Frankston in Melbourne

Hi guys and gals

I am located in patterson lakes about 15 km form frankston and decided to go and get some experiance so i went to frankston simple because i knew franksotn would be closer to my range of prices, so i investigated and found 3 great leads

however the main problem with frankston is the people which could make for risky tenants.

ENJO lady there is a a couple of 1 bedroomers in an apartment block with views of the beach and is currently renting up to around 120 – 130 and is for sale for 67,000 my guess is after a physicall inspection one would find some barganing points.

So i guess that yes there is some positive cash flows however perhaps this was beginners lucks and also could be a problem with my numbers however i dont think it is. But after collecting a rental list from frankston i noticed that henry street in carrum downs has 2 units collecting 250 per week and both for sale, i havent really inspected them but 250 a week in carrum downs well i mean could be a looker.

However i also started listing issues in the local newpaper some of those include the demolishing of a shopping mall in frankston and allso a new block of flats beeing tenated by high ‘risk’ teens on cranbourne frankston road and also a new retirement vilage is beeing built in carrum downs and apparently the demand is high

there i have exhausted my leads ha ha oh well thats what the forum is for and enjo lady if you see this could you reply with perhaps some guidance as towards how you go about finidng these properties i just hope i am doing it right

Hope i have been a little assitance however i would go and check it yourself

Regards Josh

We’ve invested in Frankston for a while but +ve cashflow propeties have been hard to find. So have renos.

The last property we bought, in Mar 03, was a 4br concrete ex housing commission home for $165k that we have rented out for $450 per week.

I think in Frankston who your managing agent is important as they can handle problems quickly and also ensure that any bad tenants don’t rent your properties. We have a very low vacancy factor as most tenants, once they settle in, seem to stay for years.

The prices in Frankston seem expensive to us when we started buying houses there we were paying $70k and renting them out for $140+ pw. Nowadays the same houses have been bank valued at $140k.

Hi there,

Be a little wary of Frankston North… Other than that, prices have gone through the roof in surrounding suburbs from Moorabbin through Frankston.

Cheers
Sooshie []

When a problem is created the solution is created simultaneously

hi maggie,
I bought a property in Frankston in april 2003 it was the only area in melbourne suburbs that i could find under $150.000 i bought mine for $122.000 old Housing commission area surrounded by seaford / carrum downs / golf courses – close to city and mornington peninsula – i have’nt looked at the market since but i’m sure the prices have gone up.My place is rented at $160 per week.

Hope this helps
Howard( mitch )
Hello everyone,

I have been reading the forum for a while was looking to buy positive cash flow properties then got busy at work and now I am again looking.
I would like to know if anyone has looked into Frankston suburb in Melbourne. It seems to me it is a little cheaper then the around suburbs.
Any idea why is that? Should be a reason for that.
Although the properties don’t meet the 11 second rule they are still attractive.

Any comments are welcome.

Maggie

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Don’t discount Franston North we buy in that area but then those houses fit the market niche that we are aiming for. You just have to know where to buy in the suburb to avoid the really bad areas.

Maggie – yes that property was a Frankston North property.

Every time there’s negative press about Frankston North I cheer. Less competition for houses []

Ive recently bought 3 properties in Frankston that for me are onyol cash flow psotiive after tax, but long term they should convert. I was after CG’s mainly and I think Franskton is tipped to go.