Is anyone buying now?!

Are you buying or looking at buying in the next few months?

  • Yes

    Votes: 250 48.9%

  • No

    Votes: 121 23.7%

  • Only if it's a very good deal

    Votes: 140 27.4%
  • Total voters
    511
one world said:
Bought another old house on a dual occ block in Frankston Vic last month.

Incredibly cheap. 4 bedrooms. 620sqm. Sold for $299,000. Tenant came with the property. The sort of property where you can keep the house and build another up the back once plans are in place.

I own several in Frankston and this was not the cheapest. Still plenty of value out there for people who care to do the work.
Click to expand...

Well done, do you think Frankston is on the nose and some good buying opportunities at the moment?
 
MTR said:
Well done, do you think Frankston is on the nose and some good buying opportunities at the moment?
Click to expand...

I'm not worried about the bad news. Earlier this century, I was a buyer in some of Perth's worst suburbs, before they went up more than threefold. Most of the "junk" I bought for around $80,000 was sold for well over $300,000 in 2006/2007.

Because of the stigma, everybody overlooks the fact that dual occ sites in Frankston are selling for a song. I have bought several, mostly for under $300,000. You can easily buy a Frankston house on a largish 600sqm+ block and, when you are ready, put up another house up the back. Its pretty hard to find that sort of thing anywhere for these sorts of prices.

The Council is pro-development. And, truth be told, the crime rate in Frankston is pretty much the same as inner-city Melbourne.

Lets get one thing straight. I'm not saying Frankston is paradise! It may not suit many IP buyers who are chasing high-status properties or absurdly high yields.

And be aware that there are many issues relating to the quality of tenants, property managers etc in Frankston. Go in with your eyes wide open and be mindful of the many ferals who live in the area (they are slowly moving inland, which is another good sign).

All I am saying (and I don't want to go into too many details) is that Frankston is cheap and has worked very well for me.
 
Signed and deposit on a house in rural 25min from regional 2wks ago on thu coming.
Waiting on the seller to sign for a date. They told us they require a fast settlement:confused:
Its an old house that requires a fair bit of work. We are planning to move in (if they sign) after we restore the services, fix her up then move out and find a tenant.

Regards Ironlady
 
one world said:
I'm not worried about the bad news. Earlier this century, I was a buyer in some of Perth's worst suburbs, before they went up more than threefold. Most of the "junk" I bought for around $80,000 was sold for well over $300,000 in 2006/2007.

Because of the stigma, everybody overlooks the fact that dual occ sites in Frankston are selling for a song. I have bought several, mostly for under $300,000. You can easily buy a Frankston house on a largish 600sqm+ block and, when you are ready, put up another house up the back. Its pretty hard to find that sort of thing anywhere for these sorts of prices.

The Council is pro-development. And, truth be told, the crime rate in Frankston is pretty much the same as inner-city Melbourne.

Lets get one thing straight. I'm not saying Frankston is paradise! It may not suit many IP buyers who are chasing high-status properties or absurdly high yields.

And be aware that there are many issues relating to the quality of tenants, property managers etc in Frankston. Go in with your eyes wide open and be mindful of the many ferals who live in the area (they are slowly moving inland, which is another good sign).

All I am saying (and I don't want to go into too many details) is that Frankston is cheap and has worked very well for me.
Click to expand...

Your right. Yes it is Bogan but changing better, on the beach and on the rail line. Like Redfern, it will come good. Get good honest tenants is the trick.

Peter
 
Peter 14.7 said:
Your right. Yes it is Bogan but changing better, on the beach and on the rail line. Like Redfern, it will come good. Get good honest tenants is the trick.Peter
Click to expand...

Its the lowest quartile of Frankston property that has the highest possibility of capital gain. These days, what most people deem junk has become extremely good value, more so if one negotiates hard.

Right now I'm working with my loans manager to secure an old house on a potential 3 unit site in Frankston, selling for just $305,000. Like many of Frankston's older houses on large blocks, it's possible to put a new house at the rear. However, that's not my plan - I hope to demolish the existing (perfectly decent) brick structure and STCA replace it with three new homes.

The money is made in the buying, IMHO. If one buys cheaply enough in Frankston, its pretty hard to go wrong. I don't care about kitchens and bathrooms - block size is what I look for.

As for the bogans, they are moving out slowly as rents rise. Most are moving inland, it would appear.

Seaford is another area I'm interested in. There is some compelling value to be seen there as well, particularly in the non-beachside section.
 
Melbourne again???

Hi All

I purchased a house on 4 unit development site in Melbourne August this year, paid $425,000. House on same street, same size block sold at auction today for $488,000.

There seems to be mixed views regarding Melb and whether it is moving, but from what I am reading certain areas have moved and continue to rise.

MTR
 
IP2 offer accepted today on 2 bed unit/townhouse 290,000. Adamstown, Newcastle. Trying not to let buyer's remorse creep in.... Will be just a little neg geared but will rent straight away and aim to do a small cosmetic reno in 12 months time.
 
MTR said:
Hi All

I purchased a house on 4 unit development site in Melbourne August this year, paid $425,000. House on same street, same size block sold at auction today for $488,000.

There seems to be mixed views regarding Melb and whether it is moving, but from what I am reading certain areas have moved and continue to rise.

MTR
Click to expand...

Good location, good blocks, generally have strong demand. The moment it has the slightest problem the market is very cautious.
 
Havent bought anything since March - mainly due to having not much spare cash thanks to new ppor... and western sydney being stupid.

Dont envisage any buys for the remainder of the year... next year will be case of wait and see, I have some renos and a subdivision to do to release dollars first.
 
Rixter said:
We've stopped purchasing - have enough property now.

Last purchase 12 months ago.
Click to expand...

Same here.
Last IP was a few years ago and PPOR was 12 months ago.
Accumulation phase over, how much resi does one need?

Business has funded our properties up to now.
Time to turn the tables and let the properties' cashflow pay for our business ventures now.
 
Yes happy to say we are in the "buying no more phase" and I was fortunate enough to inherit a house on a large block 8klms from Brisbane city.

I said to hubby NO MORE!!

We have lined our ducks up in a row, we just need to get the GC flowing :p
 
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