Melbourne Properties that may fit the following brief.

[albanga]

hey grandad, that definitely looks too good to be true.
Unfortunately at this stage my money is tied into developing the rear of my current PPOR (Niddrie) so I cannot make a move. Just doing research at this stage as I should be ready to purchase in about 9 months.

On another note did anyone watch last nights news? Massive fight in Frankston town between a bunch of kids, they showed phone camera footage and it was pretty brutal. Stuff like that won't be driving up the prices anytime soon!

 

[S.T]

Yeh I saw that and I have a property close by. But you know what? It was only a fistfight... no knives, no guns etc as you see in other areas of Melbourne like Sunshine, St Albans.

 

[SamL]

The block adjacent has been developed with 6 town houses on a double block, so you could be a good chance for allowing 3 on it. Does seem cheap to be on that side of the highway as well.

 

[Hodge]

Yeh I saw that and I have a property close by. But you know what? It was only a fistfight... no knives, no guns etc as you see in other areas of Melbourne like Sunshine, St Albans.

What's the difference? One punch can still kill.

 

[S.T]

What's the difference? One punch can still kill.

Sure it can, but what would you rather? Being punched or stabbed?

 

[neeko]

hey grandad, that definitely looks too good to be true.
Unfortunately at this stage my money is tied into developing the rear of my current PPOR (Niddrie) so I cannot make a move. Just doing research at this stage as I should be ready to purchase in about 9 months.

On another note did anyone watch last nights news? Massive fight in Frankston town between a bunch of kids, they showed phone camera footage and it was pretty brutal. Stuff like that won't be driving up the prices anytime soon!

if its too good to be true, it generally is. bare in mind that property will be at auction, so they'll be wanting well over 300k for sure. but mind you therte are alot of development happening in that area, so expect it to go for more than 300k

 

[neeko]

i must say of all the times i have lived in frankston i have never had no dramas. i have excellent tennants, excellent neighbours and a well looked after st. now im not being biast here but i do believe frankston has improved quite alo!t!!!

it definitely has alot going for it. just the media ******** doesnt help it whatsoever but thats the media for you. lowlife scumbags. anyway prices have jumped quite a bit! as i was explaining to another member before that there are some big block in frankston, yes they dont come around often but when they do they dont last long.

 

[Hodge]

Sure it can, but what would you rather? Being punched or stabbed?

If it leads to the same consequence what's the difference? These days when they punch you they'll kick you in the head several times when you're on the ground.

 

[albanga]

i must say of all the times i have lived in frankston i have never had no dramas. i have excellent tennants, excellent neighbours and a well looked after st. now im not being biast here but i do believe frankston has improved quite alo!t!!!

it definitely has alot going for it. just the media ******** doesnt help it whatsoever but thats the media for you. lowlife scumbags. anyway prices have jumped quite a bit! as i was explaining to another member before that there are some big block in frankston, yes they dont come around often but when they do they dont last long.

I personally do not have much experience with Frankston but it does surprise me prices are so low for such large blocks when you have the beach on your doorstep and amazing beachside towns with great reputations only a short trip away. I know its all speculation but surely the bad name is not going to last forever and when it turns land with be extremely valuable.

As i said in an earlier post I grew up in Melbourne's west and spent a lot of time catching public transport in places like St.Albans, Sunshine, Deer Park.etc and not once did I ever experience or see anything bad. The only place i had a couple of bad experiences was around Footscray/Yarraville areas where i saw a number of fights and nearly got jumped for my bike by a group of thugs. The irony is look at those 2 places now. Yarraville is yuppy central and parts of Footscray are starting to catch-up.

 

[jingo]

Hi
I have another idea for you to consider. Perhaps look at buying a 1 bedroom unit in an inner suburb such as Brunswick, Northcote, Thornbury or North Melbourne. Try to buy in a small block (ie no more than 20 flats) as you will benefit from the rise in land value. If you could stretch up to buy a 2 bedroom flat, that would be good too! There will be body corporate fees to pay and you will probably be negatively geared. But you will benefit from capital growth and have a wide variety of tenants to choose from.
Frankston, in my opinion, is a speculative play. I have properties there too and haven't seen great growth. (Some tenant problems as well which end up costing money as you have to pay $ to bring the property back up to condition).
I hold properties in outer, middle and inner suburbs of Melbourne. The properties that I hold in the inner areas have experienced the most growth. Brunswick is on fire at the moment and I believe it will continue to be a sought after area.
It's not all about capital growth as cashflow is important as well. However if you want to build a portfolio of properties you need capital growth to leverage into further properties.
Hope this helps a little.
Kind regards Jason.

 

[grand dad]

For anyone who has bothered to check: the crime rate in Frankston is no worse than that of inner-city Melbourne.

And probably a lot lower than that of St Kilda or Richmond in the 80s.

 

[Peter Parker]

Remember, Frankston is a beachside suburb; new four bedroom houses will no doubt fetch a premium in a few years.

In my book a real beachside suburb is one where you can walk to the beach within (say) 10 minutes. Parking worries on hot days are for out of towners. Instead locals casually wander down in bathers, towel slung over shoulder, on weekend mornings or long summer evenings. You don't make a special trip to the beach, rather it's something spontaneously made, made as often (or even on the way to) a trip to the supermarket or cafe. There will be no freeways or railway level crossings to slow the walk.

No part of Frankston North meets that grade. Nowhere but the western most part of Frankston central does. Much of Frankston South does. However with a busy road in the way, access is not the carefree meander enjoyed by 'bayside of highway' residents in Aspendale, Edithvale, Chelsea, Bonbeach, Carrum etc whose streets end at the water.

The lesson is that, from a lifestyle perspective not all parts of bayside suburbs are created equal. This is due to both inferior access and the width of suburbs. Eg Frankston and Mentone are so wide that the majority of homes in each are too far inland to fully enjoy the bayside lifestyle.

Yes an area may look cheap, but that's only one part of the equation - one also needs to look at what you get.

Frankston South > Frankston > Frankston North.

Comparing medians between them is less helpful than comparing like for like within a particular suburb. That is unless you see amenity benefits for the whole suburb that you think are unappreciated by the current market.

 

[alicudi]

However with a busy road in the way, access is not the carefree meander enjoyed by 'bayside of highway' residents in Aspendale, Edithvale, Chelsea, Bonbeach, Carrum etc whose streets end at the water.

Hi

Don't forget to add all the people that live on the Northern side of Mcleod Rd, Carrum, and most of the homes on the inland of the highway side of Bonbeach and all of Harbour Town and of course many properties in Patterson Lakes have very good beach access without having to cross any road at all with a dedicated walking path along each side of the Patterson River which gets absolutely packed with people over the summer days and nights.

These properties don't even have to tackle crossing the major highway that many of the residents of Frankston South have to put up with.

Also a lot of residents on the inland side of Station St in Aspendale walk along the dedicated paths along picturesque Mordialloc Creek to get to the bay beaches.

And then some of the lucky buggers in Patterson Lakes bring the sandy beach to them and if they want more they just jump in their boats and cruise out to the bay....

Regards,

alicudi

 

[Zos]

Here is the sort of thing I was referring to. Potentially this could be a 3 unit site if one makes a convincing application. In all likelihood, however, its best used as a dual occ site.

http://www.domain.com.au/property/for-sale/house/vic/frankston/?adid=2011186449

750sqm and selling for around $270,000. I am not sure if the agent is playing some kind of game in pricing it so low. Just the same, may be worth calling.

You need around 3m side access if you want to retain the existing building. Not sure if that can be done in this case. Also, the house is weatherboard - might be worth keeping for a few years and demolishing. You could easily place two 4 bedroom houses on a site of this size. Remember, Frankston is a beachside suburb; new four bedroom houses will no doubt fetch a premium in a few years.

As an aside, Frankston City Council has been very generous of late and there are many instances of blocks under 600sqm being rezoned dual occ. From what I observe, the older and crappier the house, the more likely the chances of it being rezoned upwards.

As Fairway St has one of the worst reputations in Frankston I would stay away from that area considering Lorraine St is right next to it.

On a side note have a mate who invested in Frankston South built a development there. He now thinks the Marina will never be built now.

 

[tristanvs]

Purpose of quoting the median price

My only caveat is that buyers not pay too much. Hunt around for value and you will be able to pick up brick houses on dual occ sites for barely $300,000 That works out at almost 25% less than the current REIV Frankston median ($380,000). Mispricings like this seldom last IMHO.

Why does the median price have any bearing on the price you should pay?
or provide any representation of good value?

 

[athsaki]

As Fairway St has one of the worst reputations in Frankston I would stay away from that area considering Lorraine St is right next to it.

On a side note have a mate who invested in Frankston South built a development there. He now thinks the Marina will never be built now.

What is wrong with Fairway st, why the bad reputation. Given That we are looking at a property in spray st and orwil st, this comment is concerning.

 

[Peter Parker]

What is wrong with Fairway st, why the bad reputation. Given That we are looking at a property in spray st and orwil st, this comment is concerning.

Full of poorly kept/dodgy looking units and, unlike areas nearer Beach Rd, beyond comfortable walking distance of shops etc. The units near the end near the freeway are the worst.