Given that a few people talk of land banking property in Frankston for further development and that there seems to be an issue with multi room student accommodation. What type of dwelling would be the most profitable for Frankston?
Horses for courses.. any dwelling in general scheme of things bought well or at current market value - Personally, I would stay away from any property on main road, across the train line or very close to high tension power lines - otherwise any property in any part should technically increase in value proportional to the overall increase in median for that area.
Would executive style, quality fit out, suit the beach and central area, whilst basic fit out, high density units be best for Frankston North and Karingal areas? Is there one style of dwelling best suited to the different demographic areas of Frankston?
True. My first development for this year in Frankston North is a well designed however with very basic finish project.
Karingal might be slightly / marginally better in finish compared to Pines.
Areas bordering Yuille, Kars, William, Denbigh, George have a lot of new 3 bed townhouses selling in the viccinity of $450-$500k, hence better quality finish is required, however anything close to the Esplanade/ Oliver Hill, or on Cliff Rd demand very high end finish.
Would you build the same type unit / townhouse in Frankston South as you would in Karingal? Would people pay more for quality in the more desirable areas of Frankston or doesn't it matter?
Definitely not. My estimations for 6 townhosues in Frankston Nth in build cost is approx $7,500 per square, increasing to $10,500 for Denbigh St development and over $14,000 per square for Nolan St (effectively double in cost to Frank Nth build cost).
The design would also vary greatly for all those developments.
My question is also valid for other large suburbs like Dandenong and Geelong.
Any thoughts or plans?
Very very few suburbs have so much variance as Frankston in property values. Infact I cant really think of any one suburb with such hige variation as Frankston...! Houses on average block size selling for $300k within 200 - 300 meters to houses on average size blocks selling for $2million. This is what excites me even more about the growth prospects for Frankston in that middle tier; where the gentrification process combined with new high quality developments has the capability to boost the values of properties (with values slightly higher than current median) surrounding the very high end properties (with values in excess of 4 - 5 times the median).
This is the ideal space where land banking sounds very rewarding relative to Frankston.
Harris