I'd go Towerhill region assuming about the same price.
Even though Franga North has the lower reputation, I'm suprised at the number of poorly cared for homes at Karingal - maybe more rentals than there used to be?
Purchasing in VIC - Frankston Area #2
- Thread starter Sabitor_84
- Start date
I'd go Towerhill region assuming about the same price.
Even though Franga North has the lower reputation, I'm suprised at the number of poorly cared for homes at Karingal - maybe more rentals than there used to be?
Surprising results from Frankston last week:
Due to 95% of the sales historically being achieved privately in Frankston rather than the auction format, the average success of the auctions is 50% at best.
Last weekend half a dozen properties came to the market with 100% success rate. First for Frankston.
Also, large majority of those were sold for over $400,000.
When I paid $300,000 for a Karingal property (4 bed house + 2 bed unit on 900 sqm) in Feb 2006, it was the highest amount paid for a Karingal property.
90% of 3 bedroom Karingal properties have asking value of over $300k on realestate.com.au now.
It has demonstrated to me over the last 4 years that it infact was the undervalued suburb offering excellent yields and whilst it has achieved significant appreciation, it keeps its place in the list of suburbs that offer higher than average growth probability owing to the overall increase in Melbourne metro and factors unique to this suburb (discussed in many threads).
I have not been in Frankston for almost 2 years and have let the portfolio on auto pilot for almost 2 years however aim to visit it soon and collect some good quality info from the ground.
Harris
Due to 95% of the sales historically being achieved privately in Frankston rather than the auction format, the average success of the auctions is 50% at best.
Last weekend half a dozen properties came to the market with 100% success rate. First for Frankston.
Also, large majority of those were sold for over $400,000.
When I paid $300,000 for a Karingal property (4 bed house + 2 bed unit on 900 sqm) in Feb 2006, it was the highest amount paid for a Karingal property.
90% of 3 bedroom Karingal properties have asking value of over $300k on realestate.com.au now.
It has demonstrated to me over the last 4 years that it infact was the undervalued suburb offering excellent yields and whilst it has achieved significant appreciation, it keeps its place in the list of suburbs that offer higher than average growth probability owing to the overall increase in Melbourne metro and factors unique to this suburb (discussed in many threads).
I have not been in Frankston for almost 2 years and have let the portfolio on auto pilot for almost 2 years however aim to visit it soon and collect some good quality info from the ground.
Harris
I know I love it!
I paid $287K for a 3 bedroom home in one of the estates 9 months ago, and based on what I've seen sell in the area I reckon it puts mine in the $310-$320K range. Which is about 9.7% growth in 9 months - which if it continues at that rate will be an annual rate of 13%. I know some people are achieving more than that in other areas, but for what I wanted... a house in nice condition I can rent out to decent tenants and forget about for years I'm satisfied.
Harris you did well to get such a large block of land for $300K with 4 bedroom, I wasn't in a position to get in as early as you did, but I'm glad I'm in now!
Centre of Attention - Leader Newspaper - 5/4/2010
http://hastings-leader.whereilive.com.au/news/story/frankston-centre-of-attention/
http://hastings-leader.whereilive.com.au/news/story/frankston-centre-of-attention/
I bought my first property beachside of fwy Seaford almost a year ago for $350k - last weekend a demolition job house two doors down from me sold for $440k.
I have spoken to a number of people looking in the low $400 price that are missing out as property is pushing the 450s now. My estimate is that the average house price on beachside of the fwy is in excess of $450k rather than the Seaford average of $310ish.
Bringing me to the question - Seaford is an enormous suburb with many different pockets, does anyone know if Seaford was ever made up of smaller suburbs that have been renamed Seaford ie. Kananook, Frankston West etc...?
What are peoples opinions of changing The Pines to Frankston North in an effort to improve the areas image? Non Frankstonians seem to only know Frankston not Frankston North, Frankston South etc...
I have spoken to a number of people looking in the low $400 price that are missing out as property is pushing the 450s now. My estimate is that the average house price on beachside of the fwy is in excess of $450k rather than the Seaford average of $310ish.
Bringing me to the question - Seaford is an enormous suburb with many different pockets, does anyone know if Seaford was ever made up of smaller suburbs that have been renamed Seaford ie. Kananook, Frankston West etc...?
What are peoples opinions of changing The Pines to Frankston North in an effort to improve the areas image? Non Frankstonians seem to only know Frankston not Frankston North, Frankston South etc...
Toni, what great news this is, I had heard reports the centre was planned to be turned into community housing. What a shame that would have been given the efforts council have been doing to attract investors and improve the areas image.
Look forward to seeing the work begin - hopefully this will lead to the Marina coming back on the agenda!
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With regard to the Marina, it is my understanding that it was the stabilisation of Olivers Hill that posed the biggest problem to prospective developers, as their insurers were not prepared to cover the liability of such works.
This has resulted in the council having to cease the tender process and re-visit this with the Government so that the project can move forward.
Toni
This has resulted in the council having to cease the tender process and re-visit this with the Government so that the project can move forward.
Toni
Turned on the news today,
distraught to hear
1 murder in frankston,
1 person stabbed in frankston
1 person stabbed in langwarrin,
whats happening here in the western suburbs?
distraught to hear
1 murder in frankston,
1 person stabbed in frankston
1 person stabbed in langwarrin,
whats happening here in the western suburbs?
And property up 10% in Frankston. Here we go again...
What?!?!?! There were no other crimes in any other suburbs???? Nothing bad ever happens in innner city areas.
Regards
Marty
What?!?!?! There were no other crimes in any other suburbs???? Nothing bad ever happens in innner city areas.
Regards
Marty
not according to CHannel 9
Unless you want to call Chrstine nixon a crime!
House Prices Soar - Leader Newspaper (19/04/10)
http://frankston-leader.whereilive.com.au/news/story/house-prices-soar1/
http://frankston-leader.whereilive.com.au/news/story/house-prices-soar1/
Bank Valuation - to share with all
Dear All,
just a note to share with all about our 2 IPs in Frankston south/North.
One standard land+house at the start of Denbigh Street, bought in July 2007, today the bank valuation reflected 12% in capital gain.
Another one standard land+house in Frankston North, also bought in July 2007, today the bank valuation reflected 24% in capital gain.
I am not sure what to expect, i think 12% is a slow growth for coming 2.5 yrs. May be I bought it too high price then.
What are your comment pls ??
Dear All,
just a note to share with all about our 2 IPs in Frankston south/North.
One standard land+house at the start of Denbigh Street, bought in July 2007, today the bank valuation reflected 12% in capital gain.
Another one standard land+house in Frankston North, also bought in July 2007, today the bank valuation reflected 24% in capital gain.
I am not sure what to expect, i think 12% is a slow growth for coming 2.5 yrs. May be I bought it too high price then.
What are your comment pls ??
Yay.
I bought a house in July 2004 (2 storey, 4 bed plus study - BIG parents retreat plus separate bungalow & garage, blah blah blah......) for $230K in Karingal
Now worth about $400k.
Pity the bank owns most of it LOL
Well done on the growth. I read that Frankston South had the 3rd highest growth recently. There is a link to the article, so you can have a look at it.
I think the Frankston South property maybe worth a little more than bank valuation if was for sale. Frankston South seems to have had some good grwth recently after some sub-standard growth compared to other suburbs.
I haven't had the house we got in Frankston North valued, but going by sales of similar type properties I think we have had over 20% growth in just over a year. (bought in in Nov 2008)
I think the Frankston South property maybe worth a little more than bank valuation if was for sale. Frankston South seems to have had some good grwth recently after some sub-standard growth compared to other suburbs.
I haven't had the house we got in Frankston North valued, but going by sales of similar type properties I think we have had over 20% growth in just over a year. (bought in in Nov 2008)
Mingling.......I consider frankston to be heading up. Along the lines of the way mentone went up 10yrs ago, and continue to do so at a steady rate.
With the marina going in, prices are only going up.
Then if you really want to scar yourself. Compair it to a lower end suburb 5 mins from the beach, in sydney 20yrs ago. Then look at todays prices.
You wont lose money on a property in the frankston area. You may not get huge increases, but I'm sure we are still in for a good couple of rises as the area is improved and developed more.
With the marina going in, prices are only going up.
Then if you really want to scar yourself. Compair it to a lower end suburb 5 mins from the beach, in sydney 20yrs ago. Then look at todays prices.
You wont lose money on a property in the frankston area. You may not get huge increases, but I'm sure we are still in for a good couple of rises as the area is improved and developed more.
