Purchasing in VIC - Frankston Area #2

Thanks for your replies.

Staying away from this one.

Although the property is well under market value, I myself like a little bit of return to help with the repayments.

The couple are in their 70's by the way.
 
Thanks for your replies.

Staying away from this one.

Although the property is well under market value, I myself like a little bit of return to help with the repayments.

The couple are in their 70's by the way.

Can you put up a link of the place your talking about??

Thanks,

Matt
 
frankston - like manly (nsw) and hillaries (wa) only cheaper

It seems as if many of the the doom and gloom proponents in the real estate industry have suddenly changed their tune about Frankston. For the first time in ages, desperate property managers are ringing their clients asking if they want to sell. Apparently there are a superabundance of first home buyers out there - demand for houses exceeds supply. I'm told houses at the $300k mark are selling fast. Has anyone else received calls from their property managers?

I'm not selling what I own in Frankston. Not for a few more years. The low prices now are a market mispricing and it will change soon enough - Frankston is the cheapest marina-potential beachside suburb of any major Aussie city.

Frankston is comparable to Manly (NSW) and Hillaries (WA). Both marina suburbs with plenty of infrastructure. Equidistant from the city. The difference is that Frankston has large blocks, ripe for redevelopment. Take a look at the medians of Frankston's beachside counterparts interstate & you will see what is coming to those who are patient. My only regret is that I don't own more.

Even when the FHOG excitement dies down, I expect prices to keep creeping up. I'm holding my ground for the next 5-10 years until we reach price parity with the abovenamed suburbs in NSW & WA. I will be patient and suggest that other owners do the same. When real estate agents call, tell them to take a hike. These are the same people who have vandalized the market in the past year. Unless an agent owns his own home locally, he won't have any loyalty to you or to anyone else - he just wants his commission. The smiles and two-faced bonhomie will disappear once Mr Agent gets his commission and you are no longer worthy of his time. Such is life. Special love to all the agents lurking out there. Don't work too hard Funkysouth - "wait your turn"
 
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Oh but it comes with great negative gearing benefits

:D

There are still lots of bargains out there in Frankston without having to take advantage of anyone. This sounds like a "Bad Karma" investment. The elderly tenant should have the right to feel secure. And the unfortunate owner should somehow be compensated - why should he have to sell out for less?
I keep well away from deals like these, cheap as they may seem.
 
It seems as if many of the the doom and gloom proponents in the real estate industry have suddenly changed their tune about Frankston. For the first time in ages, desperate property managers are ringing their clients asking if they want to sell. Apparently there are a superabundance of first home buyers out there - demand for houses exceeds supply. I'm told houses at the $300k mark are selling fast. Has anyone else received calls from their property managers?

I mentioned a month or so back that I was thinking of selling my property and they have really tried to get the listing, even after I said I had decided to hold. Yes, the FHB frenzy is alive in Franga. I've heard from a few different agents that good properties are selling very well. One 4 bedder listed as 490+ (owner would have been rapt with over 500k) received 2 offers within the week, both by FHB from Melb suburbs. Sold for $530 apparently. :eek: It wasn't even on the "right" side of Moorooduc hwy. Then again, not everything under 500k is flying out the door but if you are quite realistic and the place isn't a bombsite it's quite a good time to sell - If it's to FHBs. Apparently everything else is quiet.
 
So if a lot of this is for FHB, it'll be interesting to see what happens in the 2nd half of the year, I read just today that the larger grant will not be continuing.
Anybody have any thoughts on this, will the prices fall say the extra 7000 or do we think that the prices will hold what they have seeing Frankston is such a prime area??
 
of booming markets and bad service

On the advice of one of the other regular thread participants, I reluctantly called up several agents in Frankston. Most were too busy to take my calls. Two told me that things in Frankston are booming and the market has turned. Unfortunately, they had nothing that suited my price range. More fool me for not buying 4 months ago when I first joined this forum.

:mad: I finally found a really great listing that met my strict price range. When I called the only number listed, a landline, a thoroughly arrogant female receptionist refused to give me the contact details of any of the agents at her office. "We don't give out agents mobile phone numbers" She would not give out any other information about the property - "I am not allowed to tell you if it has been sold or is under contract". No apologies were offered for the bizarre way of doing business.

I have a demanding and responsible job and am unable to answer calls until late at night. Needless to say, I was unable to chase up the listing they had for sale. To Chrissie, the delightful receptionist: it was very courteous of you to behave as you did, you are a very helpful lady and will go far in life. And to the people at a firm I shall call "Precipitation & Tusk" (hint: R&H): you shouldn't be in business if you won't give out your phone numbers. Bad bad bad people. If only the owner of the house for sale knew how you behaved today! Lucky for you, I am too busy to complain.

I had been warned by my former colleague that agents behave badly, regardless of market conditions. I didn't believe him until today.
 
On the advice of one of the other regular thread participants, I reluctantly called up several agents in Frankston. Most were too busy to take my calls. Two told me that things in Frankston are booming and the market has turned. Unfortunately, they had nothing that suited my price range. More fool me for not buying 4 months ago when I first joined this forum.

:mad: I finally found a really great listing that met my strict price range. When I called the only number listed, a landline, a thoroughly arrogant female receptionist refused to give me the contact details of any of the agents at her office. "We don't give out agents mobile phone numbers" She would not give out any other information about the property - "I am not allowed to tell you if it has been sold or is under contract". No apologies were offered for the bizarre way of doing business.

I have a demanding and responsible job and am unable to answer calls until late at night. Needless to say, I was unable to chase up the listing they had for sale. To Chrissie, the delightful receptionist: it was very courteous of you to behave as you did, you are a very helpful lady and will go far in life. And to the people at a firm I shall call "Precipitation & Tusk" (hint: R&H): you shouldn't be in business if you won't give out your phone numbers. Bad bad bad people. If only the owner of the house for sale knew how you behaved today! Lucky for you, I am too busy to complain.

I had been warned by my former colleague that agents behave badly, regardless of market conditions. I didn't believe him until today.


My advice would be either get a buyers agent (yes im a fan of the one i have in frankston) or wait until the feeding frenzy is over. I will not buy real estate during a feeding frenzy. The real estate agents are to difficult to deal with, prices are to high and come the weekend all the "good" stock has been sold.

I learnt this lesson spending 6 months trying to find a place when the market was really booming about 2 years ago.

Dont feel like you have to get in now or you'l miss out. It simply wont happen. Sit on your hands, wait to the grant ends and then go. I see this as a mini rally and predict a slight correction in prices once the grant ends.

Im guessing the R.E will suddenly become more willing to take calls when the market cools a little!

Matt
 
I've been looking at Franga's recently and I'm finding that it's probably one of the best times to buy there. A heap of stock available and I haven't seen prices this low for a while. This also includes Frankston South.

I also expect it to get better for investors once the FHOG supposedly ends in June. Frankston ain't going nowhere for a while. Still way too many yobo's that live there. Until they dissapear, Frankston will be a cheap area. This will take 10 years + at least IMO.

Is it just me seeing this?
 
^I wouldn't say that there's a heap of stock - esp. in Frankston South. However, I have noticed the odd "bargain" coming up here. I would think that there are more coming, though. Prices are a bit all over the place and some vendors are expecting 2007-2008 prices. These houses are sitting.
 
I have been keeping an eye on the Frankston South area for some time now.

If you were to do a search on Realestate.com.au you would be quite surprised! Using the following search criteria;

minimum block size 500sqm
minimum bdrms (3)
maximum price $400,000

There were only 3 properties in the frankston high school zone for sale.

Interesting!!! This area is doing very well in deed!

Only two years ago I was able to pick up a 4bdrm, 3bthrm, 3 living area, 4 car carport and an impressive patio, all hidden away behind a red clinka wall - dwelling also red clinka. Very impressive home in true Frankston High School zone and a huge new kitchen for $346,000 on a 660 sqm block!!



Toni
 
Central Frankston either side of Beach Street, has adequate stock however my recent dealings there gives me the impression of price softening. I cannot comment on Frankston South as I am unfamiliar with that market.

Some properties I've followed recently have sold for prices less than they were pulling in that precinct 6-12 months ago......and this is lower sector investor territory and FHB stock. My gut feeling is that pickings will be very good in the next 6 months, especially for stale stock.
 
Only two years ago I was able to pick up a 4bdrm, 3bthrm, 3 living area, 4 car carport and an impressive patio, all hidden away behind a red clinka wall - dwelling also red clinka. Very impressive home in true Frankston High School zone and a huge new kitchen for $346,000 on a 660 sqm block!!

That was an excellent buy, Toni!
 
Central Frankston either side of Beach Street, has adequate stock however my recent dealings there gives me the impression of price softening. I cannot comment on Frankston South as I am unfamiliar with that market.

I agree there's been some price softening. For anyone after long-term CG or thinking of moving to Frankston Sth, this place (if still available) is a great buy. This is one of the most sought after streets in all Frankston Sth. Price is around what it would have been in 2004-2005. I'm not in the market but if i was this would be my pick:
http://www.realestate.com.au/cgi-bi...r=&cc=&c=28351162&s=vic&snf=rbs&tm=1240614676

Obviously do your own DD. maybe there's a reason it's cheap. Has a north facing backyard as well, which the agent fails to mention.
 
I agree there's been some price softening. For anyone after long-term CG or thinking of moving to Frankston Sth, this place (if still available) is a great buy. This is one of the most sought after streets in all Frankston Sth. Price is around what it would have been in 2004-2005. I'm not in the market but if i was this would be my pick:
http://www.realestate.com.au/cgi-bi...r=&cc=&c=28351162&s=vic&snf=rbs&tm=1240614676

Obviously do your own DD. maybe there's a reason it's cheap. Has a north facing backyard as well, which the agent fails to mention.

Nice neat home. The block is 15m x 38m and is in an excellent part of FS. Its more a candidate for a PPOR than investment IMO. It would rent for around the $400 to 420pw mark. Personally, that price is around the right mark

As mentioned though DYODD.
 
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I agree there's been some price softening. For anyone after long-term CG or thinking of moving to Frankston Sth, this place (if still available) is a great buy. This is one of the most sought after streets in all Frankston Sth. Price is around what it would have been in 2004-2005. I'm not in the market but if i was this would be my pick:
http://www.realestate.com.au/cgi-bi...r=&cc=&c=28351162&s=vic&snf=rbs&tm=1240614676

Obviously do your own DD. maybe there's a reason it's cheap. Has a north facing backyard as well, which the agent fails to mention.


This is a very impressive home located in one of the best streets in Frankston South, I can't get over the price. I would have thought that this pocket would have attracted prices in the $500's. I helped a friend buy a property on Kars Street last year for $450,000, but this was right on Kars Street, which is a relatively busy road.

It's generally been an area I have not concentrated on due to its price.

Toni
 
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FHO Grant to continue after June 30th

Thanks for your comments guys. There has been clarification from the Prime Minister and new talk that the FHO grant will continue after June 30. This is wonderful for sellers, bad for buyers like me who don't qualify for the grant.

I really should have bought in at the bottom last Christmas when all agents were predicting doom and gloom. These same agents are now telling me that the time to buy is now - get in before its too late.

Since my last post, I have left messages with 8 agents and only one has bothered replying. My email messages get zero responses.

Oh has anyone noticed that the homesvic website has ceased operation. This was a great tool as it enabled us to determine which agents were more effective than others. Now its gone and the market is going to be a little less transparent.

If anyone sees any cheapies out there, feel free to post the links on this forum for all of us to see.
 
hall of infamy - rude agents, bait adverts & no-return-calls

Oh these are some of the guys who don't return calls or use bait advertising. Lure in potential buyers with cheap adverts. Get their details and maybe badger them later with other possible deals at higher prices. It should be a criminal offence.

The first takes the cake. Advertised for many months. I last saw it around Xmas. Presumably the house belongs to a friend and they have no plans to sell it so why not use it as bait by advertising it really cheaply and getting potential buyers details? I actually spoke to the agent and she is an extremely rude and abrupt person who shows no interest in selling the house.

http://www.realestate.com.au/cgi-bi...er=&cc=&c=3499165&s=vic&snf=ras&tm=1240624092

The rest dont bother returning calls. Again, possible bait situations as the houses are extremely cheap.

http://www.realestate.com.au/cgi-bi...r=&cc=&c=38545333&s=vic&snf=ras&tm=1240622141

http://www.realestate.com.au/cgi-bi...r=&cc=&c=38545333&s=vic&snf=ras&tm=1240622141

http://www.realestate.com.au/cgi-bi...r=&cc=&c=38545333&s=vic&snf=ras&tm=1240622141

http://agents.realestate.com.au/cgi...HV&t=res&st_Agent=XPKFRA&altTemplate=HomePage



The homesvic website that once existed but has now ceased operation allowed us to rate these clowns. Any idea what happened to it?
 
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This is a very impressive home located in one of the best streets in Frankston South, I can't get over the price. I would have thought that this pocket would have attracted prices in the $500's. I helped a friend buy a property on Kars Street last year for $450,000, but this was right on Kars Street, which is a relatively busy road.

It's generally been an area I have not concentrated on due to its price.

Toni

I hoped this one would be on 700-750 sq m but that's about the block size there. Buzz, how did you find the measurements?
I put in an offer (didn't get it) on a smaller timber house the other end of Violet St late 2003(?). Same size block as this. it sold for $416k, from memory(!)
It seems to me that people from out of the area are buying down here. I say this because houses are selling in Tahnee Lodge Estate for 500-600k and you can buy in Violet St for $440 odd (I would be offering this as an unconditional offer, which msy almost get through as unconditional offers are thin on the ground!). This makes no sense. Folks, if you don't know Frankston Sth, Tahnee lodge is basically Baxter. I'm sure if you want to live there there are some nice new houses but from an investment POV it's the R's end of Frankston Sth.
 
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