Is it time for Frankston?
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My personal experience with rents and REA in the area on a dual dwelling site that I own is exactly as grand dad has portrayed. Whilst my PM does a good job on almost all other matters, all letters I have received from them prior to leases expiring and after tenants have vacated/preparing for re-tenanting, have never recommended a rent increase!! The only exception is when I renovated.
Now for me, checking rents and the market is a relatively easy task, so I have no issue in challenging and instructing an increase against their recommendations. If you have take a lassez faire approach to managing your PM, then it might be easy to think rents have stagnated.
In saying that, rental increases have been relatively small over the past 3 years ie approx 2.5% pa in my experience.
Time for them to accelerate I hope
It's clearly a dual-occ site. It's irresponsible of the agent not to mention that in the advertisement. I suppose he just wants it sold, the sooner the better, no matter what.
IMHO, given the block size, fair value should be close to the median, I'd put it at around $350,000.
Given that it's advertised at $250,000, I would think the vendor has been conditioned towards selling it for quite a bit less than its true worth.
Here's another brick dual occ gem, on a pretty large block, selling for (the agent says) $290,000. 12 Frawley Street, Frankston. Again, well below the REIV median of $362,500. It's hard to know if this is bait advertising. Should yield 5% plus if handled properly.
http://www.domain.com.au/property/for-sale/house/vic/frankston/?adid=2010964923
http://www.domain.com.au/property/for-sale/house/vic/frankston/?adid=2010964923
yeah its a shitter and its above 290k so add 10-20% and that'll be your ball park figure
Grand dad
You're doing such a good job of hyping up frankston , I might have to see if I can dig up a few articles saying Brisbane is the place to buy.
Cliff
You're doing such a good job of hyping up frankston , I might have to see if I can dig up a few articles saying Brisbane is the place to buy.
Cliff
I'm interested in buying my 3rd IP there (have one already in Karingal)... Frankston has been pretty stagnant over the past few years but I agree with granddad it seems the time is now for prices to move.
South east water and other large developments I'm sure will boost business and activity in the area.. plus Frankston is listed as the suburb to watch in the latest 'market watch' so can't be wrong!
http://www.yourinvestmentpropertyma...m-the-2014-february-market-report-183451.aspx
South east water and other large developments I'm sure will boost business and activity in the area.. plus Frankston is listed as the suburb to watch in the latest 'market watch' so can't be wrong!
http://www.yourinvestmentpropertyma...m-the-2014-february-market-report-183451.aspx
I'm interested in buying my 3rd IP there (have one already in Karingal)... Frankston has been pretty stagnant over the past few years but I agree with granddad it seems the time is now for prices to move.
South east water and other large developments I'm sure will boost business and activity in the area.. plus Frankston is listed as the suburb to watch in the latest 'market watch' so can't be wrong!
http://www.yourinvestmentpropertyma...m-the-2014-february-market-report-183451.aspx
so was gracemere!!! about two years ago!!!
Isn't that a town/suburb just out of Rockhampton?
How is this comparable to Frankston, as a suburb in the second most populous metro city in Australia, a transit/activity centre/hub and the gateway to the Mornington Peninsula?
Just search for 'Frankston' for threads in 2008-09
Those threads are like tennis...with lots of backhanders thrown in.
The point was frankston was mentioned as a hot spot, but so was gracemere two years ago, and look at where it is now, so just because it's mentioned as a hot spot in a magazine it's not a signal to go out and buy buy buy
Those threads are like tennis...with lots of backhanders thrown in.
"You cannot be serious!"
Personally I have happy memories of Frankston .
I lived in Sandy while going through high school. Hobbies included sailing and following the Zebra's.
I used to sail in the Frankston Icebreaker regatta each year and would ride by push bike down to Frankston to watch the zebras beat Frankston
Cliff
I lived in Sandy while going through high school. Hobbies included sailing and following the Zebra's.
I used to sail in the Frankston Icebreaker regatta each year and would ride by push bike down to Frankston to watch the zebras beat Frankston
Cliff
can anyone validate grand_dad's note?
"According to the Valuer General's office, less than 2% of Melb houses are on subdivisible blocks. In contrast, close to half of all houses in Frankston and Seaford are sitting on development sites. "
Google map on random suburbs such as Sunshine, St Albans, Albion and Thomastown, Lalor,Epping etc we see alot of them are subdivided even on smaller blocks. some of them are able to keep front and build at the back blocks as well.
"According to the Valuer General's office, less than 2% of Melb houses are on subdivisible blocks. In contrast, close to half of all houses in Frankston and Seaford are sitting on development sites. "
Google map on random suburbs such as Sunshine, St Albans, Albion and Thomastown, Lalor,Epping etc we see alot of them are subdivided even on smaller blocks. some of them are able to keep front and build at the back blocks as well.
Good post. It's great that you use Google Maps and Google Earth, both are invaluable tools. You are right, there are certainly plenty of development sites in the suburbs you nominate. However, much of the development, as you can see from the satellite imagery, has already happened. In comparison, the action in Frankston is only just beginning and there is much more to come.
The Frankston City Council is not acting out of a sense of kindness or charity - it genuinely wants the place cleaned up and gentrified, hence the very generous rules regarding redevelopment. They are still very committed to getting Frankston marina up and running. Unfortunately, although it has been approved at all levels of government, the marina won't be built without the involvement of private investors with very deep pockets.
This tasty morsel came from an in-house hard copy newsletter from the VGO's office to registered valuers. I am still trying to locate, scan and, if allowed, post. In the meantime, I think its best if interested people do their own due diligence and call the VGO's office for confirmation. It would be foolish not to do this.
Be aware that Frankston is not for everybody. It's a low status, ultra-cheap suburb. Great for developers or, perhaps, investors who eventually hope to sell to developers. Not so great if you want an expensive high status address you can brag about. Just bear that in mind before investing.
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Frankston which you probably already know has many many
sub-markets...Gould Street, depending on which side has direct beach access, one of the very few streets in Melbourne that do. The other side has creek access. One house if I remember correctly may have sold for $2million in the last quarter of 2013.
Totally different market to the rest of Fton, except for Olivers Hill of course which is the next bracket up.
You're right, I did already know this.
