Hi Forumites!
I'm heading to Melbourne on the weekend to have a look at some properties in the Frankston & Seaford areas. It is my first visit there & i was wondering if anyone can give me tips on what are the areas to avoid. I've heard that some parts of Frankston are pretty dodgy & full of housing commission. I'm from Sydney & whenever i mention to friends in Melbourne that i'm thinking of investing in Frankston they recoil in horror! Surely it can't all be bad?
Any advice would be appreciated.
Thanks
What to avoid? Hmm.. i would just avoid Frankston completely, there’s a good chance you will be housing the unemployed or worse.
ok maybe i was a bit harsh stereotyping Frankston like that, for a safer investment maybe you could invest in Bagdad or Somalia.
i am not from victoria but have been to frankston area. the positives are close to public transport/trains.
not far from the beach areas, i particularly like mordiallac for example.depends who you are interested in housing/demographics.
lots of famililies with shopping and schools near by.pockets of many areas have negative aspects of course. tenants can be difficult anywhere. it would be unwise to generalise in my opinion.
are you after capital growth or yield, or both?not always possible to have both of course. if a property is well managed and landlord insurance is in place, things should go well.
good luck.It may have a bad image but it grew in capital value during 2000 -2004 when the property boom was happening.
I would be avoiding Frankston North. Look around Frankston Central and anywhere close to the beach. How much are you looking at spending if you don’t mind me asking?
I am also looking at buying my second property in Frankston
Hi all,
I’m based in Melbourne.
Had a look at Frankston about 2 years ago, but it was a bit too expensive for me to drive all the way to frankston to inspect houses on a weekly basis (40-45km from cbd), so that was abandoned.
As Sophieh suggested, I would avoid Frankston North, even though the properties are cheaper.
There are some great houses in Frankston and Frankston South, on the beach side of the freeway.
Frankston has been reported many many times as the next upcoming suburb, has the x factor, the next brighton. That didn’t happen even with the East Link in operation and i see little indication that capitalising in the near future. That’s probably due to the stigma that comes with the suburb. (you can check the suburb profile http://www.domain.com.au/public/suburbprofile.aspx?searchTerm=Frankston&mode=research )Having said that, I dont think it’s really all that bad as other people make it out to be. If you can get something close to the beach, and didn’t have to spend too much money on it, you can’t go too wrong. (There are many million dollar mansion along the beach)
Good luck
K.the approach to Frankston is beautiful definately gorgeous coastline! The new Marina development on the Mt Eliza side is starting in December – I think that will change rental prices and probably force a lot of lower income people inland. We just bought in Seaford and are very happy
Hi Donkey
I think Frankston would be a great buy. It's the start of the Mornington peninsular and there is going to be a lot of money spent in making it more attractive.
It has a bad stigma with the people in Melbourne though even Frankston North, where you are still able to find properties for around $300 is good. That part is more rentals rather than home buyer and there is a lot of ex commision homes though for an investment the yields will be better. While you are down maybe even look through Dandenong or Doveton which is still relatively cheap.
For me, I like the areas where other people avoid or has a bad stigma as sooner or later that disapears and cleans up as people move even further out.
Good luck with your search and it is not as bad as people think…
Regards
Rob Bologna
[email protected]Frankston North hey, and people were laughed at when they bought there for 60-80k 2 years ago.
They are going for 250K+ now.
Its not the area you should worry about its the % return.
I have many houses between Chelsea and Frankston (not in Frankston admittedly) as I went out to Dandenong last year when prices dropped.
Frankston is a large diverse area. I'm surprised no one has mentioned the high school zoned areas which are highly sought after and will continue to do so as Frankston High School is considered one of the best public schools in the state.
Also Frankston South is within reach of one of the most prestigous schools in Australia being Toorak College.
Its worth a good look.
CheersPeople bought in Frankston North for 60-80 2 years ago?? That’s a pretty big exageration isn’t it or perhaps you are missing the 1 in front.
A friend of mine bought in Frankston North about 6 yrs ago for 100k (burnt out inside) spent about 50k fixing up and could possibly sell for about 250-270ish now.. that admittedly is pretty good.
I went to a seminar the other night in Sydney and was told that Frankston council has earmarked $500M (thats 500 million) over the next 20 years in infrastructure development. The woman giving the talk, has written several books on real estate investing and chose Frankston as her No 1 pick in all of Australia followed by Werribee then Ipswich.
Hydra
Was it Margeret Lomas?
That is most interesting, Frankston does have a very progressive council and lots of plans.. I think and hope, it will be a completely different place in 10 yrs… there is still a lot of vacant land around like in Langwarrin and Carrum Downs, but as this gets developed I really believe the area will go up astronomically.
hydramax wrote:I went to a seminar the other night in Sydney and was told that Frankston council has earmarked $500M (thats 500 million) over the next 20 years in infrastructure development. The woman giving the talk, has written several books on real estate investing and chose Frankston as her No 1 pick in all of Australia followed by Werribee then Ipswich.Hydra
Hi Hydra,
If you dont mind me asking, who was the lady that you went and saw and what was her reasoning behind Werribee? Just interested to know.
Thanks.
Yes it was Margaret Lomas.
Her reasoning is mainly due to the impending infrastructure in the particular municipality. Apparently she physically makes appointments with various councils and flys all over Australia interviewing the manager for her research.Hydra
sophieh wrote:People bought in Frankston North for 60-80 2 years ago?? That's a pretty big exageration isn't it or perhaps you are missing the 1 in front. A friend of mine bought in Frankston North about 6 yrs ago for 100k (burnt out inside) spent about 50k fixing up and could possibly sell for about 250-270ish now.. that admittedly is pretty good.yes you are correct I did leave the 1s off. People were paying 150-180k for a unburnt house a couple years ago
and most houses there are over 250k now.Cheers
Margaret Lomas is very interesting, if anyone has foxtel she is on the business channel every Monday night with a panel of other property related people. She loves Frankston!
just wanted to add that very ugly high rise on the highway that has all the antenna's on top has just been given the go ahead to turn it into a classy motel – so that shows investor money is following with the infrastructure $ that is happening there
Just remember that supply and demand will always determine price point, and whilst Frankston is clearly an area worthy of researching in greater depth, there is a considerable degree of heat in that market now. So just make sure you do your due diligence.
On the subject of Margaret Lomas. The woman is amazing and I strongly reccomend any new investors or experienced investors for that matter to watch her shows your money your call and 'property success' . I have read her books, and watch the shows religously and am still waiting for her to be caught out on any question.
I lived in Mornington for 3 years, just south of Frankston and worked with many schools in Frankston north, south and Cranbourne and generally all over Mornington Peninsula. Frankston north is home to low income families and many immigrants especially from Africa. That usually means trouble, but in Frankston's case there are large pockets of areas where families are really working hard and trying hard to improve their lot. In decades of being involved in education in the USA and Aust., I would say that 2 of the best run primary schools in the country are located in this area. "Best" means happy children, well run administration and excellent teachers who love the children and bust their guts to solve problems – it doesn't mean that the buildings are pretty.
The surrounding areas are low quality houses and it will take decades to improve the neighbourhoods. However, Frankston is close to the sea, one hour from Melbourne, has reasonably good public transport. From an IP perspective it seems to tick all the boxes.PS It's a relief to hear that that ghastly high rise in Frankston will be converted – but they've been saying that for years. What a shame it can't be demolished altogether.
and most houses there are over 250k now.
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