Purchasing in VIC - Frankston Area

[auzieblogger]

Heatherhill Road Property

If you can, I would avoid being right on Heatherhill Road. This road is a very busy road. If it is off it, then that's different. Is it on a Corner? This would be different again.
Toni

Thanx for ur suggestions
It is on a corner, but no fence facing heatherhilll, lots of trees at front and back though. I agree with your comments about Marylands, and that's what confusing me about which one to go for !
about dual occ.. how much min. does one need 600sqm ?
I did notice there was more interest in the Opens at Marylands prop., which could be due to lower price range.

Cheers
AB

 

[alba]

I wonder if buying in The Strand now, for possible multi unit developments would be too much of a gamble?

 

[Toni]

Hi Toni and Harris,

Do you think these new planning rules have the potential to saturate the market with too many properties, and potentially devalue existing stock? (Especially stock that is sitting on land that cannot be subdivided?)

Regards Jason.

It's hard to know how we're going to be affected. The only thing we can be sure of is that Government and others believe we have a shortage of housing, which is only expected to get worse with time and as a result of this; they will need to avail land as soon as possible for development.

I can only assume that as development takes hold, land will be sought after, which should increase the value of land and therefore property.

There are allot of properties that are under 600 sqm that you will not be able to subdivide, but with the freeway soon to be opened, Frankston should become a desired location, with proximity to the city, beach, local business district, and other local developments already discussed, some yet to be confirmed and/or finalised.

We all need to understand that not all people coming into Frankston will be investors, so it would stand to reason that property with land will always be sought after, particularly if you have a young family.

As to how Frankston will look like in 10 years time.... Only time will tell. In the meantime however, I can see some big money being made in Frankston.

Toni

 

[jingo]

Thanks Toni,

Regards Jason.

 

[Toni]

I have spoken to Frankston City Council today in relation to the article printed in the Frankston Standard last week and was told it did not coincide with her understanding of what was going on.

The lady I spoke to suggested to keep an eye on the Planning & Community Development web sit for updates.

No one at this stage knows what the final out come will be, but it is being suggested at this stage anyway, that the developments will be more focused around the train Station at Frankston. As to whether or not it will extend outside of this area will be anyones guess until it has been finalised.

Unfortunately, it now becomes a waiting game.

Toni

 

[Toni]

Harbour report filed - Leader News Paper - 16/06/08

FRANKSTON'S $55 million plus harbour proposal is now in the hands of Planning Minister Justin Madden.

He has received a vital report that will help him decide on a preferred harbour model.

Earlier this year, a state appointed priority development panel studied Frankston Council's proposed model, but last week it was still unclear whether the panel favoured it.

Sofia Dedes, spokeswoman for Mr. Madden, said the panel's advice was "under consideration" but declined to estimate the timing of the minister's decision.

A Frankston harbour, to shelter bay vessels from storms and boost boating, tourism, the economy and jobs has been proposed at various times durng the past two decades. Five years ago, the state granted council a rezoning of land and water below Olivers Hill. But it included development restrictions that raised doubts about the harbour's viability.

Last year the council launched a new bid. It asked for more space, relaxed vessel size limits, dry storage and short-stay accommodation.

The council has disputed one group's estimate of the project cost blowing out to $150 million.

Toni

 

[Toni]

Council to work on strategies - Leader 16/06/08

FRANKSTON Council is about to bite the bullet on the city's pedestrian and traffic flow.

Planning for improvements in the Central Activities District will start within 6 months. It will be based on major reports that recommend bridges and other measures to calm conflict between cars and pedestrians.

Council's acting general manager of assets, Ossie Martinz plans a comprehensive study of traffic, parking, pedestrians, cycling and public transport issues. He said it would start this year with a bicycle strategy review.

"It will take into account the recommendations of the Frankston TAFE to Bay structure Plan and the Mornington Peninsula Access and Mobility Study recommendations," Mr. Martinz said.

The TAFE to Bay report adopted in 2005, found inner Frankston offered little in terms of orientation points, amenity or visual interest for pedestrians.

It recommended strategies for a "delightful human experience", including new bridge conections, more open-air retail linkages, more trees, wider footpaths and more street-based activities.

Bridges could carry pedestrians from Fletcher Road, across the rail line to the shops, and from Frankston Park across the Nepean Highway to the beach.

Ideas canvassed in the report included redeveloping the railway station, a new bus station, new streetscapes, more open space, a long-term parking strategy, releasing rail corridor land for redevelopment and general encouragement of walkers.

Wells St would be reinforced as central Frankston's "premier retail promenade", the report forecast.

Council officers had discussed speed limits on the Nepean Hgihway and through the central activities district with VicRoads.

Toni

 

[BBFW]

Thanks Toni for the updates - have been very helpful!

Just wondering if anyone could recommend a surveyor to use in Frankston?

 

[Southsider]

Building Surveyor

Thanks Toni for the updates - have been very helpful!

Just wondering if anyone could recommend a surveyor to use in Frankston?

Hi BBFW, try Checkpoint Building Surveyors,
Bill Romanovski on 9663 6677, or better 0419 545 959.

 

[The_Bludger]

Hi guys, well after having researched both Frankston and Reservoir, I eventually decided to buy my 2nd IP in Reservoir based on it being 12km's from the city, and picking up a pretty good bargain I thought, so I expect Capital growth to be better there.

But, there's fuel in the tank so to speak and I'm now hunting for my 3rd IP, so I'm going to take another look in Franga's to spread my eggs so to speak. I've just done a quick search on houses below $300K on realestate.com.au and there still appears to be a heap of houses for sale, in fact the first 10 pages were houses under $300k! I recall Harris posting a few months ago predicting there'd be nothing selling under $300k on near completion of the Eastlink freeway, but this doesn't appear to be the case as the freeway officially opens in 1 week.

Not surprising as interest rates, fuel and food shoot through the roof! What's been happening in the market and has it cooled? There still seems to be a lot of stock available and from my own research that I did a few months ago, prices have cooled a fair bit(like the rest of Melbourne). Would now be a good time to buy here or do you guys feel the market will cool further? I would assume mortgage belt would be pretty prolific here, so maybe better to wait a bit more, especially with interest rates tipped to rise another 0.5% by September and liquid gold to hit $2 a litre by Xmas?

Can anybody give me an update? Are houses still selling like hot cakes or has investment activity dropped off? Harris, others?

 

[Toni]

Hi guys, well after having researched both Frankston and Reservoir, I eventually decided to buy my 2nd IP in Reservoir based on it being 12km's from the city, and picking up a pretty good bargain I thought, so I expect Capital growth to be better there.

But, there's fuel in the tank so to speak and I'm now hunting for my 3rd IP, so I'm going to take another look in Franga's to spread my eggs so to speak. I've just done a quick search on houses below $300K on realestate.com.au and there still appears to be a heap of houses for sale, in fact the first 10 pages were houses under $300k! I recall Harris posting a few months ago predicting there'd be nothing selling under $300k on near completion of the Eastlink freeway, but this doesn't appear to be the case as the freeway officially opens in 1 week.

Not surprising as interest rates, fuel and food shoot through the roof! What's been happening in the market and has it cooled? There still seems to be a lot of stock available and from my own research that I did a few months ago, prices have cooled a fair bit(like the rest of Melbourne). Would now be a good time to buy here or do you guys feel the market will cool further? I would assume mortgage belt would be pretty prolific here, so maybe better to wait a bit more, especially with interest rates tipped to rise another 0.5% by September and liquid gold to hit $2 a litre by Xmas?

Can anybody give me an update? Are houses still selling like hot cakes or has investment activity dropped off? Harris, others?

Hi Bludger, congratulations with your purchase in Reservoir.

I also looked on realestate.com.au for 3bedroom properties in Frankston under $300,000. There were 75 properties listed with a breakdown as follows;

Offers over $300- 1, Price by neg.- 3, Auction 3, Sold/under contract- 6, Price not disclosed- 3, Lot for sale- plans for 3bd- 1. Total available under $300 (3bdr) - now 58

Waiting till the end of the year is a little of a gamble, considering timing of announcements for impending developments which could really start the ball rolling here as far as price goes. As well as that, you also need to consider that historically, it can take up to 12 months after completion of any major arterial before full market value increases can be determined.

Also be aware, which I am sure you already are, that properties locations can vary in price significantly from one part of Frankston to another.

I believe Frankston property prices have only come off the boil momentarily and gambling with timing could be a little risky. Who know though, you could be right, but....



Toni

 

[jingo]

Can anybody give me an update? Are houses still selling like hot cakes or has investment activity dropped off? Harris, others?

Investment activity has dropped off significantly. Houses are taking a lot longer to sell in Frankston now. Not sure if there are distressed sales just yet. Perhaps you could go and make some low ball offers! You may just succeed! Agents need their commissions and they haven't been able to sell much stock lately!

Regards Jason.

 

[oneuppmanship]

Investment activity has dropped off significantly. Houses are taking a lot longer to sell in Frankston now. Not sure if there are distressed sales just yet. Perhaps you could go and make some low ball offers! You may just succeed! Agents need their commissions and they haven't been able to sell much stock lately! Regards Jason.

Too true.

There are a lot of houses under $300K, but many of these which I've checked out, are in need of lots of work, have one bathroom, or something else is 'missing', that makes them not suitable for us, as homebuyer/renovators.

You will get some bargains, through perserverence.

Agencies like 'Network 1' would be a great choice for grabbing a bargain. They are selling most properties well below the original asking price, some for obscene amounts of money. I'm reliably told they have a system wherby the agents makes a bonus every time they get the vendor to LOWER his price.

$30/40,000 less for the house = easy giveaway sale, and they still make their full asking commission. Criminal really.

Personally, I shouldn't think that prices will drop much further in and around here. Now's the time I'd be buying.

 

[njacko]

Well I finally made it to the end of this fantastic (and long) thread. I am convinced Frankston is a good place to buy an IP. Now I just need to compare it with a few other areas and do a whole lot of general research before I buy my first property. Great info from Harris and Toni and others. Keep up the good work!

 

[auzieblogger]

Bought IP2 .. 4br in Lakewood and yes under 300K !
a few bargains still available, but IMO it's starting to gain momentum with the pre-eastlink buzz .. I'm seeing more and more buyers (potential re-loactions) than I have since last month.
Some agents I spoke to were of the same opinion ... hell... the agent I bought from sold 3 properties in 500K mark that day alone !!
Considering I had put in 3 offers since last month (all went for more than I had anticipated) I'm sure things are looking up .. and yeah rents are through the roof

One agent .. compared "renting a property" to "drive thru in Mc Donalds" huh

 

[Harris]

I recall Harris posting a few months ago predicting there'd be nothing selling under $300k on near completion of the Eastlink freeway, but this doesn't appear to be the case as the freeway officially opens in 1 week.

Didn't realise that anyone would take my predictions so literally Bludger..! Anything that I say is just "my opinion" and not a fact - Haven't checked the latest in Frankston myself lately however will do so on my return from my holidays overseas and post back.

Harris

 

[The_Bludger]

Didn't realise that anyone would take my predictions so literally Bludger..! Anything that I say is just "my opinion" and not a fact - Haven't checked the latest in Frankston myself lately however will do so on my return from my holidays overseas and post back.

Harris

I value your opinion Harris. Hope you are enjoying your holidays and look forward to an update upon your return.

 

[JIT]

Any thoughts on the Frankston bypass...or lack of one?

Traffic on the Mornington Peninsula Freeway is a nightmare...

Would be great to cruise down Eastlink and bypass Frankston all together...

ADD: On the subject of Frankston, just read that Frankston Hospital Emergency Department was the worst performing in VIC over the last 6 months to Dec '07 !

 

[Harris]

ADD: On the subject of Frankston, just read that Frankston Hospital Emergency Department was the worst performing in VIC over the last 6 months to Dec '07 !

great stuff JIT

thanks for that very informative piece of info... That clearly establishes the very direct co-relation between an emergency hospital dept performance and viability of an area with relation to its investment potential...!


cheers

Harris

 

[JIT]

great stuff JIT

thanks for that very informative piece of info...

No problems, just got the word up from Gordon, the local MP.

Also, police in the area are reportedly "vanishing"...

But, Eastlink opens in a few days, woohoo!