Mornington

[Slammer0000]

Anyone been looking around the Mornington area?
Is it just too far from the city?
Are there any plans in place for the future like transport etc?
looks like a nice area for IP but I have not been there..Is it worth a look for say a long term IP?

 

[Monopoly]

Anyone been looking around the Mornington area?
Is it just too far from the city?
Are there any plans in place for the future like transport etc?
looks like a nice area for IP but I have not been there..Is it worth a look for say a long term IP?

I've been investing in various areas along the (Mornington) "Pen" and have properties in Mornington itself.

There are major infrastructure plans that are worth reading about, and information can be sourced from both local and federal government sites.

http://www.mornpen.vic.gov.au/content/content.asp?cid=692&tid=692&tpid=579&sid=&spid=&cnid=2381

http://www.tourismvictoria.com.au/s...06/7_investment_attraction/section7_index.htm

http://www.melbourne.vic.gov.au/rsrc/media/DRAFT_TOURISM_PLAN_2007-2012.DOC

I had a fantastic article some months ago, but sadly I have misplaced it. It referred to massive funds that governments planned to injection right along the Mornington Peninsula, enhancing it both for tourism and to provide greater accommodation for the aged. If I manage to find it again (haven't got time to look right now, sorry ) I will PM it to you / post it here).

Good luck with it, Mornington is a lovely spot!! Very up-and-coming little bayside area, with a growing "cafe" culture!!

 

[Cherry Pro]

Frankston gets a makeover

http://www.afraccess.com/Index_mxml.html?URL=EDP://20070525000018926416

Refer to this article from today's AFR - it is a very happening area.
I've seen prices home in only last couple of months so reckon it's all
poised for exponential growth.

Cheers.

 

[sheiks]

Anyone been looking around the Mornington area?
Is it just too far from the city?
Are there any plans in place for the future like transport etc?
looks like a nice area for IP but I have not been there..Is it worth a look for say a long term IP?

Hi

If you do a search for Frankston, you will find a few interesting posts and lots of useful info. I am one of the Perth-based people keeping a very close eye on developments (as suggested in the AFR article) around the area and hope to buy soon.

 

[our obsession]

Slammer

I am in the proceeds of writing up median values from the 10 year period 1994-2004..I haven't got out of the c's yet

Here is Mornington's, you, or some others may be interested:
1994 Median House Price: $120,000 ..... 2004 MHP: $308,000 so = a change of:157%

Frankston:
1994: $103,000 ....... 2004: $230,000 =change of: 123%

Frankston North:
1994: $68,750 ...... 2004: $170,000 =change of 147%

Mordialloc: 1994: $127,500 ...... 2004:$360,000 =change: 182%

Dromana:
1994: $98,750 ..... 2004: $290,000 = 194% (Annie bet you have enjoyed your last decade )

Baxter: (Rode trackwork here for a while):
1994: $83,500..... 2004: $210,000 = 151%

Pearcedale:1994: $126,000..... 2004: $311,500 =147%

Port Fairy: (I know! it's not quite Mornington, but I just love it
1994: $105,000 ..... 2004: $320,000 = 205%

NB:Those figures are from those released by Victorian Valuer-General, and published Sunday Herald Sun Sept 18th 2005

 

[Slammer0000]

Thanks for that

Yeah have been looking that way. Frankston maybe good value due to the different classes in the one suburb. But I am little worried about the crime. Olivers Hill or Frankston South...Aren't they the upper class areas, where as Frankston North and central are the medium and lower end. Maybe Frankston North could be a good buy if the crime rate drops a little..Any thoughts??

 

[buzzlightyear]

Thanks for that

Yeah have been looking that way. Frankston maybe good value due to the different classes in the one suburb. But I am little worried about the crime. Olivers Hill or Frankston South...Aren't they the upper class areas, where as Frankston North and central are the medium and lower end. Maybe Frankston North could be a good buy if the crime rate drops a little..Any thoughts??

Wouldn't say FS is upper class...It's a nicer area than say Karingal/FN, but you have to pay for that. Oliver's Hill is not cheap BTW.

As you get closer to the cliff in Frankston South you do find million dollar properties, as they have are on the cliff with views over the bay.

I do recall threads where people on this forum who have made good capital gains in F/FN though.

 

[jingo]

Thanks for that

Yeah have been looking that way. Frankston maybe good value due to the different classes in the one suburb. But I am little worried about the crime. Olivers Hill or Frankston South...Aren't they the upper class areas, where as Frankston North and central are the medium and lower end. Maybe Frankston North could be a good buy if the crime rate drops a little..Any thoughts??

Hi Slammer,

I have 2 IP's in Frankston - Karingal. The area is actually quiet scenic. There is a fantastic park nearby with excellent facilities - BBQ areas, playgrounds, Exercise Tracks. There is also a huge shopping complex (The Hub) which Hoyts recently placed a great big cinema complex into. There is also a child minding facility in the area, vet and doctor. Not to mention primary and secondary schools.

So the area is actually very appealing for families. I also read that a lot of first home buyers are looking to buy into the area.

I notice on realestate.com that properties are being snatched up very quickly in Frankston generally. I rang an agent about one that is close to ours and didn't have an 'under offer' sign on it. It turned out that it was actually under offer, but hadn't been updated.

Hope this helps a little.

Regards Jason.

 

[Slammer0000]

Yeah I reckon Frankston has been forgotten. Everyone seems to go straight past and think of the 'Morn Pen'. With the plans in place I think we may find the place change a little.

 

[Monopoly]

Do a search on "Frankston" and you'll find posts that date back some months (or longer) with literally threads full of discussions on investing along "the Pen".

When you refer to the "Morn Pen" (Mornington Peninsula for those not in the know) what is the first area you think of???? It's gateway of course, that being (come on, you can do it....take a stab....it starts with an "F")

Frankston has not been "forgotten" far from it; smart investors have been buying up in it for a long time, but it's only now that people are starting to think "sh** maybe I should have bought into it too"!!!

Yes there are still "feral" pockets of Frankston, as there are in many parts of Melbourne, but that too will change and like the Clairol ad says "it won't happen overnight but....it will happen"....

 

[bronwynt]

I have a friend that has been out looking to buy a place in Frankston North in the last 4 weeks and every house is apparently being snapped up in the first few days of viewing for the asking price or above. The agents are saying they are not even making it onto the internet.
My friend ended up getting one a few days ago, but on the first viewing day there were 5 offers above the asking price of $180,000. She ended up getting it only by offering $192,000. There are junkies living in the place and it is run down, but it seems like such a hot spot at the moment people will take anything.

 

[Harris]

http://www.afraccess.com/Index_mxml.html?URL=EDP://20070525000018926416

Refer to this article from today's AFR - it is a very happening area.
I've seen prices home in only last couple of months so reckon it's all
poised for exponential growth.

Cheers.

Just looked at the post and clicked on the link however it seems to have gone into afr archive system...!

Do you remember what it specifically talked about about the makeover ..?

Thanks