Two Houses On One Block in Frankston North Selling For a Total of $300,000. Bargain?

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grand dad

According to the Valuer Generals Office, over 40% of homes in North Frankston, Frankston and Seaford sit on subdivisible blocks. The equivalent figure for the rest of Melbourne is less than 2%,

But in the rare case below, why bother with the subdivision?

http://www.realestate.com.au/property-house-vic-frankston+north-115491979

You get two rentable, separately metered houses on one block for barely $300,000. Definitely a huge income spinner that will bring in a decent rental return.

Crime figures in Frankston are below that of inner city Melbourne. That said, the local bogans dont go to the opera much or listen to classical music.

But who cares? It's all about capital gain right?
 
grand dad said:
Crime figures in Frankston are below that of inner city Melbourne. That said, the local bogans dont go to the opera much or listen to classical music. ?
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Are you basing that based on the news report.of those three sex attacks.in the cbd last night???
 
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grand dad said:
According to the Valuer Generals Office, over 40% of homes in North Frankston, Frankston and Seaford sit on subdivisible blocks. The equivalent figure for the rest of Melbourne is less than 2%,
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Still looking for the source of this statistic you tell us about every post?
 
DaveM said:
Well the number must be somewhere between 0 and 100%, so 40% seems like a nice round number :D
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I am a retired valuer. When I was registered and working, the Valuer General's office would send us a monthly blurb abut markets and the source of my information was in that report of early last year. I don't think its priviliged information. If I can find a copy and persuade the kids to scan it, I will send it to you by PM. Best to do your own due diligence: I am sure you can confirm the same through Frankston City Council or the VGO's office if you pay them a visit.
 
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My guess would be the rear (house) is probably a granny flat (dependent persons unit).

I would have thought a valuer would have picked that one.
 
SOP said:
My guess would be the rear (house) is probably a granny flat (dependent persons unit).

I would have thought a valuer would have picked that one.
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My only problem with it is that the construction seems ugly and is not brick. I prefer something that will last another 40 years, although I will be long gone by then. Still, separate meters etc make it a high yielder - a rare case of positive gearing in bayside Melbourne.
 
Having a separate meter does grant permission for a granny flat to be rented separately.

These types of building are purpose built to be occupied by a person dependent on a resident of the existing dwelling.

Sure you may be able to rent the property out illegally. I guess it all depends on how active the local council planning enforcement officers are.
 
My understanding is that the two houses were rented to two different individuals, each with a separate lease. SOP is it illegal? Why so?
 
The Frankston City Council is pretty good with granny flats.

I guess the issue here is, as SOP mentioned, if the 2nd dwelling is legal. If not, then forget it - it will be a waste of time, not to mention a major headache, if its not legal.

Both dwellings look pretty old to me. Great for someone with energy. I'm too old for reno projects.
 
grand dad said:
The Frankston City Council is pretty good with granny flats.
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Oh that I didn't know. I guess it's Council specific as i thought the SEPP (state initiative ) for Granny Flat is not (yet) avail for VIC government. I understand NSW and WA are the only 2 state that has SEPP for secondary dwelling.
 
Being a valuer for so long and not aware of granny flat legislatation in Victoria? Guess you didn't work as a valuer in Victoria grand dad?
 
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