 'nice-ish' part. So far, I've been lucky, with no bad tenants. I've had to drop the rent once, but it has also gone up over time (the majority of times).

I consider the RIGHT parts of Frankston a GREAT investment. Port Melbourne used to be a **** hole too, and I bet most people would love to own an IP there.

Course I could be completely wrong, but it's what I'm banking on.
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Depending on where you are it's between 40 and 45 km from the CBD. The train trip is over an hour and driving will take anywhere between 50 mins (3 in the morning) and 2 hours (could well be more, be interested
If anyone on here lives there).
Comparing this to other inner city locations is pointless. The beauty about it is that it's almost a city in itself. Same with Dandenong. Gov will pump money into these areas in cOming years and hopefully business will to. With places like these forget the talk about the CBD. With an increase in urban density, more traffic an overground rail network people won't travel from Frankston to the city. I know I wouldn't.
 
wouldn't touch frankston - it's like a slightly better version of dandenong. the stigma and low income obviously puts a dent to proerty prices. People who live in olivers hill are a different breed altogether and are more to Mt eliza. I lived in mt eliza and going to frankston 10 years ago and 10 years now was like going to an area where not much has changed. the same shops and not much progression. also ranks in the top 5 areas in vic in terms of bankruptcies etc. Highly unlikely government has any money to pump even if it wants to. Without the major infrastructure, discovery of some natural resource or influx of capital from certain demographics or groups - how could the property rise significantly? it may be cheap to get into and i remember a few forum members having problems selling when it matters and other issues with tenants.
 
The stigma surrounding Frankston may be bad now, however that doesn't correlate to prices going up in future. I'm talking 5-10 years.

Frankston has all the right factors for growth, ie. Education, hospital, shopping centre, beach, train, and a lot of government interest with infrastructure investment. Once freeway is done and if marina projects comes back I think that may start growth. I'm happy to wait a few years anyway...
 
I have two properties in South Frankston. Both are 2 bed units bought around 1998 for $90k each. They are now worth about $300k - $320k each.

In that time I have had no real tenant issues.

I reckon what Frankston needs is a State government department to move there, like they did with the TAC to Geelong. Frankston has it all - Hospital, Monash Uni, bulk goods stores, beach and its the gateway to the Peninsula. You dont really need to go to the Melbourne CBD at all.

If the council can get the Marina, it will really give the place a kick along. I still reckon it could become an area like St Kilda. If you had weekend markets along the foreshore and with the freeway you could attract people for the day.
 
the chances of the state gov would move to frankston is like me winning tattslotto.
i do work within the vic gov and many of the departments are situated in the CBD. the infrastructure and systems are already installed and unlikely to be removed. Department of Justice which needs high availablity of the courts in the city. Department of Health where they interact with the specialist medical services like the eye and ear hospital off east melbourne and other areas makes the move really unrealistic. in terms of budgetary they already are trying to make cuts - just a department move requires changes to phone numbers, people etc and costs money which they don't really have.

they been saying frankston is the greatest big thing 10 years ago and they're still saying it today. But low income levels affects the prices around the area, take doveton for example - foreclosure capital of victoria. the shopping centre has facades similar to 15 years ago and they hasn't been any massive new shops etc. it is what it is.
it's a great area to go for a day trip to the beach etc but without any real push in income levels can't really see any massive capital growth.
 
strongy1986 said:
Schmidt are you serious? Looking at Berwick over Frankston south?
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well...I'm looking for PPOR and is not really interested in capital growth. If it goes up in 20 years then fine, if not - its ok too. I'm not interested in AU property market as investment.

For me, Frankston South ticked the following important factors:
1. Very good High School
2. Affordability for FHB. You can still find 3br detached home for about $380k.
3. Availability of Cable Internet. Area is cabled with Optus.
4. Bus routes to train station with 10-15min travel time.
5. Near the beach.

Northern part of Berwick for me looks similar, by just sacrificing #5, which is not important. I will also need to sacrifice #3, but this is something I can find a workaround for few years until NBN comes in.
 
Bit picky but I cant stand new estates - the clean roads, no mature trees, the houses all look the same

Thats why I would of gone for Frankston South ( beach, close to mornington peninsula as well, better CG prospects)

All the best
 
wouldn't say it is really cheap but reflective of price drops

If you look at this data for the last 3 odd years in the street. that is what it is at. Seem like the 23 picnic st was subdivided but it had a like a brand new double story porter davis or metricon home and the other was renovated well.

as for 24 - it was renovated very well too. So you could say for 370sqm block - you paying 355K is not bad as frankston has gone backwards.


Address Price Date
2/23 Picnic St 3199 $478,000 20/12/2010
1/23 Picnic St 3199 $500,500 07/09/2009
24 Picnic St 3199 $490,000 05/05/2009
4 Picnic St 3199 $340,000 05/05/2009
 
I am a big fan of Frankston for the reasons others have mentioned,
Tafe, uni, private and public hospital, arts centre, library, beach, shopping centre, homemaker centre, Bunnings, cafes are starting to spring up as well as some modern new shops coming into the main street. Frankston has all of the right ingredients. I don't see that it is going to take off in the immediate future, however, I agree with everyone else, it is bound to happen, we just don’t know when.

Some mention the new freeway being built, it is a by pass to bypass Frankston to prevent the current traffic issues from 4pm onwards. I don't see that the by pass is going to bring a lot more people to the area like the Eastlink did for Ringwood, however, it will be more enjoyable for the locals and that will have some flow on effect in time.

I think the extension and bypass will probably do more for other surrounding, inner areas than Frankston itself.


In "true" South Frankston and the southern part of the Frankston CBD you will get better quality tenants (Doctors, nurses etc - its close to the hospital). I think Karingal has prospects in the future due to style of housing and prices, I did see a bit of upward movement in that section while the market was in better shape.

I also like the section situated between Beach Street, freeway, rail line and Frankston Dandenong road. That section is not as popular with tenants due to proximity away from main CBD, Hospital etc, however I have a personal preference for that section bc of the housing style. There are a few nice streets and a few with too many apartments on them (which i would stay away from).

Olivers Hill is definitely the premium place to be. I have a client who owns a 3 bedroom villa (1 or 2) and has just had plans approved for a second story which is going to give him fantastic views across the bay and increase the value of his home by $400,000.

You may want to watch out for opportunities in areas like Carrum and Chelsea. You can occasionally pick up properties close to your budget of you are willing to do a little bit of work.

Regards Lisa
 
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