Purchasing in VIC - Frankston Area
- Thread starter Cherry Pro
- Start date
Yes, I have them as my PMs. To me they are not very proactive. I had to encourage them to increase the rent on my Frank Nth IP even though it was rented under market value, and is in good condition.
I have PMs elsewhere that really try to get rental increases regularly, but in 3 1/2 yrs, they have never once suggested it.
Apart from that, they are ok. Communication with them isnt a issue, and they have problems fixed quite quickly.
I have, however, been seeking another PM.
Matt
Frankston has low low prices compared to a lot of other places and Ea$tlink will not make it worse either!..... sooo it will go up some more! .... well thats what i think ....
Which PM have you been using? I have just purchased an IP in Frankston through EView (Settlement is in 7 weeks) - the agent has told so many porky pies throughout the process so I am not that keen on them.
The problem I have though is that the vendors want to stay on for a few months and the agent has just presumed that I will go with them as PM. Do I have the right to take through another PM before settlement to decide who I want to use? If so, how do I go about it?
The problem I have though is that the vendors want to stay on for a few months and the agent has just presumed that I will go with them as PM. Do I have the right to take through another PM before settlement to decide who I want to use? If so, how do I go about it?
Give Narelle or Vicki a call at Abel Real Estate. ph: 9781 5777
They have been our PM since 2004 and are great.
Fee is 6%.
Leader Newspaper 3/3/08
"Harbour Support Revealed"
A Frankston Harbour proposal, far more contentious than a 2003 government-approved plan, appears to have 6-3 councillor support.
The depth of support for the dream project has been clouded by changing councillors and officers over nine years and claims that officers have driven it.
Newly released minutes of May, 2008, closed-door council meeting reveal councillors Alisatair Wardle, Bill McCluskey and Judy Wachendorfer were the only councillors opposed to pursuing an expanded harbour proposal.
A meeting report said it was clear that substantial private-sector funding and operation of a harbour hinged on the project having long term commercial viability.
Officers said speakers at workshops about the project considered new and expanded harbour elements necessary.
"The preferred development model, as recommended in this report, is considered to have reached a level of commercial viability which is unlikely to require council funding beyond local contributions to government grants as mentioned previously," it said.
New Proposal
* Unlimited vessel berth sizes
* Greater floor space
* 12m-high dry storage with room for up to 400 boats
* Up to 60 short-stay accommodation units
* Renewed commitment to no beach damage
A government-appointed priority development panel will consider the updated proposal and it will consult the anti-harbour Frankston Beach Association and other stakeholders.
In a statement, chief executive officer Steve Gawler said he expected a Government decision on a harbour by late June.
Toni
"Harbour Support Revealed"
A Frankston Harbour proposal, far more contentious than a 2003 government-approved plan, appears to have 6-3 councillor support.
The depth of support for the dream project has been clouded by changing councillors and officers over nine years and claims that officers have driven it.
Newly released minutes of May, 2008, closed-door council meeting reveal councillors Alisatair Wardle, Bill McCluskey and Judy Wachendorfer were the only councillors opposed to pursuing an expanded harbour proposal.
A meeting report said it was clear that substantial private-sector funding and operation of a harbour hinged on the project having long term commercial viability.
Officers said speakers at workshops about the project considered new and expanded harbour elements necessary.
"The preferred development model, as recommended in this report, is considered to have reached a level of commercial viability which is unlikely to require council funding beyond local contributions to government grants as mentioned previously," it said.
New Proposal
* Unlimited vessel berth sizes
* Greater floor space
* 12m-high dry storage with room for up to 400 boats
* Up to 60 short-stay accommodation units
* Renewed commitment to no beach damage
A government-appointed priority development panel will consider the updated proposal and it will consult the anti-harbour Frankston Beach Association and other stakeholders.
In a statement, chief executive officer Steve Gawler said he expected a Government decision on a harbour by late June.
Toni
Leader Newspaper 3/3/08
Council "not playing game"
Two Olivers Hill clifftop residents say they accepted an umpire's verdict five years ago for a limited size hill base harbour - and so should Frankston Council.
The homes of Stewart Webster and Walter Rafeld overlook Port Phillip Bay and they made submissions to a planning panel about harbour proposals when the State Government amended the city's planning scheme in 2003.
Their submission was part of what they described as a nine-year fight against inappropriate harbour proposals.
It cost them more than $200,000 on lawyers and experts, but last week they vowed to fight on.
They said they intended to tell a state-appointed priority development panel this week they had accepted a harbour which would shelter boats, as proposed in 2003, or a new harbour at Frankston pier or Kananook Creek.
But they would oppose the latest council bid for a harbour with dry storage, a retail area and accommodation.
Mr. Webster and Mr. Rafeld said the council was unfair putting residents through more proceedings. Their statement said Frankston Council had not accepted the umpire's 2003 decision on its proposal at the time.
Toni
Council "not playing game"
Two Olivers Hill clifftop residents say they accepted an umpire's verdict five years ago for a limited size hill base harbour - and so should Frankston Council.
The homes of Stewart Webster and Walter Rafeld overlook Port Phillip Bay and they made submissions to a planning panel about harbour proposals when the State Government amended the city's planning scheme in 2003.
Their submission was part of what they described as a nine-year fight against inappropriate harbour proposals.
It cost them more than $200,000 on lawyers and experts, but last week they vowed to fight on.
They said they intended to tell a state-appointed priority development panel this week they had accepted a harbour which would shelter boats, as proposed in 2003, or a new harbour at Frankston pier or Kananook Creek.
But they would oppose the latest council bid for a harbour with dry storage, a retail area and accommodation.
Mr. Webster and Mr. Rafeld said the council was unfair putting residents through more proceedings. Their statement said Frankston Council had not accepted the umpire's 2003 decision on its proposal at the time.
Toni
I predict that the future growth of Frankston house prices will not be as good as many in here have always thought... Many of current Frankston (especially North Frankston) residents (mostly couples with children), are selling their homes and moving inland to suburbs like Pakenham and Berwick where they can get bigger, better quality homes (even new homes) for similar or a little higher prices. You guys may think why do they want to move inland while they can enjoy better lifestyle (happier) in Frankston where it is near the water... The answer is no, they are not happier... Trust me as a couple of my workers are living in Frankston. They said they are sick of the sea view and the area has not much to offer in terms of jobs or business opportunities... New businesses (except fast foods) rise and close down frequently... This I suspect is due to the fact that residents in the area have low incomes or in other words, have a weak spending power...
Also, most house owners in Frankston area are now investors and this I can see is growing... creating an over supply in rental properties in the area, hence, lower rental yields due to bigger competition. This also puts house prices at great risk of getting a lousy growth, especially when Aussie economy is at risk of facing downturn with rising interest rates due to inflation which will cause investors who are vulnerable to increasing holding costs to lose their investments.
The latter part is important because I have noticed that in a long run, places with higher number of investors than owner occupiers tend to have weaker growth. Though, I have seen big growth when lots of investors move into an area... but sadly in many cases, they did not last...
Of course many of you would be angry with me for putting Frankston off (as a few of you did for my last reply in this post)... So in return, I would like to introduce you fellas to other suburbs (if you have not already known) like Traralgon, Launceston and Burnie (the latter two are in Tasmania) which offer similar or lower house price range compared to Frankston, and which I think have huge potential for excellent growth... I can share with you guys on why I think they are great for investment if you fellas would like me to... Won't do it now or in here as I need to respect the starter of this thread hehe...
Cheers
Also, most house owners in Frankston area are now investors and this I can see is growing... creating an over supply in rental properties in the area, hence, lower rental yields due to bigger competition. This also puts house prices at great risk of getting a lousy growth, especially when Aussie economy is at risk of facing downturn with rising interest rates due to inflation which will cause investors who are vulnerable to increasing holding costs to lose their investments.
The latter part is important because I have noticed that in a long run, places with higher number of investors than owner occupiers tend to have weaker growth. Though, I have seen big growth when lots of investors move into an area... but sadly in many cases, they did not last...
Of course many of you would be angry with me for putting Frankston off (as a few of you did for my last reply in this post)... So in return, I would like to introduce you fellas to other suburbs (if you have not already known) like Traralgon, Launceston and Burnie (the latter two are in Tasmania) which offer similar or lower house price range compared to Frankston, and which I think have huge potential for excellent growth... I can share with you guys on why I think they are great for investment if you fellas would like me to... Won't do it now or in here as I need to respect the starter of this thread hehe...
Cheers
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Hi Guan, I am sorry you felt attacked last time, I am sure that was not their intention.
Where are these shops opening and closing that you are talking about? I haven't seen this.
Where are you getting your information from? I don't believe people are getting sick of bay views and moving to Pakenham or Berwick. When you say things like this, you probably should back it up with some kind of proof.
As for rentals. Real Estates are crying out for rentals here! They are rented out often within the week. I think you have to be careful if you are basing your findings on one or two people you know.
I live in a very good part of Frankston South and I can assure you not many people rent in this part. Frankston has so many differant parts too it, so you have to be very careful when you are trying to generalise about this area. You really should come here and learn for yourself. Listening to other people can be good, but can also be bad. You really should know what you are talking about before you make rash remarks, as you have done.
Frankston is going to be very accessible to alot of areas, which is going to open it's potential up to alot more people. The real estate market is going through a major shake up at the moment with rising costs of living and interest rates and as such, investing, I would think is going to slow down accross the board. But, for the smart invester, this is actually a good time to buy.
There are also, if you read through this thread, alot of other developments happening here that are going to keep Frankston Thriving.
Believe it or not, most people like the bay!
Toni
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Just to add, if you had bought into Frankston two years ago your quote above could read:
"Frankston has had a high level of growth over the past two years, prices have reached a higher level than many people have thought possible."
It really depends on your perspective Guan. Many who have commented on this thread have held property in Frankston for a while now.
I am glad I bought in Frankston when I did. I nearly sold last year due to my 'blinkered' views on the area. Harris convinced me to hold on. Thankfully I took his advice. His current view on the area is that there is more growth in store. With the opening of East Link in a short time I have no reason to doubt him!
Guan,
[I see Traralgon has pretty good yield upon a quick check ... 7% looks achievable based on listed prices, looks like limited rental stock and plenty of homes for sale... but the airiel view of where it is does not do any justice, and what is the impetus for growth in the future?
]
Please do start a thread in 'where to buy' regarding your suggested suburbs.
I'm sure we would all love to hear about it and how it fits with your strategy and theories.
Cheers,
MM
[I see Traralgon has pretty good yield upon a quick check ... 7% looks achievable based on listed prices, looks like limited rental stock and plenty of homes for sale... but the airiel view of where it is does not do any justice, and what is the impetus for growth in the future?
]Please do start a thread in 'where to buy' regarding your suggested suburbs.
I'm sure we would all love to hear about it and how it fits with your strategy and theories.
Cheers,
MM
............. looks like limited rental stock and plenty of homes for sale... but the airiel view of where it is does not do any justice, and what is the impetus for growth in the future?
MM
Impetus, not sure but ABS 2001-2006 shows Traralgon as the fastest growing major regional town in the state.
traralgon is the fastest growing area because they cant afford birth control
I wouldn't think a place that couldn't afford birth control could afford a few high end property estates, fetching a price range of 400k to 700k and a rent of 400 or more per week?
Re : Guan’s post #549
Guan, Frankston housing market is 23% rented, 1% below the average for Melbourne which is 24%. There is no evidence that Frankston’s rental market is heading towards hyperinflation as you seem to imply, its just average! If you refer to the 2006, 2001 and 1996 census data Frankston has constantly hovered around 23%, give or take a two%. or, in other words, out of the ~366~ Melbourne suburbs, 183 of these suburbs, the housing stock have a higher % rented portion than Frankston.
These maybe the suburb(s) you have vested interest in Guan!
In regards to Frankston’s population, there has been a steady increase since 1997 ( re ABS :- Census 2006, 2001 and 1996) with numbers tripling over the last few years.
There seems to be no major exodus that you seem to imply!
Snapshot of east and south housing data (re: Domain.com.au)
Inner suburb ring Rented Fully owned Purchasing
St Kilda 57% 18% 15%
Windsor 53% 25% 14%
STH Melbourne 52% 23% 14%
Richmond 49% 25% 18%
Elwood 49% 24% 18%
Hawthorn 45% 33% 15%
Middle suburb ringRented Fully owned Purchasing
Box Hill 33% 38% 32%
Moorabbin 24% 48% 23%
Camberwell 22% 49% 22%
Mordialloc 20% 41% 33%
Mitcham 20% 47% 28%
Outer suburb ring Rented Fully owned Purchasing
Dandenong 33% 38% 22%
Frankston 23% 42% 32%
** ( Melb average 24% 43% 27% )**
Ringwood 20% 42% 32%
Cranbourne 19% 27% 49%
Pakenham 18% 33% 43%
Berwick 15% 38% 40%
Mornington PeninsulaRented Fully owned Purchasing
Mornington 26% 40% 28%
Rosebud 18% 52% 22%
Guan’s suggestionsRented Fully owned Purchasing
Burnie 29% 41% 24%
Launceston 27% 40% 27%
Traralgon 22% 42% 30%
Guan, Frankston housing market is 23% rented, 1% below the average for Melbourne which is 24%. There is no evidence that Frankston’s rental market is heading towards hyperinflation as you seem to imply, its just average! If you refer to the 2006, 2001 and 1996 census data Frankston has constantly hovered around 23%, give or take a two%. or, in other words, out of the ~366~ Melbourne suburbs, 183 of these suburbs, the housing stock have a higher % rented portion than Frankston.
These maybe the suburb(s) you have vested interest in Guan!
In regards to Frankston’s population, there has been a steady increase since 1997 ( re ABS :- Census 2006, 2001 and 1996) with numbers tripling over the last few years.
There seems to be no major exodus that you seem to imply!
Snapshot of east and south housing data (re: Domain.com.au)
Inner suburb ring Rented Fully owned Purchasing
St Kilda 57% 18% 15%
Windsor 53% 25% 14%
STH Melbourne 52% 23% 14%
Richmond 49% 25% 18%
Elwood 49% 24% 18%
Hawthorn 45% 33% 15%
Middle suburb ringRented Fully owned Purchasing
Box Hill 33% 38% 32%
Moorabbin 24% 48% 23%
Camberwell 22% 49% 22%
Mordialloc 20% 41% 33%
Mitcham 20% 47% 28%
Outer suburb ring Rented Fully owned Purchasing
Dandenong 33% 38% 22%
Frankston 23% 42% 32%
** ( Melb average 24% 43% 27% )**
Ringwood 20% 42% 32%
Cranbourne 19% 27% 49%
Pakenham 18% 33% 43%
Berwick 15% 38% 40%
Mornington PeninsulaRented Fully owned Purchasing
Mornington 26% 40% 28%
Rosebud 18% 52% 22%
Guan’s suggestionsRented Fully owned Purchasing
Burnie 29% 41% 24%
Launceston 27% 40% 27%
Traralgon 22% 42% 30%
One very happy Frankston investor
The rental market is very strong in Frankston
Just some anecdotal evidence of this...
- I am about to take possession of my 3rd Frankston IP at the end of this week - i paid 190k for it.
- I arranged an inspection for the property manager late last week in the hope that the prop manager would find a tenant and have it tenanted ASAP after settlement.
- It's five days later, and the Prop manager has already found and signed tennants, who are going to pay 210pw, and will move in either the afternoon of the day of settlement, or the following day.
- The prop manager said that there was no issues finding tenants, and that these will be good ones. The property manager said that there is more demand than there is stock at the moment and all properties which go on the list are gone within a week (assuming the rate is not too greedy).
The rental market is very strong in Frankston
Just some anecdotal evidence of this...
- I am about to take possession of my 3rd Frankston IP at the end of this week - i paid 190k for it.
- I arranged an inspection for the property manager late last week in the hope that the prop manager would find a tenant and have it tenanted ASAP after settlement.
- It's five days later, and the Prop manager has already found and signed tennants, who are going to pay 210pw, and will move in either the afternoon of the day of settlement, or the following day.
- The prop manager said that there was no issues finding tenants, and that these will be good ones. The property manager said that there is more demand than there is stock at the moment and all properties which go on the list are gone within a week (assuming the rate is not too greedy).
Support "Misjudged"- Leader News March 10, 08
Cr Suzette Trewhitt says councillor support for a Frankston Harbour is strong - contrary to perceptions it may have been an officer-driven project.
The support could be stronger than six councillors, as identified by a project-related vote last year, she said.
"A safe harbour is a crucial project for this city, given our increasing standing as a destination," Cr Trewhitt said.
"Water-based transport will become a very important part of both local, interstate and international tourism in the not-too-distant future, and this harbour development will ensure that Frankston is not left behind in this area," she said.
Cr Trewhitt predicted a range of harbour facilities appealing to all age groups. "It will also create an important destination point both for the boating and non-boating public, and will be an essential first step in bringing Melbourne's biggest public facility, Port Phillip, to life, hence solving major employment issues," she said, adding environmental impact could be minimal.
"Frankston needs this development to improve civic pride among residents and its reputation in the broader community,? she said.
Toni
Cr Suzette Trewhitt says councillor support for a Frankston Harbour is strong - contrary to perceptions it may have been an officer-driven project.
The support could be stronger than six councillors, as identified by a project-related vote last year, she said.
"A safe harbour is a crucial project for this city, given our increasing standing as a destination," Cr Trewhitt said.
"Water-based transport will become a very important part of both local, interstate and international tourism in the not-too-distant future, and this harbour development will ensure that Frankston is not left behind in this area," she said.
Cr Trewhitt predicted a range of harbour facilities appealing to all age groups. "It will also create an important destination point both for the boating and non-boating public, and will be an essential first step in bringing Melbourne's biggest public facility, Port Phillip, to life, hence solving major employment issues," she said, adding environmental impact could be minimal.
"Frankston needs this development to improve civic pride among residents and its reputation in the broader community,? she said.
Toni
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