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Bought in Frankston North over the weekend!
Looking to now buy in Adelaide and Brisbane. Can anyone suggest some undervalued areas in these cities?
I am aiming to buy in both cities for under $400k.
How things have changed over the past 10 months!
I see. That is great to know. It would be good if realestate.com.au provided a median over say 3 to 6 months rather than 12. As we can see the median of 317k in no way reflects the market over the past 3 months! Might have to renew my RP Data membership!
Time for me to me to get into this area before we see that median climb north of 400k in the very near future. Only a matter of time for an area like this! Thank you very much for your input Benny, most helpful!
Kacy
That is very interesting Benny. I’ve never put much thought into how realestate.com.au calculates the median but it is something I will have to look into as I am certain that the current median price of $317k in no way reflects sales over the past two months. There are only a handful of properties in the past few months that have sold for under $330k and most of these (the ones that sold in the low 300s) would require extensive renovation just to make them habitable. Take this property for example: https://www.realestate.com.au/sold/property-house-vic-frankston+north-122596402
Can anyone shed some light on how the median price on realestate.com.au is calculated??
Good point Benny! We were actually looking at properties around the $360k mark that still required extensive renovation. My guess is the one I posted above will actually sell between $390k and $410k based current conditions. Links below give an idea of what I’m talking about.
1) Original condition: https://www.realestate.com.au/sold/property-house-vic-frankston+north-123359570
2) Recent sale 390k: https://www.realestate.com.au/sold/property-house-vic-frankston+north-122925802If I could pick up a free-standing house today in Frankston North in need of renovation for under $350k I would jump on it. It seems there is nothing gong for under $350k and very soon I would not be surprised if it’s hard to come by a property under 400k.
I’ll check in once I’ve bought a place!
This is an example of what I should have bought when it was easy to pick something up for <$300,000. https://www.realestate.com.au/sold/property-house-vic-frankston+north-120958106
At least I can still get in under $400,000!
Here is one Frankston North property I’m considering: http://www.realestate.com.au/property-house-vic-frankston+north-123538858
Opinions?
:)
Thank you Benny, appreciate your input! I’m beginning to wish I’d gone with my gut almost a 1 year ago when we arrived in Aus. A similar property on the next street sold for $295,000!! If it were put on the market today I believe it would fetch well over $380k (one just sold for $390,000 on the same street). Many of the houses are being renovated and the street seems to be a family friendly enclave now.
Still, I’m confident the area has huge potential and is significantly undervalued by an out-dated perception of how the suburb once was! Walk a 100 metres into Seaford and you’ll pay up to $100,000 more for an identical property. In my opinion, a suburb name is not worth $100,000, it doesn’t make any sense! Only a matter of time I guess and I don’t want to be back here in a year with any regrets!
Many thanks
Kacy
Any last minute advice? I am currently negotiating a deal around the 360k mark in a nice leafy street in Frankston North (well away from the less desirable pocket), 10 minute drive to beach and walking distance to station. In my opinion this is still great value but would love to hear a few more opinions. FYI – this property is has a long-term tenant in place, good history and currently paying $330pw.
Any last minute tips??
