Is it time for Frankston?


That is serious gold.

Can someone explain experience with renovation done outside their PPOR state. I wouldnt have great confidence. Can anyone enlighten me with past experiences of such.

Id love to have a crack at this house. However I wouldnt have the time to renovate it living in WA.

Also where can I find potential proposed zoning for this suburb or council?
 

They have set the reserve a tad too low in an attempt to get as many interested buyers thru the door as possible. As an aside, more and more Asian buyers are attending Frankston auctions these days. One even sees more than a few Asian faces at the local high school.

In all likelihood, this house should sell for above $300,000. A year ago, it would have sold for around $280,000.

There are bargains in Frankston. But don't get burnt - buy the cheapest of the cheap if its capital gain you are looking for. Provided, of course, its rentable and not falling down. Pay too much in Frankston and you will regret your decision in a few years. Its the lower end of the market that matters IMHO.
 
They have set the reserve a tad too low in an attempt to get as many interested buyers thru the door as possible. As an aside, more and more Asian buyers are attending Frankston auctions these days. One even sees more than a few Asian faces at the local high school.

In all likelihood, this house should sell for above $300,000. A year ago, it would have sold for around $280,000.

There are bargains in Frankston. But don't get burnt - buy the cheapest of the cheap if its capital gain you are looking for. Provided, of course, its rentable and not falling down. Pay too much in Frankston and you will regret your decision in a few years. Its the lower end of the market that matters IMHO.

Isnt it general rule of thumb that properties are put on the market at 10% less than the actual expected value?
 
Hocking Stuart are the worst offenders of under quoting. This us yet another example....

+1 on that one, they are damn terrible

ill bet you opening bid will be at about $280k and if the bids get to $300k, it wont be even on the market

not much you can do unless you go and confront the agent at the end, but all they have to do is lie "oh the vendors changed their mind this morning"
 
Think I posted this on another thread, but I have been renovating a rental I own in Frankston which borders Frankston South just off the Foot street shops for the last 8 weekends, so I've been able to spend a fair bit of time there. Tenants had been in there for 10 years(I've owned it for 5 years) and have spent a lot of my time going to Bunnings, local shops getting lunch, etc. Confirmed, a few bogans around, but the majority by far are "normal" people and lots of young families. Definitely a good feeling surrounding the suburb. I was actually planning on selling before the reno and investing elsewhere, but my rent is going up $50 a week and is now well and truly positively geared, so have decided to hold.

I picked this property up in 2009 for $345k, now it's been valued at $420k, so not bad growth and more importantly, I think there's a lot more to come. Looked into investing in other suburbs, but not many have the potential as does "Franga's" at the lower end of the market, so holding this one close to my chest for the time being. Definitely seeing more Asians there too, which can only mean one thing, or perhaps they are the poor Asians, lol!
 
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Confirmed, a few bogans around, but the majority by far are "normal" people and lots of young families. Definitely a good feeling surrounding the suburb. I was actually planning on selling before the reno and investing elsewhere, but my rent is going up $50 a week and is now well and truly positively geared, so have decided to hold.

Wow an extra 50 bucks a week would go down well. My property might well give a similar yield if I could get on with some renos.
Was thinking of spending some time there in a similar way to you but these new tenants are friends of my old tenant and moved in the exact weekend that he moved out. I think they're also stayers. They were in the last place for 9 years.
So not sure when I'm gonna get in to spruce it up. One thing I really want to do is get rid of that pebblecrete.

Yeah, I reckon when a place feels good, it's got something going for it.
 
Although there are many capital gain prospects for those who get in cheap, one still has be be careful. I have been warning people to be cautious when buying in Frankston. Why over-pay when tere is so much value around?!

http://www.realestate.com.au/property-house-vic-frankston+south-117877843

Buying this house will not get you much, if any, capital gain. It's highly overpriced, given its condition and location. Worst of all, it appears to be structurally impaired. A reno cannot fix the problems which TMNT noticed in the pic. Definitely fit for tearing down. As a Frankston fan, I would not pay more than $350,000 for it. Maybe rent it out for a few years and then tear it down. I say again: this is not worth anywhere near the asking price, given its condition.

Move on folks. If you are chasing capital gain, there is better value elsewhere in Frankston, Seaford or even North Frankston. Plenty of stuff under $400,000, with no reno required. Most are on dual occ blocks. For North Frankston, you get a bigger discount - plenty of rentable houses on dual occ sites, priced well below $300,000
 
Hi

It is no secret I am the 2nd in charge on the somersoft forums for promoting Frankston with grand dad proudly holding 1st position.

However in this instance I have to disagree with grand dad in regards to the property for sale in Kars Street Frankston South. I believe it is a good investment if one is looking to buy property in the premium part of Frankston and either letting it sit as is or renovating it. The capital gain that could be achieved on a site in this location can be very good and that is without having to do any subdivisions.

Living on Kars Street Frankston South is a totally different world to the cheaper Karingal and Frankston North "Pines Estates". Kars Street is on the better side of Frankston very close to the Norman Ave shops and very close to the beach and Mount Eliza.

One should look at the top end of Kars Street as buying in the blue chip part of Frankston and not the cheaper estates. In terms of quality of life it offers no comparison to the cheaper areas. Look around these parts of Frankston South and you will find it very hard to buy another house with bay glimpses in that sort of price range.

Grand dad is going to kill me for my comments and sack me!

Regards,

alicudi
 
One thing I really want to do is get rid of that pebblecrete.

Personally Wattle,i wouldn't bother UNLESS your living in it.

Ps:After thought,even if i was living in it,i'd let sleeping pebbles lye.;)
Yeah i'm a tight wad.


looking at this property at the moment seems good value given its position
http://www.realestate.com.au/property-house-vic-frankston+south-117877843

any thoughts?

I like it,architecturally i wonder it's background?Anyhow this could be spruced to something very unique though the pole out front put's me off,just saying.

did I have too many alcoholic beverages last night

Yes,don't you always?Btw new movie on the way TMNT!

Ps.grand dad spruiks his bs again,anyhow tear down the building,what the hell are you on?Why would you tear down a piece of art?My only request would be with sp oz to remove the pole and 20 gallon drum on pole out front.The house is art and look at the surrounds?Farout!

Pss.Add:Looking at the listing,look at the 1st pic,is this a good photoshop?Take a good look lol.
 
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For those wanting capital gain, do NOT buy anything that is priced above the most recent lowest quartile median. Using this yardstick, the property TMNT has linked to is way overpriced. Barely a year ago, you would have been able to pick up deals like this for $150,000 less than the current asking price.

There is much better value to be had elsewhere in Frankston/Seaford. IMHO you can find cheapies for around $350,000-$400,000. Even in the current hot market, one should not pay more than this if one is chasing decent long term capital gain.
 
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