Hi every one, i been living in frankston north for the last 4 years and have 3 investments here too. im wantting to subdivide one property to see if there is a market for that in the pines??? any one out there who subdivided in frankston north or who knows someone who did. im getting great returns on all 3 propertys and wanting to expand on what i achived here just not sure if its the right thing for the area yet.
chrisslifierz,
I don’t know much about subdivision as I am only starting out but if you can answer my question that would be much appreciated.
I’ve been looking to buy my very first IP in Frankstion, Frankston North and Seaford area for the last couple of months. I feel Frankston is expensive already to look for CF+ properties and Frankston North is the area I should be looking as that area is bit cheap compared to surrounding.
But I am bit scraed to buy my first IP in Frankston North as everybody says that area has low growth and at the same time you have to deal with difficult tenants in that area.
Can you please tell me what kind of IPs you own in Frankston North, what the returns like, what’s in demand in that area (houses or units), if you had problems finding tenants for your IPs and if you had probelms with your current tenats?
Thank you in advance!!!
Tony
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.
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