Yep I did East Link on Sunday and the traffic at Frankston end of the freeway was terrible
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I've had my eye on Frankston for a while now. Seems the opening of Eastlink has done nothing for prop prices though. I believe most growth was delivered to that area based on the general growth that occurred every where else in Vic during 2007, and it being undervalued originally and not due to the opening of a freeway.
Does it take a while for people to appreciate the benefits of a major freeway and subsequently prices go up with time?
Also, I remember when WA investors came in and were regularly buying IP's by the dozen. I can only assume this will have a negative affect long term if an area is heavily invested in, as OO's do not want to live there. Didn't this happen to an area in Perth and prices crashed badly? Are there any stats on OO's vs Investors in Franga's?
My concern is too many investors, promises made by councils, but do not deliver(they have been talking about the marina for years but still nothing), the ferrals that live there(I was shocked to see so many people walking around with moccasins and bare foot) and traffic congestion at the end of the freeway.
On the upside, close to beach and facilities are good.
We can argue about the types of people that may or may not walk the streets all we like, but as investors, it is far better to look at the facts.
Agreed Toni. No doubt it has potential, but I'm finding it hard to shake off that stigma. I recently purchased 12km's from the city, close to a train and tram and I paid what I'd be paying in the better parts of Franga's. I just feel I have more growth potential there ATM, but of course this can change.
With fuel prices out of control and a tolled freeway, plus it being 40km's from the city, I just feel as it has a few things going against it. Not to say I won't ever invest there, as I think the area itself is quite nice, especially along the beach.
Yes, good idea - please stay right away from Frankston (and leave it for "suckers" like me to invest in).
Thank you Harris, yet again your words are like a breath of fresh air.
Toni
With this Melbourne 2030 Transit Cities it would really connect things up.
Dandenong is now being called Melbournes second city or the Capital of the S/E so it makes sense to connect them so people can travel back and forth for work.
I just got approved for another loan so now i can purchase my second ip really excited but at same time not sure where to purchase either frankston or langwarrin
There's little transport out there and it's further from the beach.
For a renter either central Frankston or Karingal would be better.