Purchasing in VIC - Frankston Area

[bronwynt]

Thanks for your advice on my $250 000 price range in Karingal, I am also considering North Frankston. Something run down but on a block that could be sub divided later would appeal to me there.

What are your thoughts on what this property may go for
http://www.realestate.com.au/cgi-bi...r=&cc=&c=27474144&s=vic&snf=ras&tm=1205967640
Obviously it's close to town so could be quite pricey. They are saying "potentially 2 beds", I guess that means at the moment it is one.

Bronwyn.

 

[Purple Patch]

Ripple Effect

Given that Frankston has gone ahead in leaps and bounds, to the point where $250k is a starting point, is it worth looking at the next suburb down the track, Baxter? I see there is a new shopping complex just opened. Any thoughts on properties from $200k in Baxter?

PP

 

[GordonGekko]

The North shall rise again!

 

[Bricks & Mortar]

The North shall rise again!

Look I dont know if the source is correct but I recently read that
"In Melbourne, the suburb with the lowest incomes was Frankston North, which has a heavy concentration of welfare housing. Its residents declared an average income of $33,638, paying tax of $6403." This was followed by Doveton. I believe it was from the ABS.

I agree that the opening of Eastlink will increase the values, as will the Marine and other developments, BUT the gentrification from welfare types will take a little while, even if the rents are slowly pricing them out of the market.

I too lean biasedly to the Frankston area, as we have some of our portfolio there and it also has so much to give. But some comments keep flying around through rose coloured glasses. The auction we attended over two years ago referred to Frankston as the 'new Brighton'.... seems that the people who have a vested interest in Frankston might be running with comment like this and placing it into a category on it's own.

Sure I know a few might shoot me down, But as I said I do have a vested interest in the place with 5 properties so effectively stand to gain everything by the hype, but I believe although it is performing very well, it still has, and will have some shortcomings with the concentration of people on welfare.

People it will take time to see it's full potential.

OK .....fire away!

 

[bronwynt]

The North shall rise again!

Good on you GG, I love to see your enthusiasm for Frankston.

I too am very excited after reading all of the 41 pages here today on Frankston. I can't wait to get out into the buying market again.

I was also thinking about renting out my newly renovated 4 bedded PPOR in Moorabbin to hang out down in Frankston for a year to reno my new jem.

Bronwyn.

 

[GordonGekko]

just a ? .... since frankston north has gone up a lot ... and frankston south is still only a bit more expensive .. is it better to buy in south and pay a bit more ... ? and is a unit in fr.south better for cg than a 3 br in fr.north?

thank you for your opinion!

 

[Jom]

just a ? .... since frankston north has gone up a lot ... and frankston south is still only a bit more expensive .. is it better to buy in south and pay a bit more ... ? and is a unit in fr.south better for cg than a 3 br in fr.north?

thank you for your opinion!

my view would be that you would be better off buying in frankston south, and if you aren't planning major renos/improvements to the house, yes definately go for a unit, that's what i've just done

 

[Peter Parker]

(I'd have thought our ever-vigilant Frankophiles would have picked up on this, but apparently not...)

The Frankston area received its biggest boost to bus services in years yesterday, with Frankston North/Carrum Downs, Mt Eliza/Mornington and the Frankston - Dandenong - Ringwood corridor being the big winners.

The changes include longer hours, better routes and doubled service frequency compared to this time last week.

Parts of Frankston North and Carrum Downs now receive buses every 15 minutes on weekdays and 30 minutes on weekends and evenings up to 9pm.

http://www.metlinkmelbourne.com.au/route/view/1013
http://www.metlinkmelbourne.com.au/route/view/1642

Frankston North is also near the Frankston - Dandenong - Knox - Ringwood 'SmartBus' with weekday service every 15 minutes until 9pm and evening/weekend service every 30 minutes until midnight. This also commenced service yesterday.

http://www.metlinkmelbourne.com.au/route/view/1613

Central Mornington now receives services from Frankston every 20 minutes seven days per week until 9pm.

http://www.metlinkmelbourne.com.au/route/view/978
http://www.metlinkmelbourne.com.au/route/view/981
http://www.metlinkmelbourne.com.au/route/view/982



Peter

 

[mingling]

IP at Frankston North

Dear All,

I received this mail from PM. I suppose this happen everywhere and I am the lucky one who got this. any comment ?? cheers !



Hello Ming

Just letting you know that the kitchen window at the above property has been broken due to a pot being thrown into the kitchen window by persons unknown. This happened while the tenants were home. They called the police and are waiting on a police report.
Should you need anything further, please contact me on the numbers provided below.

 

[Ms Jade]

just a ? .... since frankston north has gone up a lot ... and frankston south is still only a bit more expensive .. is it better to buy in south and pay a bit more ... ? and is a unit in fr.south better for cg than a 3 br in fr.north?

thank you for your opinion!

Agree totally that right now you should be trying to buy into a more desirable area due to the cheaper areas moving first. Of course, there will always be good deals in any area so I'm generalising. I'm not CONVINCED that a unit is the way to go for 2 reasons:
a) Small component of land value in an area where units are not the norm (cf: St Kilda, for example), and
b) I have been told by PMs - and it does make sense - that by far the majority of rental demand in Frankston is for houses. That's not to say that you can't rent a unit but it might be worth checking it out with some agents.

If a house in Frankston South is a bit of a stretch financially and you decide to go for a house rather than a unit, I would be looking in this order:

Frankston Heights
Lakewood
Marylands
Frankston Central

 

[toony]

I have two units in Frankn South and have never had an issue finding renters. However. I have had issues with late payment but now the renters are good.

Mingling - That type of stuff can happen anywhere. Is it not common to throw the pot at your wife if dinner is late or not tasty.

 

[GordonGekko]

thank you ms.jade

 

[DeanW]

What are peoples thoughts on purchasing the rooms available through the Ambassador Hotel refurb?

I currently have a unit in Frankston and looking to purchase an investment property and saw that these were selling very cheap at around $80k. I figured that if you could rent it at say $100 a week then you would be returning quite nicely. Not sure how plausible that is though.

Cheers,

 

[toony]

I have not looked at it but I have my doubts/concerns.

What control do you have? What are the body corp fees to maintain the property? I reckon you are better off buying your own property elsewhere.

 

[southerner]

Be wary of the ambassador purchase. Being a local most of the agents in town have given it the thumbs down.

Tip:
Family homes are worth alook at in Frankston South. It is getting harder for people to find a decent rental 4br/2bth for those wanting to get their kids into frankston high.

Most people moving to the south of frankston want space, not cramped living.

 

[newpoint]

in recent weeks, I found there are more and more properties on the market under 300K. but 1 and half months ago, almost couldn't find the property under 300K. does it mean the market in Frankston is softening or even declining because of interest rate rose? any comment?

 

[long88]

how about frankston south ? especially in FHSZ,last month, there is hardly anything undre 300k on general frankston.

 

[southerner]

in recent weeks, I found there are more and more properties on the market under 300K. but 1 and half months ago, almost couldn't find the property under 300K. does it mean the market in Frankston is softening or even declining because of interest rate rose? any comment?

i have been going to many homes (insp/auct) over the past few months in frankston and have seen no slowing in price for small homes. middle market (400-550) is slow but still on the rise. all that will change as the those who need to buy in the fhsz come back into the market in july/august.

the media always create a panic situation. i say buy now or in 6 months you will be kicking yourself.

300k in 6 months will be 350k, and in 12months it will be 400k.

with that in mind the middle market 400-550k is really quite cheap at the moment, buy a good family home that will encourage high end renters in 12 months time these homes will be 550-750k.

frankston will keep rising in price.especially those in fhsz.

frankston is so under priced for what it has on offer now and in its future.

we brought a house 6 years ago in the south, to renovate and sell, we are still here and don't look like moving in a hurry. Our kids all go to fhs, all have parttime work, which is so easy to find in frankston. The area grows on you.
Since being here the changes already completed have added to the area, and with so much more to come I can not wait.

One day we will sell or move out and let it be a rental, but for now I keep finding some new excuse not to give this particular house up just yet.

 

[GordonGekko]

and what about the completion of eastlink! mmmm sweet!

 

[Jom]

prices going down in Fston? I don't think so

I think that it is ludicrous to suggest that prices are dropping in this area.

Just last week, i saw a unit advertised which is in the same block as one I bought only five months ago.

They are asking 30k more than I purchased it for. I know this is only the asking price, but even if it sells for only 20k more than we paid, that is an extremely quick 20k in equity, and a good indication that prices are not going backwards...