Picking a bargain (200-250k)

I was just browsing some houses and stumbled across this I was just curious is it any good? http://www.realestate.com.au/property-house-vic-frankston+north-117369375

It's on a subdivide-able 611sqm block the home is brick and situated at the front of the block :) (assuming it won't have to be destroyed to fit a unit on the back). It's in walking distance form Kananook station as well and not too far out from the beach. I've heard these are all good thing haha.. Would something like this be the perfect place to start? I know it's in the lower class part of Frankston but appears all the god buys are, can anyone pick anything wrong with it it looks pretty cheap to me :confused:
 
Hi JamesP,

This was listed awhile back but no punters.

Look at the last pic and look up g.o0gle maps and w,hereis,you'll find the house is split with 337.

Tsk Tsk D.T.,haven't you been reading grand dads thread eg:

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. Remember, both are beachside suburbs, making them more desirable in the long run. That in itself makes the area a strong buy, more so given the fact that prices are still affordable and the Council is very pro-development.

:p

Cheers Spades.
 
ahh cheers guys, dodgy haha definitely doesn't mention that in the ad! Pretty dumb as the moment you go to inspect the place you'll notice!

I've heard a lot about Frankston it's apparently the bees knees to invest in my price range these days but i always thought of it as our very own footscray.. due to this stigma I feel there's a possibility it might not take of for well over a decade which is a great concern (growth and renovations is how I'm planning to make most my profit ie selling the property for a premium relatively short term within 1-5yrs).

Maybe somewhere else would be a better idea? There's a few subdividable blocks in that same price range in Hampton Park (the old pound rd area) which I believe may have more potential than frangas (HP is a 20min closer train ride to cbd as well I believe). I've been looking sub 200k as well. Rural areas like Mildura, Bendigo, Albury, Shepparton, Mansfield, ballarat etc all go for 90-180k.
It appears Franga's the cheapest suburb in melbourne besides footscray/some geelong areas that seem to have stagnated in growth. So it's probably the only practical option in a sub 250k price range?
 
I've heard a lot about Frankston it's apparently the bees knees to invest in my price range these days but i always thought of it as our very own footscray..

It appears Franga's the cheapest suburb in melbourne besides footscray/some geelong areas that seem to have stagnated in growth. So it's probably the only practical option in a sub 250k price range?

Footscray's median price for a house is above 600k. You cannot get a house there for anywhere near 250k. Completely different price points.
 
You can get units in footscray west for under 250k! but my point is footscray shares the same issue as Frankston ie location not being the primary issue, either suburb would've boomed decades ago if not held back by demographics. People may want to move to Frankston once if it's soon gentrified but that's a big risk!! From what I hear it will take a LOT to change the reputation and encourage people to live there but only time can tell I guess.
 
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what do you guys think of broadmeadows? 15kms from cbd terrible area but cheap properties average 3 bed house on 600m2 goes for 300k
 
what do you guys think of broadmeadows? 15kms from cbd terrible area but cheap properties average 3 bed house on 600m2 goes for 300k

Hi Guys at that price look at deer park...

I live in the area and there is some good capital to be gained,

Message me for details on the area

cheers

JP
 
You can get units in footscray west for under 250k! but my point is footscray shares the same issue as Frankston ie location not being the primary issue, either suburb would've boomed decades ago if not held back by demographics. People may want to move to Frankston once if it's soon gentrified but that's a big risk!! From what I hear it will take a LOT to change the reputation and encourage people to live there but only time can tell I guess.

James I am happy to read about your insights on Frankston.
If you could help spread your general aversion to investing in that suburb to as many people that will listen I would be most appreciative.
Regards
SilvereEagle
 
You can get units in footscray west for under 250k! but my point is footscray shares the same issue as Frankston ie location not being the primary issue, either suburb would've boomed decades ago if not held back by demographics. People may want to move to Frankston once if it's soon gentrified but that's a big risk!! From what I hear it will take a LOT to change the reputation and encourage people to live there but only time can tell I guess.

Frankston will be fine

Better than Hampton park
 
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