Purchasing in VIC - Frankston Area #2
- Thread starter Sabitor_84
- Start date
anybody go to this one?
for some reason its not on the auction results of VIC list, and its not under offer yet, auction was supposed to be over the weekend
I didn't go, but it went for $351k according to http://scottbanks.com.au/
It was on his top 5 bargain houses for the week.
Cheers,
John
It was on his top 5 bargain houses for the week.
Cheers,
John
I settled on a place in Frankston yesterday and spent the afternoon collecting keys , having a look through 2 new listings and meeting with my Property Manager.
My PM had several applicants wanting to become the lucky tenant.
It's an older house and it went for a decent price, even in a so-called difficult market. Although much maligned by naysayers, the future of Frankston seems assured when prices like this can be achieved. I'm definitely looking around as I think it's possible to find really cheap old homes that are being sold by panic-stricken sellers for the $300,000 mark.
North Frankston's median hit $303,000 for the March quarter 2011. Although North Frnkston is still relatively cheap, parts of Frankston (eg. the Karingal district) are starting to look very attractive in comparison.
$303,000 for North Franga is NOT cheap. Geez what a dump.
A subdividable block near the bay for $303k not cheap?
By the way, when is the last time you went there?
I hear certain demographics are struggling to make rent, I wonder what happens when rent prices continue to rise. Bye bye riff raff...
Regardless of whether you love the place or hate it, investors chasing capital gain need not physically live in Frankston/North Frankston. It's all about buying a cheap IP, on a subdivisible block. You keep the old home on the large block and eventually build another up the back. Show me where else in Melb where you can do that for less than the $300,000 odd dollars that most local North Frankston/Karingal houses cost?
You can do it for $250k odd in Werribee.
5km closer to the CBD, 20 min quicker to the city via train, good range of shopping centres and schools. Similar distance to coastal recreational areas (Torquay/Great Ocean Rd & Sorrento/Mornington Peninsula). There's talk of a marina near both.
And for an even smaller amount in Melton. The beach is a day trip but faster travel time to the CBD (V/Line train) than Frankston.
Frankston area may be reasonable value (for houses more than units) but I don't think it's outstanding.
You could've bought a subdividable block in Werribee for $250k 2 years ago as well, make of that what you will - I contemplated it. Just a personal preference, I prefer South Eastern suburbs. Has worked out well for me.
Hi guys im new here and this is my first post. its very interesteing to read what everyones diff. opinions are for the area and what thaughts of growth etc are. In my 'begginers' opinion i would have thaught Frankston pwould be a better investment than weribee because of its proximity to the coast, etc. and also the fact that weribee is closer to the large land release were the expansion of new developements would limit the growth of property prices because theres constantly more land available?
I own 2 properties locally which i have obtained permits for 2 double storey town houses and am holding onto them for a while with the thaught of building in a year or so as prices hopefully increase further.
In regards to the property people were questioning that was up for auction its quite expensive considering its right @ the end of the Frankston freeway. Even with the new Peninsula link there is ALOT of traffic there 7 days a week and although youre not on the freeway its still very close (noise).
I work as a draftsperson and despite what people are saying that its getting quieter i think its an after shock of last years downturn becasue the ammount of work i currently have going through permits / planning etc is the bussiest ive ever been.
Anyway just thaught id introduce myself and try make a valuable contribution to the forum. Hello to all and i look forward to conversing with you and learning from what you have to say. have a great day
I own 2 properties locally which i have obtained permits for 2 double storey town houses and am holding onto them for a while with the thaught of building in a year or so as prices hopefully increase further.
In regards to the property people were questioning that was up for auction its quite expensive considering its right @ the end of the Frankston freeway. Even with the new Peninsula link there is ALOT of traffic there 7 days a week and although youre not on the freeway its still very close (noise).
I work as a draftsperson and despite what people are saying that its getting quieter i think its an after shock of last years downturn becasue the ammount of work i currently have going through permits / planning etc is the bussiest ive ever been.
Anyway just thaught id introduce myself and try make a valuable contribution to the forum. Hello to all and i look forward to conversing with you and learning from what you have to say. have a great day
Thanks for making contact. I have a property that is subdivisible, and hope to buy a few more. But only if I can find cheapies that are selling well below the current Frankston median of $357,000 and Frankston North median of $303,000.
As a long term investor, I may well need your services in getting plans, permits, approvals through. Any idea what it normally costs? And how long does it take from application to finish? Any ideas or advise you can provide on these threads will be of great use to those of us mugs who are sold on Frankston
Sure, more than happy to pass on my advice and experience. I do alot of Frankston work (80% of my work) and currently have about 25 applications in @ Frankston Council for different clients / companys.
The unit design itself isnt expensive its the associated costs of the works ie below is a list of items that are a MUST HAVE for a lodgement @ Frankston city council. Some councils are different but most require quite detailed info these days and the onyl one ive come across recently thats really relaxed with there information req's is Frankston.
Costs / Items youll need to lodge / account for include:
Survey (Rescode) $1400 ish (From a land surveyor)
Current copy of title $30
Arbo report (site specific - may not be required) $400-$?
Council Application fee $604
This is the basics but obviously it can be more indepth depending on the developement.
Cheers and best of luck with it
Where is the Frankston Market at now?
Where is the Frankston Market at now in Nov 2011?
I am just wondering what all your thoughts are on the Frankston market. I am having trouble reading where the market is at.
I tried to sell a 2 bed unit and decided to remove it from the market. My estimate must have been way off as there were no offers. Its now rented but at $10 less than it was rented 6 months earlier. Its possible the issue was with the unit as its unrenovated and not too inviting during winter, but its in South Frankston.
I am still a little frustrated by the lack of development within the Frankston CBD.
Have rents increased in the past 12 months? I have heard this is not the case and properties have been unlet for longer than say a few years ago.
Any thoughts appreciated.
Where is the Frankston Market at now in Nov 2011?
I am just wondering what all your thoughts are on the Frankston market. I am having trouble reading where the market is at.
I tried to sell a 2 bed unit and decided to remove it from the market. My estimate must have been way off as there were no offers. Its now rented but at $10 less than it was rented 6 months earlier. Its possible the issue was with the unit as its unrenovated and not too inviting during winter, but its in South Frankston.
I am still a little frustrated by the lack of development within the Frankston CBD.
Have rents increased in the past 12 months? I have heard this is not the case and properties have been unlet for longer than say a few years ago.
Any thoughts appreciated.
You should have noticed it's not just Frankston, things have cooled off across the whole of Melbourne.
Yep, it has cooled a lot. But that means there have been some good buys, especially in the better areas. Less investor activity. Great time for those buying PPORs or looking to upgrade in the area, as large blocks in Olivers Hill area have sold for sub $500k. I haven't seen those prices since pre-GFC.
