Is it time for Frankston?

Discussion in 'Where to Buy' started by clouds, 7th Jan, 2014.

  1. cadence

    cadence Member

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    Neeko
    Where can I get myself a stratco garage? How much?
    I found the website but no prices

    I'm looking to put in on site parking. Was considering a carport as I assumed it's cheaper and easier to install, but the stratco range looks pretty good
     
  2. neeko

    neeko Member

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    I think stratco garage about 6k from memory then gotta pour your slab so id say around 8-10k for a new shed.
     
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  3. Et_Abi

    Et_Abi Member

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    I'm bracing by hopefully selling my place to one of the out of towners when they come down and fall in love with good old Frankston ... haha

    on another note saw this one the other day for those interested in development sites...sub 300k (possibly) for central Frankston

    http://www.realestate.com.au/property-house-vic-frankston-119817495
     
  4. ej89

    ej89 Member

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    Random post but I don't know much about Frankston. What yields would you usually get on a home there? Would you avoid units? Are we looking at it booming from an affordability point of view like Western sydney?
     
  5. Cassandra

    Cassandra Member

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    5% yields are pretty average. Nothing to shout about. Expect the occasional bad tenant.

    Sure, there's money to be made in Frankston. But it's in the cheap end of the market, not in buying overpriced renovated junk or units with minimal land component. Personally, I would not be paying much more than $350,000 to buy an IP/house in Frankston unless its on a massive block.
     
  6. WattleIdo

    WattleIdo Member

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    I wouldn't avoid units. During 2012 units were selling for almost the same price as houses. Since then houses have gone up again and units not so much.
    A lot of investors are looking out for large blocks of land that can be subdivided. I bought a 4/2/2 on 700+sqm in 2010.
    However, if I were to buy there again, I'd look for a nice little brick unit close to the centre and the beach. That way, I'd get a better yield and have less maintenance. To me, this would make buying anywhere in Vic more attractive as yields there are not a selling point.
    Problem with 3 and 4 bedders on large blocks is that there's still so many of them. One day they'll be more expensive - but not for a while. My guess is that a lot of investors buy thinking they'll subdivide. After purchase, they do the numbers, realise it's too much time and money for not much reward, sit and wait for rents to go up, watch middle suburbs boom and decide to get rid of Franga as soon as the prices go up enough to cover the stamp duty and LMI ($20K-$30K).

    As I bought approaching the peak of the boom in 2010 (Jan-June), and am now at the point where I could get out and cover all buying costs and some of the maintenance, I think we're close to the end of the phase where investors are selling off and getting out. Most of those wanting to exit would've had the opportunity to do so within the last year or so. I think the turn will come soon. Certainly, there are lots of FHBs getting in and they're the ones who'll keep prices stable and the lawns nice.

    Enter at your own risk.
    But like everyone else here, I still believe it's a no-brainer and I'm not selling out.
     
  7. WattleIdo

    WattleIdo Member

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    Thanks neeko - will give them a call.
     
  8. neeko

    neeko Member

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    Let me know how you go
     
  9. neeko

    neeko Member

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  10. neeko

    neeko Member

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  11. hannahdrover

    hannahdrover Member

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    I have to say, I love that this thread has been running for so long.. I've been able to reference stuff at the beginning and to see its still kicking on today is pretty cool!

    Hubby and I have just bought for the first time in Victoria - currently renting in Caulfield - and apparently we've bought in the "worst" part of Seaford but I'm alright with that :)

    We've got 4 properties already in WA, but home is Victoria. The draw for us was under 2km to beach and 400m ped-way to station combined with a ~940sqm block with a brick 3x1 on the front. Tenants in there at the moment, we'll move down in 6 months or so.. then sit in the house for a while to suss the suitability of the suburb to our lifestyle before deciding to build and flip on the back, or build our dream home.

    So - just a shout out to say thanks for keeping up the convo over time.. being new to investing in Vic it has been invaluable to me! :D
     
  12. Peter Parker

    Peter Parker Member

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    A detailed analysis of education levels in the south-eastern suburbs, including Frankston and Dandenong. http://monash.edu/sustainability-institute/assets/documents/chisholminstituteoftafereport.pdf

    While Greater Dandenong is more disadvantaged than Frankston, page 21 shows that education levels in Frankston (eg % completed year 12) are much lower than Dandenong.

    I suspect it's because Dandenong is mostly migrants (many of whom value education), while Frankston contains many 'we don't need no education' types.
     
  13. neeko

    neeko Member

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    So glad you have found the page informative and made good decisions based on the information presented to you. As we all know frankston is a touchy subject for a lot of people and as a homeowner of the area there's so many different areas of frankston, from frankston nth, sth, east, karingal, central and sth frankston, where do you buy?

    Also knowing amenities in the area you want to buy, access to freeways, quality schools, etc. all this plays a significant part. Do you want to be close to the beach?

    As people know why I bought in frankston. First it mainly was I knew the area as I lived in the area previously and I know JPC has a very good reputation so I knew that was another reason why if I ever come to sell, I know I'll sell quickly. and also playing hockey in the area it was a no brainer, but being also priced out of golden mile of seaford where I once was living. But hoping with enough CG I can hopefully buy in there again.
     
  14. neeko

    neeko Member

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    Im a chisholm tafe student, and some I'll have to agree about the "we don't need an education type"

    But the trade side of things are booming for frankston , numbers are definitely up from speaking to most of the trade teachers.

    But reading this report Seems it's a few years behind.....
     
  15. neeko

    neeko Member

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  16. Cassandra

    Cassandra Member

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    Its a huge site, that's why. Bought by a developer, I am told. Although it is public information, the self-important auctioneer refused to reveal the exact figure but said "it was just under $650,000."
     
  17. Cassandra

    Cassandra Member

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    Plenty of Asian students at Frankston SH School. Many come from out of the area, I am told, and are responsible for the increasingly higher standards that can be seen in recent years.
     
  18. neeko

    neeko Member

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    That what I was told too Cassandra. That whole pocket there is excellent!!!!! Got freeway, schools, shops, 2 excellent golf courses,CBD plus power centre and beach under 5 min drive

    The agent also said that he has 4 people on his books looking to buy in the area.
     
    Last edited: 1st Jun, 2015
  19. WattleIdo

    WattleIdo Member

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    I'm going with Allcover - managed to get in on the sale that ended a month ago. Ordering today.
    It's a hip roof, all colorbond, delivered in a kit. $6,799 includes delivery. The tenant is happy to put it together.
    A standard size and a simpler style would've been even cheaper.
    Was quoted more than that for lesser quality.
     
  20. S.T

    S.T Member

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    bgsheds are pretty good price wise, I got a quote for a double garage, delivered, installed, concrete slab and council permits for around 10k recently. Still working out if I will go ahead though, but that was the best price I could find all inclusive.