Purchasing in VIC - Frankston Area
- Thread starter Cherry Pro
- Start date
Yes. Frankston South is generally considered "better" than Frankston (and I can't be bothered going into what defines 'better' - it's time for bed!).
Not disappeared.. just on the fringe observing the changing nature of the market.
I have been busy with my new work and traveling os non-stop hence not been able to get any latest updates from frankston and have not been there for ages myself. Have hadly had time to even read the forum lately.
Future of frankston, frankston south and frankston north is not unique.. it is tied to overall investment/ economic conditions and when the tide turns, the fortunes of that area will rise. Currently it is all about risk mitigation, diversification and conserving cash flow (building new cash flow channels) and I have secured some business interests (on top of my new work) that i am focussing on currently and prop investment has literally taken a back seat in my quest to fasttrack to the nirvana of complete financial freedom (whatever that is..).
The investment climate aus wide is bleak currently and there are varying opinions on when that might start to change. I failed to see the downturn and admit that i was wrong to forecast a very strong year for Frankston on 2008 (albeit with a lot of disclaimers) - my prediction was not unique to multiple commentators who were forecasting a very rosy outlook based on the 2006/07 activity levels in melbourne.
I dont remember a single post in this thread where I made a forecast without it being backed by multiple "quantifiable" and "comparable" statistics or research. Most of my commentary has been about the actual & on-ground activity based on the prevalent investment conditions during that time. So I am not sure how I went about "blowing the horn".
Having said that, I did put the money where my mouth was and purchased aggressively in franskton off the back of my regular observation and actual activity reports from the ground and regular comparison of frankston across multiple criteria to other areas throughout melbourne. In doing so, I believe I gained a very unique perspective and should reap the harvest with more investing when the clouds of gloom start dissipating. I also gained very substantial equity out of my early half a dozen purchases in frankston in 2006, early 07.
Arriving late into the market and then expecting the growth to happen non-stop shows poor foresight and is more reflective of a short term, trading mindset. Just because frankston perfomed very well in 2006 and 2007 does not mean that it earnt the right to be immune to a very serious downturn in prop market Aus wide. History is no determinant for an area to perform, if the expected timeframe is months or 1-2 years. If all the key ingrdients appear to be in place and an area has very strong merit for its investment potential and that merit is cross checked objectively with other areas in the entire region across a multitude of factors, then there is not much that can be done than to wait for better times.
I have always advocated in buying well, buying smartly, mitigating cash flow risks and being in the game for the long term. My optimistic opinion about an area does not constitute a guarantee for that area to keep delivering. Although I can bet my bottom dollar that Frankston still represents better value in view of the 1- New Eastlink, 2- Affordability factor, 3- Gentrification (albeit slow), 4- Beach access, 5- Media commentary & heightened level of interest, 6- Rental yields, 7- New development and 8- Historical increase in property values in inner - middle melbourne in 2006/07 making Frankston a much better value proposition in investment terms.
Has frankston delivered to me..? Bloody oath it has.
Will it deliver to anyone who has jumped in, especially at the tail end expecting to get growth whilst its all doom n gloom everywhere - Most probably not.
Solution: Conserve the cf, plan to develop (if land content allows), minor renovations to increase yield and WAIT. Like all good thing, bad things also come to an end and when they do, the rewards of equity growth are almost always worth the wait.
Harris
Leader Newspaper - 10/09/08
Push to attract the IT crowd to Frankston
Push to attract the IT crowd to Frankston
FRANKSTON has the potential to be the next Silicon Valley but the planning has to be right, according to local businessmen.
Information technology businesses, including multi-media, communications and telecommunications, hardware manufacturing, digital printing and consultancies, are growing in Seaford and Carrum Downs.
Although IT businesses are traditionally based in Melbourne’s CBD, many are being attracted to these areas because of cheaper land and easier access through EastLink, Frankston Council business development officer Jonathan Reichwald said.
“The impact of IT businesses is one of the main drivers behind industry growth in Seaford and Carrum Downs,” Mr Reichwald said.
“For an IT centre to develop, it’s all about access to other similar businesses.”
Tony Lentino’s internet-based company is based in Hartnett Drive, Seaford. Instra Corporation specialises in global domain registration in more than 200 countries.
“There is definitely a future for Frankston as an IT centre,” Mr Lentino said.
“If you had a really sophisticated, world-class data centre on several hundred acres where you could attract international players, it’s definitely feasible, but it needs serious vision.
“If we grow 10 times larger and have 400 staff, we can’t stay here. Some small IT companies might have only 20 staff, but a turnover bigger than the largest business in Frankston. Do we really want to lose them?”
The development manager for Carrum Downs-based licensed telecommunications carrier OMNIconnect, Mark Vieros, agrees.
“There’s a lack of infrastructure here, including the physical infrastructure, the communications or data networks, road access, branding or a scheme to specifically attract and target IT businesses to the area,” he said.
Chisholm Institute of TAFE business IT manager Joe D’Amico says there’s no reason Frankston can’t be an IT hub.
“What’s needed is better funding, better facilities and better resources,” he said.
“The key is the wireless facilities, currently a big problem down here. But there are signs this is improving.”
* Frankston Councils free technology-based networking event on September 17 has already attracted more than 300 IT businesses. Details: technology.com.au or 9784 1889.
Toni
Push to attract the IT crowd to Frankston
Push to attract the IT crowd to Frankston
FRANKSTON has the potential to be the next Silicon Valley but the planning has to be right, according to local businessmen.
Information technology businesses, including multi-media, communications and telecommunications, hardware manufacturing, digital printing and consultancies, are growing in Seaford and Carrum Downs.
Although IT businesses are traditionally based in Melbourne’s CBD, many are being attracted to these areas because of cheaper land and easier access through EastLink, Frankston Council business development officer Jonathan Reichwald said.
“The impact of IT businesses is one of the main drivers behind industry growth in Seaford and Carrum Downs,” Mr Reichwald said.
“For an IT centre to develop, it’s all about access to other similar businesses.”
Tony Lentino’s internet-based company is based in Hartnett Drive, Seaford. Instra Corporation specialises in global domain registration in more than 200 countries.
“There is definitely a future for Frankston as an IT centre,” Mr Lentino said.
“If you had a really sophisticated, world-class data centre on several hundred acres where you could attract international players, it’s definitely feasible, but it needs serious vision.
“If we grow 10 times larger and have 400 staff, we can’t stay here. Some small IT companies might have only 20 staff, but a turnover bigger than the largest business in Frankston. Do we really want to lose them?”
The development manager for Carrum Downs-based licensed telecommunications carrier OMNIconnect, Mark Vieros, agrees.
“There’s a lack of infrastructure here, including the physical infrastructure, the communications or data networks, road access, branding or a scheme to specifically attract and target IT businesses to the area,” he said.
Chisholm Institute of TAFE business IT manager Joe D’Amico says there’s no reason Frankston can’t be an IT hub.
“What’s needed is better funding, better facilities and better resources,” he said.
“The key is the wireless facilities, currently a big problem down here. But there are signs this is improving.”
* Frankston Councils free technology-based networking event on September 17 has already attracted more than 300 IT businesses. Details: technology.com.au or 9784 1889.
Toni
The investment climate aus wide is bleak currently and there are varying opinions on when that might start to change. I failed to see the downturn and admit that i was wrong to forecast a very strong year for Frankston on 2008 (albeit with a lot of disclaimers) - my prediction was not unique to multiple commentators who were forecasting a very rosy outlook based on the 2006/07 activity levels in melbourne.
Harris, 12 months ago nobody foresore the extent of international damage
the sub prime crisis would have on the world economies. If the last 12
months had not happened, your forcast would be spot on.
In my view, the potential of a area does not disappear due to negative economies, and as you say will return. There are many Melbourne suburbs
that don't have the potential big picture Frankston has, it is just so obvious.
In my view there are three developments that would change Frankston like its never seen before :-
#1 Re development of the Peninsula Building
#2 Frankston By pass
#3 Marina
All three are still on the table to happen, but even if one of three was to
ahead, it would be a huge winfall.
And with the big three there are all the other developments such as Kanook creek boardwalk, St kilda FC, etc...
I think your comments were spot on, but as soon as this sub prime D&G
has been vacated and confidence restored, I think 2010 will become your 2008 predication.
SS
Harris, 12 months ago nobody foresore the extent of international damage
the sub prime crisis would have on the world economies. If the last 12
months had not happened, your forcast would be spot on.
In my view, the potential of a area does not disappear due to negative economies, and as you say will return. There are many Melbourne suburbs
that don't have the potential big picture Frankston has, it is just so obvious.
In my view there are three developments that would change Frankston like its never seen before :-
#1 Re development of the Peninsula Building
#2 Frankston By pass
#3 Marina
All three are still on the table to happen, but even if one of three was to
ahead, it would be a huge winfall.
And with the big three there are all the other developments such as Kanook creek boardwalk, St kilda FC, etc...
I think your comments were spot on, but as soon as this sub prime D&G
has been vacated and confidence restored, I think 2010 will become your 2008 predication.
SS
Other recent changes in Frankston CBD:
* Dimmeys vacated their large premises and have reopened in much smaller premises. Nowhere near as good as their large stores in Richmond & Footscray.
* Next month Spotlight is closing down in the Frankston CBD and is moving out to Frankston-Cranbourne Rd.
These are relatively low-rent places (there's a certain shabbiness about Spotlight & Dimmeys) and it will be interesting to see what replaces them. Is their closing down a sign of decline or of gentrification in central Frankston?
Peter
* Dimmeys vacated their large premises and have reopened in much smaller premises. Nowhere near as good as their large stores in Richmond & Footscray.
* Next month Spotlight is closing down in the Frankston CBD and is moving out to Frankston-Cranbourne Rd.
These are relatively low-rent places (there's a certain shabbiness about Spotlight & Dimmeys) and it will be interesting to see what replaces them. Is their closing down a sign of decline or of gentrification in central Frankston?
Peter
Sounds bad but I hope all the dregs and scum move out to Cranbourne along with Spotlight and Frankston prospers into the fantastic city it could and should be.
A shame though - Spotlight's current location is really handy. Best of all is that it's just across from Savers.
Really easy to grab a $4 chair from Savers then some curtain rods from Spotlight, carry it thru central Franga and jump into first carriage along with the sheila with the dog and the guy with the bike!
Peter
Selling up? Moving on ???
As it has slipped through the ropes so many times before ....changes, objections, councils, govts etc,
Would you be so kind as to support your insights with a current article or link
to elaborate the good news.
thank-you
Or just get a shopping trolley and push it home to franga north, and when ya get home get out a screw driver and get your dollar back
yay! St Kilda Football Club are moving to Belvedere Park in Seaford...
Only 400m away from the House I purchased at the North end of Frankston North 2 weeks ago. This should be great for the area!
http://www.news.com.au/heraldsun/story/0,21985,24358242-19742,00.html
Only 400m away from the House I purchased at the North end of Frankston North 2 weeks ago. This should be great for the area!
http://www.news.com.au/heraldsun/story/0,21985,24358242-19742,00.html
The way ahead
Hopefully this revised model ( triggered on feedback from potential
operators of the first Marketing Exercise ) won't have go before council
again to go the next step, which I presume would be :-
#1 Call on preferred tenderers ( short listed from first M.E.)
#2 Appointed developer/operator
#3 Start Building
Seems easy enough!
SS
Hopefully this revised model ( triggered on feedback from potential
operators of the first Marketing Exercise ) won't have go before council
again to go the next step, which I presume would be :-
#1 Call on preferred tenderers ( short listed from first M.E.)
#2 Appointed developer/operator
#3 Start Building
Seems easy enough!
SS
Better quality houses, bigger blocks on leafy, quiet streets.
It's a nice place, and close to all the amenities and yupp schools.
And, the kicker; cheaper and better value than right-next-door Mt. Eliza which is Wankville.
