Purchasing in VIC - Frankston Area

SOULFLY3 said:
hrmmm i dunno id rather rent in langwarrin than karingal as it seems real old and run down (but that could be a good thing?)
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Tenants make their selection based on practicality, amenities and affordable rent, not whether a suburb is a bit old/run-down. Things like schools, shopping, transport and recreation are key.

Footscray CBD and environs is a run-down, grimy and stinky hole but this does not stop people from renting there due to its extreme proximity to the CBD and the entire western suburban area.

If you're an owner-occupier with an unlimited petrol budget and you like the area then Langwarrin will be OK. It probably won't appreciate as much as Frankston South (or most other parts of Frankston) but that may be less a consideration for an owner-occupier if there are personal or family reasons to buy there.

But at the lower and lower-middle end of the rental market there is a good chance that the tenants will have only one car between two adults. You can easily get by with no or one car in central Frankston. Karingal is possible with some sacrifice. Langwarrin is almost impossible.

A slightly run-down property (compared to the others) in a handy street might end up being the best buy of all, from both a rental and improvement perspective.
 
Spiderman said:
There's little transport out there and it's further from the beach.

For a renter either central Frankston or Karingal would be better.
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We've had a 2 x 1 villa unit in central Frangers since 2004.

Had some probs with the first lot of tenants; young couple, new jobs etc. Since they left it's been fine.

I think you need to be looking at places near to all the amenities for strong rental demand and return.

From a cap gain point of view, properties with a larger block will be great for future "add-value" prospects, but I reckon well located areas in most parts of Frangers will do well long term - it's a city in it's own right, has great transport, near the beach, commute to the city.
 
City boasts healthy market - Leader Newspaper August 4, 2008

Frankston's housing market is brisk and healthy despite a statewide slowdown.

Real Estate Institute of Victoria figures show the city had Melbourne's fourth highest turnover of houses in the three months to June.

House prices in Frankston rose an average 10.7 per cent in the past year but, like most regions, still suffered a slight downturn - a 5 per cent drop - in the quarter to June this year.

Estate agent Aaron Froling of MPRE said Frankston had great potential for growth and business was good.

"People have been confused about where the market is going, but it is stable now," he said.

Mr. Froling said plenty of buyers from across the State and beyond were coming to Frankston, along with people from the eastern suburbs.

In Frankston South, prices rose 6.3 per cent last year but fell in the past quarter by 6.1 per cent.

The median Frankston South house price in June, 2008 was $420,000 and $395,000 at the same time the previous year.

The REIV reported that Frankston was one of the most affordable suburbs for apartments and units, with median prices at $225,000 just behind Footscray at $205,000.

Seaford is the fourth most affordable with an average price of $242,000. Langwarrin, Carrum Downs, Seaford and Skye all experienced annual house prices rises but suffered a drop in the past quarter.


MEDIAN PRICES

Carrum Downs $282,000
Frankston $301,250
Frankston South $420,000
Langwarrin $325,000
Seaford $352,500
Sky $323,500


Toni.
 
Toni said:
House prices in Frankston rose an average 10.7 per cent in the past year but, like most regions, still suffered a slight downturn - a 5 per cent drop - in the quarter to June this year.
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Looks like agent spin to me.

A quote from an agent in the local paper seems more accurate - lower priced properties are still moving, but dearer places are sitting on the market for longer.

Asking prices are dropping - often by many tens of thousands. It's now common for agents to put sticky labels of lower prices over higher prices on their window displays.

Looks like a good time to buy in the Chelsea/Seaford/Frankston area though more for PPOR as yields are still aren't that good.

Peter
 
I am seeing the same trend in Western Melbourne (Werribee, Melton) also.

The low end is very healthy. Stuff over 300k is not so good. I think also the building starts in these areas which have high rates of new developments has dropped off also. This is pushing rents up! :D
 
Eastlink-traffic update

Righteous Toss said:
Yep I did East Link on Sunday and the traffic at Frankston end of the freeway was terrible
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Apart from the first couple of weeks the Mornington/Frankston HWY has
been a dream run to Cranbourne Rd, Morning and Evening. Friday
evening appears to be the only unreliable time, but always was.

SS
 
Frankston City News - August 08 (printed by Frankston City Council)

The Kananook Creek Boulevard is close to becoming reality, with work scheduled to commence before the end of 2008. After receiving 13 Expressions of Interest, Frankston City Council has selected six possible tenderers for construction of the project.

Each tenderer is now preparing their final submissions, which must be delivered to Council by 5 September. Council will then choose its preferred contractor at the October meeting, with construction likely to begin shortly afterwards.

The Kananook Creek Boulevard is a joint project between Council and the State Government (DPCD), funded by the Transit Cities program. The aim of the project is to realise the area's potential as vibrant and friendly destination that's designed with the community in mind.

Following extensive community engagement, a number of responses have been incorporated into the final concept, which includes:

* Shared footpath and cycle way
* Boardwalk adjacent to the Creek, with places to sit
* Revegetation and tree-planting
* An open plaza area which provides for events, community activities and outside dining
* A wide upper level promenade
* New creek walls on the east bank of the Creek
* Improved boat moorings
* One-way vehicle traffic between Beach and Wells Streets, and Playne and Davey Streets
* A new vehicle and pedestrian bridge connecting Davey Street to Long Island

For more information go to the Web site at www.frankston.vic.gov.au and select the Kananook Creek Boulevard Development link on the home page.

Toni
 
Frankston City News - August 08 (printed by Frankston City Council)

Frankston Tourism Booming with EastLink

It may have been blustery, cold and raining, but the opening weekend of EastLink brought many newcomers to Frankston's Visitor Information Centre. From the very first to the very last customer on Sunday, 29 June, Frankston was the destination for EastLink motorists.

By the end of the day approximately 420 people had walked through the doors - similar to statistics for Australia Day (without the warm weather or Sand Sculpting driving it). The trend continued the following weekend with 381 visitors on Saturday and 522 on the Sunday, including many family groups visiting via EastLink.

Marketing Manager Maxine Sando said: "We usually get around 400 people per day during the shool holidays in January, when the weather is beautiful and Sand Sculpting is in full swing," she said. "This indicates that EastLink will have a big impact for Frankston, and we will be launching some marketing strategies for the eastern suburbs to attract more people to take a closer look at Frankston."

Some of the comments recorded in the centre's guestbook included:

* "A great beach which we will come back to use in summer."

* " I haven't been down for a few years and I am very impressed with the changes."

* "We moved to Boronia a number of years ago and now I am sorry we left."

* I didn't realise how much Frankston has... We drove past the Arts Centre which looks great, is it new?

The staff believe many of these visitors will return to the region in the future as they have now discovered how many wonderful attractions are virtually on their doorstop.

During Frankston Visitor Information Centre's first full year of operation over 51,427 people came through the doors and over 14,000 visits were made to the Web site www.visitfrankston.com

From visitors surveyed 74 per cent were from Victoria including 28 per cent from within the Frankstn municipality, 12 per cent from interstate and 14 per cent international visitors from countries such as Japan, New Zealand, Singapore, China and United States.

Toni
 
Spiderman said:
Tenants make their selection based on practicality, amenities and affordable rent, not whether a suburb is a bit old/run-down. Things like schools, shopping, transport and recreation are key.
If you're an owner-occupier with an unlimited petrol budget and you like the area then Langwarrin will be OK.

But at the lower and lower-middle end of the rental market there is a good chance that the tenants will have only one car between two adults. You can easily get by with no or one car in central Frankston. Karingal is possible with some sacrifice. Langwarrin is almost impossible.
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Sorry, but can't agree with that. There's a bus stop to Cranbourne and another to Frankston within a short walk of where I live and easy access to the Monash Freeway by car. Sure, services could be greatly improved!! :D

Not including Franston South (of which I think there are some really awful areas, very little infrastructure and so much more difficult to get around), Langwarrin is a quality family-friendly suburb that attracts people who wish to live in the area, as opposed to most parts of the rest of Frankston where I have lived and bought, and wouldn't choose to do so again.

There's some great spots in Frankston South obviously. Tahnee Lodge would be my pick for a moderately priced beautiful location.

Langwarrin seems to attract a better class of tenant too, from what I've experienced. (Yes, there are always exceptions.)

Just my mileage, everyone has a different criteria so please, no offence meant. :)
 
Aussie Battler said:
What are your thoughts on Frankston North as a long term investment?
Geographically it's not a bad spot. 2 km from Seaford beach!
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Frankston North is not for me but about a year ago, I told my mate (an investor) to buy in there when houses could be bought for around $150,000.
He unfortunately didn't listen to me and now the house is probably worth $100,000 more. :rolleyes:

I would think that anywhere at a price, is good in the long run, especially for an investor, but be warned of the quality of tenants who can only afford to live there and nowhere better. I quickly add, having no money doesn't mean you're feral, but the lack of respect for other peoples' properties I witness in areas like Frankston North, Karingal, downtown Frankston and parts of Seaford, never really ceases to amaze me.

That's why I'm a believer in so-called nicer areas like Langwarrin, where people tend to be a lot better behaved and respectful. There's a big price difference in Langwarrin too. Cheaper housing to really expensive, all within a small radius. Frankston North is mostly all one price point.

Certain parts of Carrum Downs would be a better choice from my perspective.

All the best :)
 
Sorry, beach side suburbs will always be more sought after and whether you like it or not, infrastructure is a driving force behind rental demand. Frankston is a City in it's own right, with many developments currently happening and many more in the pipeworks.

Toni
 
Toni said:
Sorry, beach side suburbs will always be more sought after and whether you like it or not, infrastructure is a driving force behind rental demand. Frankston is a City in it's own right, with many developments currently happening and many more in the pipeworks.

Toni
Click to expand...

No need to be sorry. Couldn't agree with you more. Frankston is a great place with soooo much potential.
 

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