Frankston starts 2008 with a BANG !
any news on harris ? 13 is coming soon.
I wasn't even going to check any activity levels knowing that they would be very poor at this time of the year however then decided to do a quick check.
Very astonished with the result since the activity level in Frankston currently is touching the level witnessed in April/ May last year when it was at its highest.
I incorporated quite a few outer suburbs to compare against Frankston and here are the results:
Melton - 24 prop sold against 200 listings
Dandenong - 20 sold against 107 listings
Werribee - 38 sold against 200 listings
Lilydale - 24 sold against 92 listings
Craigieburn - 7 sold against 193 listings..!
Cranbourne - 9 sold against 200 lisitings..!
and
Frankston - 74 sold against 200 listings
Now, this is simply an activity test and doesnt mean that the prop values have started increasing significantly in Frankston again. This is simply to show what transpired last year. Increased buyers activity around Jan/ Feb last year leading to intense activity around March - July period and values shooting up during that time quite significantly.
Whilst there are mitigating factors like interest rate rise and fears of US recession, the sentiment with the new freeway (opening around June) and a number of new projects and still under-valued property for a beach side suburb, the momentum should generate higher activity levels and (perhaps) sharper rise in values this year compared to last year.
My optimistic opinion is based on 3 critical factors,
1- Demonstratable sales activity levels
2- Affordability factor (for a beach side suburb)
3- Connectivity (with Eastlink)
Almost all property pundits (barring a couple) have Frankston in their commentary as one of the best suburbs for 2008 for increasing values.
I can assert very confidently that if this activity trend continues, the probability of rising values in Frankston is more significant this year than it was last year. The ripple effect that started around Brighton has travelled all the way down south to Aspendale/ Edithvale over the last year and should keep driving values up along the beach corridor (otherwise there will be too big of an anomaly in prop values).
I see 2008 as the watershed for Frankston corridor, however very surprised at how quickly in the year the activity levels have cranked up !
Harris
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As a caveat, this is my personal opinion and not an investment advice. I have a large portfolio in Frankston and hence significant vested interests. I suggest proper Due Dilligence for all and sundry wishing to invest in Frankston.