Hi Tony
personally i thik u doing the right thing by looking in Frankston as its propably the only area which is underratted by many especially Frankston north which is still part of Bayside and has so much to offer just open your melway. Frankston infestructure is changing they spending a lot of money on the area parks, schools, transport, shopping centres, beach, its all here and its all within walking distance or 5min drive thats why i put my money where my mouth is, and so far the area been going up in price not down and regarding people who say bad things about F,North they the people that will not afford to buy here in the next few years look at areas like moorabbin, highett, oakleigh, bentleigh, ashburton etc.. people used to say thing about those areas too.
U get many young families moving into F,NORTH doing up their houses, its changed heaps in the last 4 years that i have been here, many of the Housing Comision homes been auctioned off and alot of the colourfull characters (which u get in all saburbs)are moving further out all my IP’s are BV 3bed on good size block returning between 190-210 per week not sure about units as im about to find out on my own skin shortly. Stay away from the concrete (CAVES) as i call them they are only good for bulldozing.go for standard brick house,on good block.
at start of year houses in F,NORTH broke the 200k, recently two houses on my street sold for 219k and the other for 210 but u can still buy for 170k-180k regarding tenants so far so good never had problems they all pay rent on time if late maby couple days after all we are humans and with finding them is no prbs either the longest i ever waited was 3weeks, to get good return on property like anywhere alse polish floor boards slop some paint maby improve bathroom kitchen by tilling floors and walls PLUS i come out and do the mowing once a month for free for my tenants makes them feel special and i get to keep an eye out on my IP’S i hope that helps u with your search good luck.