Is it time for Frankston?

investor2009 said:
Well it's been a week on the market and have just received a contract for a good price. One more open to see if anyobe else's keen before I sign on. We had 7 contracts go out for it last week so it seems things are heating up
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The market in Frankston appears to be getting warmer. With only a week on the market and 7 offers on your plate, it might be worthwhile to hold out for more. In 3-6 months the market will inevitably be higher and it might be a more opportune time to take (larger) profits. Like it or hate it, it is, after all, a beachside suburb with plenty of infrastructure.

Personally IMHO I think Frankston/Seaford/North Frankston are great long-term low-status bets. Although you won't win any bragging competitions by investing there, these suburbs are so mispriced they simply cannot get any cheaper. Definitely, IMHO, a developers paradise with significant capital gain potential.
 
investor2009 said:
Just heard back from agent. We had 22 groups through today and multiple contracts out. Very promising indeed
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Is your house and land suitable for eventual subdivision? If so, it might be an indication as to why you have had so many offers in just one week. There is still a lot of value out there, with some older houses on subdivisible blocks selling for barely $300,000.

http://www.domain.com.au/Search/buy...ton&extype=4&displmap=0&page=2&sort=price-asc

If one wants to go sub-$300,000 then North Frankston (which is not a beachside suburb unlike Seaford or Frankston) has a few ultra-cheap low-status gems as well. For as little as $250,000, its possible to get a development sized block with an old house on it. Its hard NOT to see some future Capital Gain with incredibly low prices like that.

http://www.domain.com.au/search/buy...hterm=frankston+north&extype=4&sort=price-asc
 
grand dad said:
Is your house and land suitable for eventual subdivision? If so, it might be an indication as to why you have had so many offers in just one week. There is still a lot of value out there, with some older houses on subdivisible blocks selling for barely $300,000.

http://www.domain.com.au/Search/buy...ton&extype=4&displmap=0&page=2&sort=price-asc

If one wants to go sub-$300,000 then North Frankston (which is not a beachside suburb unlike Seaford or Frankston) has a few ultra-cheap low-status gems as well. For as little as $250,000, its possible to get a development sized block with an old house on it. Its hard NOT to see some future Capital Gain with incredibly low prices like that.

http://www.domain.com.au/search/buy...hterm=frankston+north&extype=4&sort=price-asc
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thats the thing about frankston north, i certainly wouldnt pay 350k for a joint there but would be no more than 220k. you gotta remember its a commission housing area too. and thats sometimes hard to drive up prices. all well and good get a sub block there but if noone wants to live there your in trouble... if people are raving about it thats great but seriously i really havent seen price go up too much...(or im just not paying attention)

i remember a mate saying to me , if you wanted frankston nth to be really amazing, you'd bulldoze the WHOLE LOT and start again!.

Nick.
 
neeko said:
if you wanted frankston nth to be really amazing, you'd bulldoze the WHOLE LOT and start again!..
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That's exactly what's happening. Bit by bit, older former housing commission homes are being replaced with new dwellings. The process is helped by the local Council, which is extremely generous to developers, more so in Frankston North.

Personally, I think the paranoia and mean spiritedness about Frankston North is massively overplayed. Most houses sell for around $250,000. That's not bad given that the bulk of houses in NF sit on potential dual occ sites. Try finding the same sort of "development potential" value elsewhere in Melbourne - its impossible.
 
grand dad said:
That's exactly what's happening. Bit by bit, older former housing commission homes are being replaced with new dwellings. The process is helped by the local Council, which is extremely generous to developers, more so in Frankston North.

Personally, I think the paranoia and mean spiritedness about Frankston North is massively overplayed. Most houses sell for around $250,000. That's not bad given that the bulk of houses in NF sit on potential dual occ sites. Try finding the same sort of "development potential" value elsewhere in Melbourne - its impossible.
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Bit by bit?

Your delusional, central frankston is slowly starting to turn, and frankston nth is a good decade behind central.

It still is an absolute ********, and one of the worst suburbs in Victoria. Period.
 
MRCCON said:
Bit by bit?

Your delusional, central frankston is slowly starting to turn, and frankston nth is a good decade behind central.

It still is an absolute ********, and one of the worst suburbs in Victoria. Period.
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Show me any other suburb in Melbourne where the majority of old houses sit on affordable development-sized blocks.

I am not into chasing status - I'm interested solely in Capital Gain rather than bragging rights. Besides, the crime level is below that of inner-city Melbourne - its nowhere as bad as people make out.
 
grand dad said:
Show me any other suburb in Melbourne where the majority of old houses sit on affordable development-sized blocks.

I am not into chasing status - I'm interested solely in Capital Gain rather than bragging rights. Besides, the crime level is below that of inner-city Melbourne - its nowhere as bad as people make out.
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What good are development sized blocks if there's no incentive to develop?

Sure, buy them and sit on them for 20 years until the suburb is in a position to utilize them, at the 2% capital gain Frankston North gets year after year.

Capital gain is fueled by demand, and at the moment there is 0 demand for Frankston North, for anything other than the cheapest of cheap houses, unfortunately in the current market with materials and labor costs, it's not feasible to sell houses for what the demographic demands in that area, developments in the area will be priced out for the majority of the people in the area.


As for the crime rate, is that some kind of joke? Of COURSE inner city Melbourne is going to have a higher crime rate, King st alone would a higher crime rate than any suburb in Australia. Trying to twist it into a positive is funny, if a suburb in Australia has a higher crime rate than inner city Melbourne or Kings Cross in Sydney, there are serious issues..................
 
its all well and good crapping on about frankston and yes ill say i love the place but seriously the rental market is FN is absolute shitehouse! all well and good holding onto a dual occ block but if you got people not wanting to be in the area you have a problem.

id rather go buy in say venus bay for 70k for a block of land and hold onto it. yeah it may not grow like everywhere else but least i'll own it. and if i get into trouble i know it'll sell. and have a bit of extra play money to go travelling or whatever i do. the entrance to frankston station needs to be redeveloped and frankston council if your listening spend some bloody money and make people actually see what potential this suburb actually has rather than ****ing talking about it!
the "to the beach" sign does sweet FA for me!!!!!

frankston central on the other hand is in boom at the moment. anywhere around bradshaw & spray st's are getting the developers come in and as a real estate agent say to me, people are buying and there arent as many tyrekickers anymore, people are committing to buy and thats the honest truth.
perfect example:

if you have builders like Probuild and mackie who are decent size commercial builders you know things are happening in frankston, as ive explained earlier , as a tradie i know my shiit. and if you have commerical builders anywhere thats a good thing! Look at john paul college, there new hall looks spectacular, and that was a commerical builder doing that.

anywhere round JPC is getting a solid price, 370k for a 3 bedroom and 400k for a 4 bedder. so around frank st barclay mcmahons rd etc.

http://www.realestate.com.au/property-house-vic-frankston-115887559

and this http://www.realestate.com.au/property-house-vic-frankston-114985579

also with Long island park in full swing http://www.realestate.com.au/property-townhouse-vic-frankston-115790427 that area around their for houses will boom also, espicially when a new townhouse is costing 525k brand new! right next to one of melbournes best golf courses. streets like walbundry ave, cascade ave, ropley grange, gairloch drive & phillip st will see their house prices go up quite significantly.
 
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also i have seen many seaford / frankston blocks around that are quite massive!!!
  • the new 36 unit development that was finished last year on mcmahons rd.
  • the new long island park, 28 townhouses on walbundry ave frankston
  • the vacant block on mcmahons rd 5738 SQM (read post entitled BIG DEVELOPMENT BLOCK)
  • the commerical block on frankston dandenong road next to BP servo. which is bigger than 5738 on mcmahons rd
 
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