frankston north decent investment ?

hi echidna
totally agree with michael…the prices in frankston haven’t moved in for over 2 years…stuck around $230K
you might wanna have a look at brighton east….thou
the median price has plumment by $80k in just the last 6 months
from over 770k down to 690k……. and still heading south

might find some bargains there soon

..never know might even get down to frankston prices

Apparently the moccasin wearing Mayor has hinted of using an upcoming state election for leverage for some moolah for the Frankston area. Might be worth keeping an eye on.

Dont be driven into investing in Frankston North just because of it’s low prices compared to other metro-Melbourne if that’s what you’re doing.

Frankston is a huge area that cannot be tarred with the one brush. While some areas are over-priced pits, Yack is quite right in saying that there is opportunity in Frankston. I like places near the CBD.

You could even get yourself an apartment next door to Jamie Durie in the about-to-be revamped Pennsula Centre!

Fast Lane- The poster formerly known as g7

i bought in frankston north last december.paid 174k for 3bed house on 636square metres. house abit run down needs new paint plus carpet.returns $160 week rent. house is situated so approx.7 metre side access and council willgenerally approve 2 so u can build another house on block if block is larger than 600 metres square. i looked at approx. 20 houses down there. being ex housing commission homes most houses have the same design with only about 4 or 5 different variations. cheapest i saw was 155k on smaller block. still rented 4 $165.some houses were immaculate inside not a cent 2 spend.nearest railway station is the one before frankston itself and is about 3 to 4 kms away.i didnt have a big budget to spend so this is a good place for me 2 invest as i feel frankston itself is going ahead with new marina and shopping centre. if thismakes frankston rise in value it must have some sort of positive effect on frankston north even if is seen as aless desirable suburb

Infrastructure!!! Echidna Infrastructure !!!! [strum] [strum]
The state government has entered into a private contract for the building of a Toll Road to link the Eastern Freeway with the Mornington Peninsula (Frankston)
Frankston also has a train line…
Frankston has a Hospital.
Frankston offers employment from Dandenong, Cranbourne, Frankston – Lots of Factories – industrial (Tentants can afford to rent)
People will not buy into Frankston at the moment so the price will stagnate for now.
The question is Will history repeat itself ?
Frankston had some incredible price growth last property boom in the order of over 20% per year.
I remember when the median price was 120,000 in 1995

Hi Echidna

How is your search for a low $200s property going?
I’m about a month away from securing a deposit for my first Investment Property up to this amount.

Reading Jarrah’s post on +ve cashflow properties has motivated me to get off my bum and look for opportunities out there preferably in or around Melbourne so I can keep an eye on my first one.

Happy hunting!
Regards, John

[email protected]
Ph 0410 697 540

Could not disagree with Michael more..!
I have bought 5 properties in Frankston area and placing an offer on 6th in Seaford.

Frankston Nth has some bad pockets however the price points are rising sharply across the suburb.

I bought 7 & 9 Aleppo Crescent for $144k and $145k in Apr 06.

Both sitting on approx 700sqm land with 3 bed dwelling and being rented by the same tenants for over 4 years paying $150pw each.  Current market rent approx $190 pw each .

Nothing in Frankston Nth with 3 bed house currently available for under $185k. 

For a half decent property, you are looking at atleast $200k.  That represents a 20 – 25% increase for my 2 properties within 12 months..!

Not sure about Michael, however in my books its called a sensational increase.

When comparing frankston with suburbs like werribee, sunshine, deer park.. dont forget its a bayside suburb and with the east link, you are looking at a commuting time of about 40 or less minutes to CBD.

Something else I stumbled upon last week is this property in Seaford,

http://www.realestate.com.au/cgi-bin…&tm=1176377144

This t/house and another identical t/house listed for sale in Apr 06 for $310k each. I offered $300k each for both however my offer was declined. Same t/house listed at $389k now and the agent tells me that it should sell within the next couple of days at very close to asking price – This represents again an increase of close to 25% on asking price within 12 months..!

Watching the market and talking to agents almost on a daily basis, I am convinced beyond any doubt that there has been a very significant increase in activity in Frankston,Fran Nth, fran Sth, Seaford and Carrum as well as decent increases in the property values in the last 12 months (espeically last 4 months). There is nothing to suggest that its a minor blip – To me, the increase in activity and property values seem to be on the way up and should acclerate around the east link completion time (late this year).

Almost every second property listed is under offer and selling time of majority of properties seems to be under a week (almost all of the more than 100 properties that I have investigated).

Will keep on posting as more info comes to light and I get quarterly statistics on price points.

Cheers
Harris

I have to agree with Duckster on this (sorry Michael);

We have an I.P in Central "Frangers", and my sister-in-law bought a house in "The Pines" (north Frankston) in 2002 and has doubled her money.

I believe that with the infrastructure there, plus with the Eastlink coming up, and the fact that houses are still very cheap even after the recent growth, North Frankston will have to go up.

I lived in Oakleigh for a time when I was young. It was a cheap, dirty hole, but because of the infrastructure and the transport to the city, it has become high-end. Of course, the period style houses there have played a part too.

Houses on decent sized blocks under $200k are a rarity within 1 hour of the city, but they are still there in Frangers and areas near there, and eventually home owners and investors will have to buy the as other areas become more expensive. The only problem is the rent returns are low.