Purchasing in VIC - Frankston Area
- Thread starter Cherry Pro
- Start date
I have kept an eye on the local paper in the last month and it had been documented in one of the articles during this time that Frankston would need to re-assess their zoning. At the time I thought this was rather interesting and was at that point suspecting that the larger block may come under the micro scope.
Last week in the local paper they have said they will run out of land by 2011 unless they make changes to the green belt area of Frankston. I am assuming once again this could mean the 2/3 acre properties. Just something to keep an eye and ear open for.
Last week in the local paper they have said they will run out of land by 2011 unless they make changes to the green belt area of Frankston. I am assuming once again this could mean the 2/3 acre properties. Just something to keep an eye and ear open for.
Hello,
I have a property very similar to this one, http://www.realestate.com.au/cgi-bi...eader=&c=10279547&s=vic&snf=rbs&tm=1191478974
I would be very interested from people knowing the frankston area how much this property will sell at auction bearing in mind it is a commercial property so 25% min deposit included and about 20 t0 25 thousand for stamp an legals.
It has 8 bedrooms and its a student accomodation with a possible rent of $3640 per month fully let. My guess it would sell for about $430000 to $450000 ?
Dom
I have a property very similar to this one, http://www.realestate.com.au/cgi-bi...eader=&c=10279547&s=vic&snf=rbs&tm=1191478974
I would be very interested from people knowing the frankston area how much this property will sell at auction bearing in mind it is a commercial property so 25% min deposit included and about 20 t0 25 thousand for stamp an legals.
It has 8 bedrooms and its a student accomodation with a possible rent of $3640 per month fully let. My guess it would sell for about $430000 to $450000 ?
Dom
It's the earning potential of this property that would attract the investers. Frankston is an interesting market at the moment as would be buyers are coming from alot of other areas. At the end of the day, it would depend on who is looking for that sort of property
If it is in a similar location to the one referred to on Realestate.com.au, then I would agree with your estimation, but in this market, someone may be prepared to offer more, particularly if it is going to auction. On the other hand if no one is looking for that sort of property, who knows...
Estimating a sale price on that type of property can be very difficult as there is not alot to compare it to. In that location you are reasonably close to the University, shops and transport. A really good investment for the right buyer.
It would be interesting to sit back and wait and see what happens with that auction, then make your mind up from there.
Good luck with your decision.
If it is in a similar location to the one referred to on Realestate.com.au, then I would agree with your estimation, but in this market, someone may be prepared to offer more, particularly if it is going to auction. On the other hand if no one is looking for that sort of property, who knows...
Estimating a sale price on that type of property can be very difficult as there is not alot to compare it to. In that location you are reasonably close to the University, shops and transport. A really good investment for the right buyer.
It would be interesting to sit back and wait and see what happens with that auction, then make your mind up from there.
Good luck with your decision.
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as per the other frankston cheering!
YAY @#&*(^#*(&@&*!# in your face all people who said frankston north was so dangerous ;-) i think frankston will develop from an ugly duckling to a beautifull swan , got victorias #1 beach (Seaford Beach) and with in driving distance to the city (yay eastlink!) , so if you love nature and the beach , frankston is really good value for your money
if you prefer metro cbd then battle with Gen-Y
(or even better rent out to them Muahahah! (evil investor laughter)
GG jr.
YAY @#&*(^#*(&@&*!# in your face all people who said frankston north was so dangerous ;-) i think frankston will develop from an ugly duckling to a beautifull swan , got victorias #1 beach (Seaford Beach) and with in driving distance to the city (yay eastlink!) , so if you love nature and the beach , frankston is really good value for your money
if you prefer metro cbd then battle with Gen-Y
(or even better rent out to them Muahahah! (evil investor laughter) GG jr.
Frankston does not have a single house as available for sale below $250,000 on realestate.com.au
Only units and town houses.
Frankston South is the same.
Frankston Nth now has only 7 prop under $250k listed as available currently.
Harris
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Hi All,
This is Crystal from Mornington,
I am posting because I have the option to buy a property in Frankston through family and wondered if anyone could recommend a building inspector to check the place out?
Cheers
This is Crystal from Mornington,
I am posting because I have the option to buy a property in Frankston through family and wondered if anyone could recommend a building inspector to check the place out?
Cheers
Hi Myla
My last conversation with Terry Wickerman (Project Manager for Frank Marina) was about 3 weeks ago.
I can only relay back to the forum what I hear from relevant official channels and according to him, he is very confident that the decision has been taken by the Planning dept (relevant minister) to proceed with the marina and that this needs to be discussed in council's nov meeting before it is officially released in the form of a press release.
Throughout my updates in this thread, I have always quoted sources in relation to any specific info to make sure that the integrity of that info isnt questioned and that it could be traced back to the original source.
I am not too concerned about the marina in regards to the overall potential of the area.... I havent posted lately however have a ton of info to demonstrate that the market is steaming along well. The whole area is chugging along quite well with new price records for different pockets being achieved almost on a weekly basis.
The activity level hasnt eased at all... almost all agencies are still very short of stock. This morning I was talking to Darren Dowel at Century 21, who mentioned that they have had the least amount of available prop ever for sale. They normally carry a listing of 30 + prop and are struggling to reach 10 at the moment with most prop selling as soon as they are listed.
He also mentioned that a valuer from NAB (Frankston) that he dealt with only a week ago believed that the area has gone up around 15-20% since Jan and he based his recent valuations with that baseline price movement.
Almost all auctions are well attended and resulting in sales - A multitude of prop within Karingal selling in excess of $300k.
A unit (townhouse) in Gould St Frankston this weekened sold for $1.1mil (originally expected to fetch around $850k).
Dinner time- more to follow soon.
Harris
Sales activity levels:
Frankston – 64 prop sold for 166 prop listed
Frankston North – 25 prop sold for 37 prop listed – Highest activity levels since I started tracking the sales activity
Frankston South – 35 prop sold for 130 prop listed
Still highest activity compared to any other non auction dominated suburb signifying a very high demand level from buyers. In absence of any contributing factors, for example proposed marina, freeway, new developments, gentrification or beach side improvements, the demand itself should be sufficient in itself to keep on driving the prop values up.
Once demand dries up, then it might contribute towards a slow down in the growth of prop values… and there is nothing to suggest that would be the case in the near future.
http://www.realestate.com.au/cgi-bi...eader=&c=46496188&s=vic&snf=ras&tm=1193045262
A 3 bed 1 bath prop in Karingal sitting on a small 531sqm block with asking price in excess of $300k
The reason that Frankston has an enormous potential is that within 300 metres of prop selling for $250k are these prop (a townhouse) with asking price of almost $2mil..!
http://www.realestate.com.au/cgi-bi...eader=&c=46496188&s=vic&snf=ras&tm=1193045262
A 3 bedder in karingal with asking price of $309k.
http://www.realestate.com.au/cgi-bi...eader=&c=98244238&s=vic&snf=ras&tm=1193049630
This prop sold within 24 hours of being listed sitting on 866 sqm for close to $525k.
http://www.realestate.com.au/cgi-bi...eader=&c=98244238&s=vic&snf=ras&tm=1193049630
A 3 bed townhouse with an asking tag of $419k, could be bought for around $360k earlier this year,
http://www.realestate.com.au/cgi-bi...eader=&c=83773043&s=vic&snf=ras&tm=1193049662
An original (unrenovated) 4 bedder in karingal asking $319k –
http://www.realestate.com.au/cgi-bi...eader=&c=98244238&s=vic&snf=ras&tm=1193049630
31 Wangarra Rd in Karingal asking $300k+ , a 3 bed single story hosue in very average condition. I purchased 20 Wangarra Rd with a 5 bed dble story house and 1 bed self contained unit at rear for $269k 4 months ago.
http://www.realestate.com.au/cgi-bi...eader=&c=98244238&s=vic&snf=ras&tm=1193049630
Another 3 bedder in karingal that sold for $310k earlier this month..!
http://www.realestate.com.au/cgi-bi...eader=&c=98244238&s=vic&snf=ras&tm=1193049630
Harris
Frankston – 64 prop sold for 166 prop listed
Frankston North – 25 prop sold for 37 prop listed – Highest activity levels since I started tracking the sales activity
Frankston South – 35 prop sold for 130 prop listed
Still highest activity compared to any other non auction dominated suburb signifying a very high demand level from buyers. In absence of any contributing factors, for example proposed marina, freeway, new developments, gentrification or beach side improvements, the demand itself should be sufficient in itself to keep on driving the prop values up.
Once demand dries up, then it might contribute towards a slow down in the growth of prop values… and there is nothing to suggest that would be the case in the near future.
http://www.realestate.com.au/cgi-bi...eader=&c=46496188&s=vic&snf=ras&tm=1193045262
A 3 bed 1 bath prop in Karingal sitting on a small 531sqm block with asking price in excess of $300k
The reason that Frankston has an enormous potential is that within 300 metres of prop selling for $250k are these prop (a townhouse) with asking price of almost $2mil..!
http://www.realestate.com.au/cgi-bi...eader=&c=46496188&s=vic&snf=ras&tm=1193045262
A 3 bedder in karingal with asking price of $309k.
http://www.realestate.com.au/cgi-bi...eader=&c=98244238&s=vic&snf=ras&tm=1193049630
This prop sold within 24 hours of being listed sitting on 866 sqm for close to $525k.
http://www.realestate.com.au/cgi-bi...eader=&c=98244238&s=vic&snf=ras&tm=1193049630
A 3 bed townhouse with an asking tag of $419k, could be bought for around $360k earlier this year,
http://www.realestate.com.au/cgi-bi...eader=&c=83773043&s=vic&snf=ras&tm=1193049662
An original (unrenovated) 4 bedder in karingal asking $319k –
http://www.realestate.com.au/cgi-bi...eader=&c=98244238&s=vic&snf=ras&tm=1193049630
31 Wangarra Rd in Karingal asking $300k+ , a 3 bed single story hosue in very average condition. I purchased 20 Wangarra Rd with a 5 bed dble story house and 1 bed self contained unit at rear for $269k 4 months ago.
http://www.realestate.com.au/cgi-bi...eader=&c=98244238&s=vic&snf=ras&tm=1193049630
Another 3 bedder in karingal that sold for $310k earlier this month..!
http://www.realestate.com.au/cgi-bi...eader=&c=98244238&s=vic&snf=ras&tm=1193049630
Harris
Thanks Toni,
Will give him a bell!
Cheers, Crystal
Will give him a bell!
Cheers, Crystal
Apparently sold to the neighbours.......
had 3 offers actually.. however the neighbour wanted it so bad, she kept on increasing the offer till she got it.
