Purchasing in VIC - Frankston Area

[Toni]

$9M Fun Street - Leader Newspaper - March 10, 08

Development of a $9 million-plus leisure boulevard on Kananook Creek's east bank in central Frankston is nearing a final concept plan.

Last week Frankston Council combined elements of two options in a hybrid concept to go on public exhibition for four weeks.

Senior officers described community response to the creation of a boulevard between Davey St and Beach St as "very favourable".

Elements of council's preferred concept include:

* Beach St. to Wells St. - a one-way road, shared foot-cycle path, boardwalk, indigenous revegetation and new creek east-side wall.

* Wells St. to Davey St. - a plaza area, upper-level promenade, lower-level boardwalk, new creek walls, improved moorings outside Davey's Hotel, more landscaping, new vehicle pedestrian bridge between Davey St. and Long Island for access to the yacht club, and demolition of the existing footbridge.

* Long Island - removal of a road, a naturally sloped bank to the creek, consolidation of parking, and Well St-end improvements.

Land Design Partnership will be authorised to proceed to a further design.

Councillors want their major projects committee to consider it and the estimated costs next month.

the project arose when the State Government allocated $11.6 million towards it is 2006-07.

Councillors were told at the time the project should be completed within four years.

A $3 a day council car park, between Playn St and Wells St, will disappear.

Council is exploring new parking opportunities, particularly at the town centre's north and south ends, but has made no plan.

Toni

 

[Toni]

Joint Venture Oval - Frankston Leader 10 March, 08

Frankston Council is poised to start looking at concepts for a joint, elite training and community facility at the southern wing end of Frankston Park.

Council will hold discussions with the Frankston and St. Kilda Football Clubs to develop models.

The proposed new facility could incorporate St. Kilda's administration and training centre, complete with sports hall, rehabilitation pool and other facilities that will be available for use by community groups.

The facility will also include visitors" change rooms and a grandstand that retains historical elements of the old stand, destroyed by fire.

Frankston Mayor Alistair Wardle said the possible location of the facility, away from the Bay St end of the park, would be a great bonus for Frankston Park.

"One of the most striking elements of the oval is its views of the waterfront and Port Phillip Bay. A design that meets the needs of the Dolphins and St. Kilda would retain these views and be a bonus for the commmunity," he said

St. Kilda Football Club CEO Archie Fraser said the Saints would work with the Dolphins to develop a facility that served the interests of both the clubs and community.

"We're committed to developing a world-class community training and development facility and in consulting all local stake-holders to develop Frankston Park into a true destination," he said.

Dolphins' operation manager, Bryan Mace, said that in the wake of the fire, the community had stated that it wanted the previous grandstand reincarnated in some form.

Architects will consult with the council and two football clubs before creating two concept designs for discussion.

Council is also expecting to have temporary change rooms installed at Frankston Park before Easter, ensuring the Dolphins first home game, with the Northern Bullants on March 30, can go ahead.

Toni

 

[Toni]

Beach is our Lure - Leader Newspaper 10th March, 08

Frankston Council is receiving around 20 subdivisions applications a month.

At a recent planning and submisions meeting, the list of subdivision applications covered Frankston, Frankston South, Langwarrin and Carrum Downs.

Although land is scarce in Frankston South and more available in Langwarrin and Carrum Downs, the council said no area was being developed at a faster rate than others. The director of Hocking Stuart Frankston said the number of applications was most likely due to Frankston's bayside position.

"Frankston is close to the beach and developers can still buy here and make a profit," Andrew Gillespie said.

"People are realising that Frankston is fantastic value for money."

Toni

 

[ManyManeuvers]

Impetus, not sure but ABS 2001-2006 shows Traralgon as the fastest growing major regional town in the state.

Damn, i'm too late.
I guess the only explanation here is Frankston is a Metropolitan town

Toni,
please take it easy on the positive news ... I'm still buying. When i'm complete, i'll add the 'i love franga' to my sig.

Cheers guys.. great to see this thread going.

 

[jingo]

Real Estate Agent contacts me regularly

Hi all,

I have toyed with the idea of selling my Frankston IP's. In the process I contacted some agents (as one does) to get an idea of what they would sell for. This was some months ago. However every second week I receive a follow up call (latest today) from a particular agent trying to get me to list the IP's. Seems that buyers are still interested in Frankston. Listings must be short for the agent to constantly chase me.

The agent's view was the Frankston is still in demand, and will be until the end of the year.

Anyone else with a similar experience??

 

[Toni]

Hi all,

I have toyed with the idea of selling my Frankston IP's. In the process I contacted some agents (as one does) to get an idea of what they would sell for. This was some months ago. However every second week I receive a follow up call (latest today) from a particular agent trying to get me to list the IP's. Seems that buyers are still interested in Frankston. Listings must be short for the agent to constantly chase me.

The agent's view was the Frankston is still in demand, and will be until the end of the year.

Anyone else with a similar experience??

Hi Jingo,

I have been helping a friend get her second property in Frankston South. We are really only just getting a feel for the market after being out of it for a while.

Agents are telling us that they have more buyers than they do sellers. Hard to know if this is true or not. We have found two properties (not counting auctions) in the Frankston South, Frankston High School zone, beach side of highway area under $400,000(min. 3bd, 1bth houses only - One is $349,00) and ten properties under the $300,000mark in the general Frankston area.

I thought there would be a slight drop as a result of the interest rate hikes, but this doesn't seem to be happening. But I do believe prices have stabilised, for the moment anyway.

I believe this will change as developments are being completed and/or started.

Toni

 

[feihong]

a piece of China story

Just came back from Megumi in Frankston, and had a good chat with my wife's boss. Apparently they have observed a significant increase in crowd, especially Asian visitors. I hope my hypothesis will be confirmed soon, that Asians will be attracted to the water, the mountain, and most importantly, close to a good school. Anyone who has closely observed markets such as Doncaster, Templestowe, Balwyn North, Box Hill, Blackburn, Forest Hill, Burwood East, Glen Waverley, Mt Waverley will understand what I'm talking about.. the wealth that a lot of these Asians possess (Taiwanese of 80's, HKies of 90's, Mainland Chinese of nauties, and SE Asian businessmen) is really quite amazing. This would also mean that very soon Frankston South could run away from the rest of Frankston once again, and probably beyond 30% historical difference. Of course, this is all just my opinion without factual backup, but I guess intuition does play a part in investing

 

[Harris]

you beat me to it feihong..!

I collected stacks of info from a BA and plenty of agents re a sudden influx of Asians buyers, buying on average 3 prop each.

I thought I will get more refined info on that and sales activity before I add my latest update to the thread.

Dr Paul (posts here as newhigh) has had a lot to do with bringing many overseas Asian investors to invest in Frankston. They are the ones buying quite a few prop in one go.

With the latest commentary on no further rate rise/ decreasing in 2009, I see the buyers activity sky rocketing soon - All indications from SEITA are of Eastlink opening in a couple of months. The current relative calm (compared to Jan/Feb) in the sales activity status shouldn't last long.

Harris

Just came back from Megumi in Frankston, and had a good chat with my wife's boss. Apparently they have observed a significant increase in crowd, especially Asian visitors. I hope my hypothesis will be confirmed soon, that Asians will be attracted to the water, the mountain, and most importantly, close to a good school. Anyone who has closely observed markets such as Doncaster, Templestowe, Balwyn North, Box Hill, Blackburn, Forest Hill, Burwood East, Glen Waverley, Mt Waverley will understand what I'm talking about.. the wealth that a lot of these Asians possess (Taiwanese of 80's, HKies of 90's, Mainland Chinese of nauties, and SE Asian businessmen) is really quite amazing. This would also mean that very soon Frankston South could run away from the rest of Frankston once again, and probably beyond 30% historical difference. Of course, this is all just my opinion without factual backup, but I guess intuition does play a part in investing

 

[traveller]

you beat me to it feihong..!

With the latest commentary on no further rate rise/ decreasing in 2009, I see the buyers activity sky rocketing soon - All indications from SEITA are of Eastlink opening in a couple of months. The current relative calm (compared to Jan/Feb) in the sales activity status shouldn't last long.

Harris

Commentary changes by the time its written...See the latest figures and they are talking about further rate rises.

Comparing with the stock market any rebound now in auction results (this is not frankston specific) could be more like dead cat bounce.

 

[Harris]

Commentary changes by the time its written...See the latest figures and they are talking about further rate rises.

Comparing with the stock market any rebound now in auction results (this is not frankston specific) could be more like dead cat bounce.

The only point that I have repeatedly made in my posts and I will reiterate it again.

Compared to any other suburb at the moment in Melbourne, Frankston has the most going for it. Eastlink to open very soon and is getting major headlines almost every week around Australia and the impact it will have on the adjoining suburbs, especially Frankston.

Massive new developments in midst of changing the street scape overall in the area.

Still the most affordable beachside suburb (inc 20% rise in the last 12 mths) and high sales activity coupled with a new wave of Asian investors buying in the area.

Interest rates have a universal effect on all areas (generally speaking), however if there is any suburb that has the most going for it for short-medium term increase in prop values, it is Frankston.

So whilst it might not appreciate by 30% in the next 12 months, I am still convinced that it offers the best chances out of any other location in Victoria to show significant appreciation in prop value.

Harris

 

[Jom]

So whilst it might not appreciate by 30% in the next 12 months, I am still convinced that it offers the best chances out of any other location in Victoria to show significant appreciation in prop value.

Harris

Would you hazard a guess at what sort of appreciation we might be looking at in Frankston over the next 12 months (given the current climate of interest rate increases etc)?

 

[Harris]

Would you hazard a guess at what sort of appreciation we might be looking at in Frankston over the next 12 months (given the current climate of interest rate increases etc)?

My guess is as good as yours Jom !

I am not too fussed about the actual percentage increase in values, although the higher the better.

Investing in multiple areas(outer and inner) / states/ towns and cities at various times over the last 6 years, I have realised that regardless of the overall state of play, there are places that will have the most going for them at any given time. It could be either due to higher yield, affordability, changing demographics, stock market and other macro economic factors, projects in pipeline, gentrification, beach(ification), infrastructure, government policies, resources etc etc.

Off the back of solid research, assessing macro and micro investing climate, benchmarking the area against all possible "hot spots" nationally, comparing the price points, investment potential, tracking regular sales activity level and constantly comparing it with other areas; it still comes on top as the best choice.

Infact I will stick my neck out (again) and suggest that out of any outer suburbs nationally, Frankston has the best prospects for Capital Growth.

Whilst the Doom and gloomers are having a field day these days, I strongly doubt there would be a total blanket collapse/ stagnation of property values everywhere, especially considering the addition of over 1200 people per week in Victoria and demand for housing very strongly outpacing supply.

Harris

 

[Jom]

My guess is as good as yours Jom !

I am not too fussed about the actual percentage increase in values, although the higher the better.

Investing in multiple areas(outer and inner) / states/ towns and cities at various times over the last 6 years, I have realised that regardless of the overall state of play, there are places that will have the most going for them at any given time. It could be either due to higher yield, affordability, changing demographics, stock market and other macro economic factors, projects in pipeline, gentrification, beach(ification), infrastructure, government policies, resources etc etc.

Off the back of solid research, assessing macro and micro investing climate, benchmarking the area against all possible "hot spots" nationally, comparing the price points, investment potential, tracking regular sales activity level and constantly comparing it with other areas; it still comes on top as the best choice.

Infact I will stick my neck out (again) and suggest that out of any outer suburbs nationally, Frankston has the best prospects for Capital Growth.

Whilst the Doom and gloomers are having a field day these days, I strongly doubt there would be a total blanket collapse/ stagnation of property values everywhere, especially considering the addition of over 1200 people per week in Victoria and demand for housing very strongly outpacing supply.

Harris

Thanks for your response Harris. It is always interesting and reassuring to hear your point of view.

Cheers
Jom

 

[gussman]

Some auctions tommorow in the golden triangle. Check them out.

http://www.realestate.com.au/cgi-bin/rsearch?a=o&id=104593850&f=30&p=10&t=auc&ty=a-res&fmt=&header=&cc=&c=76818892&s=vic&tm=1205446596

http://www.realestate.com.au/cgi-bin/rsearch?a=o&id=104636428&f=20&p=10&t=auc&ty=a-res&fmt=&header=&cc=&c=76818892&s=vic&tm=1205446596

http://www.realestate.com.au/cgi-bin/rsearch?a=o&id=104676012&f=10&p=10&t=auc&ty=a-res&fmt=&header=&cc=&c=76818892&s=vic&tm=1205446596

 

[feihong]

Still the most affordable beachside suburb (inc 20% rise in the last 12 mths) and high sales activity coupled with a new wave of Asian investors buying in the area.

Harris

One significant thing about Asian investors swamping in is that, many of them have the ability to buy properties with cash outright. So, interest rate rise tend not to be an issue for these investors. This also inherently means that yield's not a big issue either. Therefore, what you tend to find is that many suburbs dominated by Asian investors have a higher price tag and a lower yield (like properties in many parts of Asia).

 

[long88]

Feihong/all

i am sure we heard about chinese people driving cheap car, but carry one big bag of cash, especially on auction day, and paid cash on auction day. and they are the one who is drivng up those crazy auction price.

hopefully i can get some more in franskton....

 

[BayView]

Thats the drug dealers that are wealthy, the ones that contribute to the population growth is traralgons cousins from moe, jayden leskie ring a bell.

MOE -

Moccassins

On

Everyone

 

[DreamzUnlimited]

Hmmmm Frankston .... is it a good idea to buy the first home out here keeping mind I don't have any car and need to access the public transport.

I need to access Burwood ( near Deaking University ), Caulfield/Clayton and city mainly ... for work, uni etc.

whats the opinion?

 

[GordonGekko]

why not get transport .... an old falcon for $2000 ? .... theres train stations at frankston and seaford which runs straight into the city... and the belgrave line runs through most SE subs.. like bayswater ...

 

[ManyManeuvers]

life is wealth,

Study the transport routes to and from Frankston ...
If you are happy with minimum of 3 hrs travel each day on public transport i'd say a great idea.
Alternatively, you can transfer uni's to Monash Franskton and get a job in the region
Another option (maybe more realistic than my above suggestion) is to buy an investment property in Franskton and rent somewhere between Caufield, Clayton, and Burwood... assuming you will not be at uni for more than say 5 years this may be viable.

Suggest you print out some maps, study the transport routes and times (google maps is great for this), focus on medium-long term gain, and be realistic on any short term pain.

cheers,
MM