Is it time for Frankston?
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GD, you know this area well.
What land size you would need to achieve this?
Also, any other requirements to look out for?
I am on the hunt for this sort of thing atm
According to the Victoria Valuer-General's Office barely 2% of homes in Melb are on development sized blocks. In Frankston - and this is the interesting bit for wannabe developers - more than 40% of homes are on dual occ sites. You can confirm this by calling the VG's office to ask, if you want to be doubly sure.
Speaking very generally, you need 600sqm to be classified as a dual occ. There is some leeway, this rule is not set in stone.
If you want to retain an existing house and build at the back, you need 3m side access. There is no way around this.
Extra info:
- termites love Frankston - make sure you get a pest inspection
- a lot of houses are on large blocks but plonked right in the middle of it (like mine)
- quite a few Aboriginal sites around which probably won't affect development but good to check
- not a great difference in price between blocks <600m sq and blocks >600m sq but the difference is becoming slightly more noticeable
- Frankston HS is very highly regarded and to be within the HS zone increases value of house
- units have started to become popular. They were nearly at the same asking price as a house a few years ago (when houses slumped) but now houses are taking off again and unit prices have dropped considerably. Could be a good option.
- North Frankston has a lot of housing commission houses on largish blocks. Frankston also has some ex-housing commission around (solid houses)
Frankson South is considered up-market, is mostly in the HS zone and is closer to the beach, cliff, business district - Hoping that the Leawarra railway station might become useful one day - not useful now.
- council has done a lot of work on water pipes and drainage in the area which has improved things a lot but make sure you check flood zones as it's close to the beach
I still maintain that the best value is to be found in the lowest decile of Frankston houses.
This one is nice, but its at the upper end of the market. Near the beach, if you like that sort of thing.
http://house.ksou.cn/p.php?q=Frankston&sta=vic&id=360772
This one is nice, but its at the upper end of the market. Near the beach, if you like that sort of thing.
http://house.ksou.cn/p.php?q=Frankston&sta=vic&id=360772
Grandad
I think we could put a permanent ad up on any frankston thread summarising your posts
It would read
- best value seaside suburb in australia
- the bogans are moving inland due to higher rents
- 40% of blocks in frankston are subdividable compared with 2% of greater melbourne
- frankston crime rate is no higher than that of melbourne CBD
Where do I sign?
I think we could put a permanent ad up on any frankston thread summarising your posts
It would read
- best value seaside suburb in australia
- the bogans are moving inland due to higher rents
- 40% of blocks in frankston are subdividable compared with 2% of greater melbourne
- frankston crime rate is no higher than that of melbourne CBD
Where do I sign?
What's happened is:
we've connected this thread to a new programme called grand dad and after 126 hours of inactivity, the programme kicks in and reformats vital information so that any newcomers to the forum can have a read.
why reformat!?!?! the vital information is the one that needs to be presented
For those that are familiar with Frankston (just looking into it now) what would you say is a GOOD price for a 2 bed unit? Been renovated well and looks pretty good?
mid to high 2's -maybe around 3?
But I don't 'know' Frankston like others do and mostly follow house prices.
sqm has 2bdr at around 260K- 280K. Prices seem to have dropped 10% over 3 years - which is good because there was a precocious increase in price when new units started appearing 3 or 4 years ago. My property manager at the time couldn't understand why anyone would go for a crappy old house when they could get a nice new unit. Many obviously agreed with her.
Not good time to pick up a unit so go for a good price. Should definitely be some discounting.
But I don't 'know' Frankston like others do and mostly follow house prices.
sqm has 2bdr at around 260K- 280K. Prices seem to have dropped 10% over 3 years - which is good because there was a precocious increase in price when new units started appearing 3 or 4 years ago. My property manager at the time couldn't understand why anyone would go for a crappy old house when they could get a nice new unit. Many obviously agreed with her.
Not good time to pick up a unit so go for a good price. Should definitely be some discounting.
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Central franga probably 200k to 260k. Watch some of the streets (Lewis St, Petrie St)that have a lot of unit blocks though, they can take a long time to move stock, plus a bit tricky to rent.
South of frankston-flinders road is more pricey, usually from 240k - 300k
there seems to be a lot of rental stock on the market at the moment for 2 bedroom units.
I think with Frankston units, location is everything, renters want convenience. Close to station, TAFE, shopping centre, hospital is what I would look for.
You'd want to buy in central frankston for sure then
http://house.ksou.cn/house_img.php?sta=vic&id=382158&addr=216+Skye+Road®ion=Frankston&img=1
Only in Frankston will you get a deal like this. Effectively two houses - both perfectly rentable - for the price of one. That's two houses for a grad total of $345,000. In this case I expect a yield of close to 10% (the Frankston norm is around 5%).
Frankston buyers chasing capital gain should aim for the low end of the market because that's where the best value is to be found.
Only in Frankston will you get a deal like this. Effectively two houses - both perfectly rentable - for the price of one. That's two houses for a grad total of $345,000. In this case I expect a yield of close to 10% (the Frankston norm is around 5%).
Frankston buyers chasing capital gain should aim for the low end of the market because that's where the best value is to be found.
http://house.ksou.cn/p.php?q=Frankston&sta=vic&id=404417
This one is a dual occ site, eminently rentable. Just $225,000 at auction. I bet this one will give the owner a 50% capital gain in a year or so.
Can't beat Frankston for value!
It's the cheapest end of Frankston that will give the best results.
This one is a dual occ site, eminently rentable. Just $225,000 at auction. I bet this one will give the owner a 50% capital gain in a year or so.
Can't beat Frankston for value!
It's the cheapest end of Frankston that will give the best results.
wow advertised as "Offers Over $330,000", but got sold in auction for $225k..
it has to be a mistake of some sort that ksou sometimes have, I reserve to comment until I confirm
+1. Spot on TMNT
