That's an interesting fact if it were true, but I doubt it...he was quite positive about the long-term prospects for Frankston from what I recall.
Purchasing in VIC - Frankston Area
- Thread starter Cherry Pro
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That's an interesting fact if it were true, but I doubt it...he was quite positive about the long-term prospects for Frankston from what I recall.
No Harris hasnt sold "most" of his holdings... Only offloaded 3 in Frankston and keeping rest of the frank portfolio intact. I had a few more in the market which didnt sell at the price I was demanding and pulled them off the market late last year.
The reason I sold the 3 prop in Frank and a couple in inner melb and interstate was because I invested some of the funds elsewhere (outside property) and have become very involved in that operation and property portfolio has literally taken a back seat.
The only reason I havent contributed in this thread for almost 12 months is because I am (intimately) involved in a venture which requires me to be traveling overseas for 3 weeks on average each month and I have not been to Frankston in over 10 months !
On my "exit" from that venture, I will be back and hopefully will be able to contribute more on the forum.
Harris
Looking forward to having you back Harris. I am sure your venture has been highly successful - being the positive and proactive person that you are.
Agents are telling me that Frankston is in demand again - and that prices have risen!
Regards Jason.
If someone had say budget of around 350k and were faced with 4 identical properties, which from the areas listed below would one want to purchase for an ip property (capital growth and good return)? and why?
Frankton South (high school zone)
Frankston (heatherhill rd area)
Frankston (beach st area) or
Frankston ( golden triangle)
Frankton South (high school zone)
Frankston (heatherhill rd area)
Frankston (beach st area) or
Frankston ( golden triangle)
First one for me, every time.
Agreed. Thats my area for investment.
I am also looking in this area but am still new to the area. Could someone please define the high school zone and the golden triangle - ie street boundaries.
thanks
real estate agents will hold frankston back
There is renewed interest in Frankston. The good news is on the front page of the local newspapers for all to see ! There is interest and money out there and the marina's completion is a fait accompli. It will happen, there is no longer any doubt.
But you won't hear that from local agents. They keep talking the suburb down. From my conversations with local agents, most tell me they are happy to do their bit to keep the median below the $300k level. Cheap houses are easier to sell, they say. "The higher prices are, the harder it will be for us" one chap confided, "expensive houses are harder to sell." If you own property in the area, or are planing to, the attitude of agents in Frankston/Seaford should be of great concern.
Some agents tell me that they are refusing to accept listings above $300k. I'd call that price fixing and I strongly suggest that any sellers in this situation take it up with the ACCC. Chances are, you worked hard to buy your home so don't let anyone sell you short.
Investors be warned: what agents say to prospective buyers and sellers can have a significant effect on supply and demand, not to mention price. Dealing with local agents is a joyless exercise. When selecting an agent, it is best to choose someone who owns locally (most agents don't even own their own homes).
Lest I be flamed for ramping, I'm happy to disclose that I own a substantial number of properties locally. In my view, this suburb will someday be like Manly in Sydney. But that's just my view.
There is renewed interest in Frankston. The good news is on the front page of the local newspapers for all to see ! There is interest and money out there and the marina's completion is a fait accompli. It will happen, there is no longer any doubt.
But you won't hear that from local agents. They keep talking the suburb down. From my conversations with local agents, most tell me they are happy to do their bit to keep the median below the $300k level. Cheap houses are easier to sell, they say. "The higher prices are, the harder it will be for us" one chap confided, "expensive houses are harder to sell." If you own property in the area, or are planing to, the attitude of agents in Frankston/Seaford should be of great concern.
Some agents tell me that they are refusing to accept listings above $300k. I'd call that price fixing and I strongly suggest that any sellers in this situation take it up with the ACCC. Chances are, you worked hard to buy your home so don't let anyone sell you short.
Investors be warned: what agents say to prospective buyers and sellers can have a significant effect on supply and demand, not to mention price. Dealing with local agents is a joyless exercise. When selecting an agent, it is best to choose someone who owns locally (most agents don't even own their own homes).
Lest I be flamed for ramping, I'm happy to disclose that I own a substantial number of properties locally. In my view, this suburb will someday be like Manly in Sydney. But that's just my view.
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For FHS zone, see map on
http://www.fhs.vic.edu.au/infodefault.htm
This is the best area to invest in for CG and less troublesome tennants IMO.
My understanding is the golden triangle is between frankston flinders rd (where monash bunnings etc is), hastings road, and cranbourne road. Someone correct me if i'm wrong.
UPDATE**
Some might know I recently signed a contract on a Frankston property,
I pulled out of the contract this afternoon, main reason is dodgy agent and vendors conveyancer,
the finance clause was due today and I have preapproval but the valuation has not been performed as yet, I wanted to extend my date for finance but none of the parties returned any of our calls because I think they just wanted to 'trap' me in and sell the property,
my conveyancer also thinks this is the case, this particular agent has been terrible to deal with, so in this instance the vendor loses out, all because of a dodgy Frankston REA..
I'll be having fun looking for my next property now, being preapproved and all
Frankston may have alot going for it but the dealing I've personally had with my REA is enough to put me off Frankston for good I think, especially after reading the post on other agents recently..
Some might know I recently signed a contract on a Frankston property,
I pulled out of the contract this afternoon, main reason is dodgy agent and vendors conveyancer,
the finance clause was due today and I have preapproval but the valuation has not been performed as yet, I wanted to extend my date for finance but none of the parties returned any of our calls because I think they just wanted to 'trap' me in and sell the property,
my conveyancer also thinks this is the case, this particular agent has been terrible to deal with, so in this instance the vendor loses out, all because of a dodgy Frankston REA..
I'll be having fun looking for my next property now, being preapproved and all
Frankston may have alot going for it but the dealing I've personally had with my REA is enough to put me off Frankston for good I think, especially after reading the post on other agents recently..
I dont think the agents in Frankston are any different to other areas. They are all after their comission at the end of the day.
Also some agents have a day off during the week and this may explain why no calls were returned.
In my view if your prepared to buy an agent will bend over backwards. If you have already signed they may be less likely to assist you.
Also some agents have a day off during the week and this may explain why no calls were returned.
In my view if your prepared to buy an agent will bend over backwards. If you have already signed they may be less likely to assist you.
W2BW, given your experience with the REA, would you be willing to confirm whom it is or even a link to the ad (if that still exists) ?
Frankston update
http://www.theage.com.au/national/frankston-bypass-in-doubt-as-canberra-goes-cool-20090325-9aik.html
This might impact some people and the decision to buy in Frankston?
http://www.theage.com.au/national/frankston-bypass-in-doubt-as-canberra-goes-cool-20090325-9aik.html
This might impact some people and the decision to buy in Frankston?
Yes, I too would like to know the name of this agency.
Out of 5 houses we've bought in the last 5 years, I know every agency around here and yes, they are all in it just for the money but there are a couple of agents who have impressed me in their dealings, who aren't so quick to lie, cheat, deceive, and do whatever it takes to make the deal go through.
One is Lee from Bayside RE - A pleasure to deal with and nothing's too much trouble. Haven't bought or sold anything through him yet, but he constantly keeps in touch and is genuinely interested in doing the right thing by you.
The other excellent agent is Mark Stott at Stockdale/Leggo Langwarrin office. Can't recommend him highly enough. We have bought and sold with him yet the others in the office, I wouldn't give the time of day to, so to speak.
The agent makes a world of difference, not the agency so much.
Peter
Hi Buzz, The agent has now renegotiated and extended the time needed for valuation, thanks mate.
The doubt on the Frankston Bypass with reluctance for Federal Govt funding is a very significant issue as it throws doubt in buyer's minds in the areas it affects
When will it be built?
Will it be tolled?
We own a property in Rosebud and the frequency of our visits means the Eastlink tolls add up- while a return trip for us is currently capped at $10 the prospect of additional tolls in order to fund the bypass is unlikely to be economic for the ordinary traveller - which makes it difficult to fund privately anyhow
This uncertainty is an additional doubt for the Frankston & Peninsula property market until things are sorted out - 3km traffic jams at the end of the freeway and congested rat runs can only get worse - that was OK when there was light at the end of the tunnel but that light has retreated into the distance
Cheers
When will it be built?
Will it be tolled?
We own a property in Rosebud and the frequency of our visits means the Eastlink tolls add up- while a return trip for us is currently capped at $10 the prospect of additional tolls in order to fund the bypass is unlikely to be economic for the ordinary traveller - which makes it difficult to fund privately anyhow
This uncertainty is an additional doubt for the Frankston & Peninsula property market until things are sorted out - 3km traffic jams at the end of the freeway and congested rat runs can only get worse - that was OK when there was light at the end of the tunnel but that light has retreated into the distance
Cheers
confederation of dunces
A colleague, who is a cash buyer & doesn't require finance, tried calling one of the agencies mentioned earlier this week in this thread. Desperate to make an offer, he called 3 times over a week. The agent didn't bother calling him back. The house my friend wanted to buy sold 6 weeks later for less than what he was prepare to offer for it.
Can you see what i mean? It is plain dumb to ignore prospective buyers by not returning their calls. This sort of thing just drives house prices down. And that suits agents just fine .....cheaper houses are easier to sell, which means faster commissions. Agents then delight in using the lowest price precedents to persuade local owners that "the market is falling".
No it is not a conspiracy. It is just about self-interested twits wanting a quick buck. Their commissions are more important than our investments. Most local agents rent. Many have bad credit and are unable to obtain loans. That should tell you something.
A colleague, who is a cash buyer & doesn't require finance, tried calling one of the agencies mentioned earlier this week in this thread. Desperate to make an offer, he called 3 times over a week. The agent didn't bother calling him back. The house my friend wanted to buy sold 6 weeks later for less than what he was prepare to offer for it.
Can you see what i mean? It is plain dumb to ignore prospective buyers by not returning their calls. This sort of thing just drives house prices down. And that suits agents just fine .....cheaper houses are easier to sell, which means faster commissions. Agents then delight in using the lowest price precedents to persuade local owners that "the market is falling".
No it is not a conspiracy. It is just about self-interested twits wanting a quick buck. Their commissions are more important than our investments. Most local agents rent. Many have bad credit and are unable to obtain loans. That should tell you something.
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