Mingling,
Following up on the two properties you own and the concerns you had, I contacted the largest realestate company in our area and rec'd the following response for your information;
From: Chris Melbourne @ MPRE HARCOURTS (Frankston) (
[email protected])
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Sent: Friday, 21 December 2007 1:10:00 AM
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Hi Toni,
"Firstly, thank you for the opportunity to view the above named properties. I have taken the time to research each property and take a good look from the outside of the properties. Please note that because I am unable to view inside the homes, it may be harder to depict a more precise figure.
Property 1 (privacy reasons), Frankston South
- Three Bedrooms
- Two Bathrooms
- Polished Floorboards
- 527sqm Block
- Outdoor Entertaining Area with Pergola
- Frankston High School Zone
(Prop 1) Street in itself is a very desirable location and, while the block has been subdivided, it still sits on a great parcel of land. The property itself holds great potential for renovators or young families, and will expect to see some strong growth in the coming years. If placed into the current market, it should achieve a successful sales result between $380,000 and $410,000.
Property 2 (privacy reasons), Frankston North
- Three Bedrooms
- One Bathroom
- Double Garage
- Two Sheds
- Air Conditioning
- Gas Heating
- BIR’s to all bedrooms
The location of this property, at a busy intersection, is not very desirable as far as a home is concerned, and of course this will affect the sale price. However, this has always affected the sale price of this location and will continue to do so in the future. The growth in this area is moving upward at a strong rate, and is expected to continue as renovators and developers enter the Frankston North/ Pines Forest area. If placed into the current market for sale, you could expect a successful sale price between $205,000 and $225,000.
A little about Frankston and MPRE Harcourts
As the market leader in Frankston and Frankston South, we endeavour to know all there is to know about Frankston real estate in the past, present and future. It has helped us to achieve the position we strongly hold today.
With the infrastructure announced by Frankston City Council, the State Government, and individual corporations, that is expected to arrive in town before the decade is out, it is no wonder Frankston and Frankston South have been noted by the media and the Real Estate Institute of Victoria as one of the most positive suburbs in 2007 as far as prices are concerned.
Such infrastructure includes the redevelopment of Kananook Creek, the foreshore, the transit interchange, the Peninsula Centre, the 42 kilometre Eastlink freeway project and the promise of yet another freeway (the Frankston Bypass), the marina at the foot of Olivers Hill, and new Transit City controls to adjust the height restrictions of buildings within the CBD.
Geographically, Frankston should be seen as one of the most desirable positions in Victoria. Under an hour to Melbourne (even shorter travel times with Eastlink approaching completion), the largest shopping complex on the Mornington Peninsula, close proximity to the most beautiful beach on Port Phillip bay, easy travelling time to the gorgeous wineries of the Peninsula and other holiday destinations such as Phillip Island, the Dandenong Ranges and South Gippsland… the list goes on.
My advice? Buy property in Frankston before the completion and opening of the Eastlink project. History goes to show that a freeway entering or driving through a suburb dramatically increases the median price. For proof, look at such towns as Ringwood, Box Hill and Mitcham. The Eastern Freeway drove prices higher than most expected. More recently Keysborough and Seaford has risen dramatically as a result of the development of Eastlink.
With the Frankston Bypass expected to begin very soon, prices should rise again. Two freeways are being built for better access to the one town – and the previously mentioned infrastructure still to come.
At MPRE Harcourts our three Frankston offices are very excited about the coming growth, which we began to experience at the beginning of 2007. Buyers and investors are fast realising the amazing potential and lifestyle that Frankston has to offer."
I have copied this exactly from my email file, but have deleted address's for privacy reasons. Hope this answers all your questions.
I have bought and sold most of my properties though them and trust their opinion.
Merry Christmas.
Toni
