Do people here think that the building of a 300 berth marina in a regional coastal area would have a BIG impact on property prices…?
Obviously the marina would come with apartments, al fresco restaurants, cafes, and ofcourse this would inject a lot of tourist money into the area…
But I would LOVE to hear what you guys think about the property prices…
I stress it's a regional area where rental prices are currently yielding pretty poorly… like 4%… but this won't be fin for a few years yet.
So PLEASE make comments people !!
A bit of background first;
We live (not at the moment) in "Dromana", Victoria. It is a bayside town on the Mornington Peninsula, about 1 hour south of the city. We bought there in 2000.
It is right next to a township called "Safety Beach", which is about 2 miles up the road closer to the city.
Both townships have been traditionally holiday destinations; the majority of the properties are holiday houses. The beaches are great and there is decent shopping already, and the freeway is 2 mins drive or less. There are spectacular bay/city views as well for some.In the last 7 years since we moved there, we have seen a major improvement to the freeway access to the Peninsula (there is still more going on via the Frankston Eastlink), which has encouraged people to live down there permanently and commute to the city, to Frankston 25 mins away, and to Dandenong 40 mins away.
The demographic has been shifting from holiday houses to younger families and retirees moving in for the "seachange" and the cheaper prices. You can still buy a decent 3 bed house in Dromana less than 1 mins drive from the beach for around $300k, or a doer-upper for low-mid $200's.Since 2000 the price of our house has more than doubled which is nice (we are on the hill with bay/city/marina views). Part of this is due to the above factors, the other influence has been the construction of the new $100 mill Martha Cove Marina at Safety Beach;
Meanwhile, the properties in Safety Beach; especially anything beachside, or with bay/city views and/or Marina views have trebled and quadrupled. Blocks of land in the Marina with boat berths and Marina access started at around $600k when they were released in about 2004. I heard one sold for $1 mill 2 years ago.
Both areas continue to grow, and we have seen a marked increase in tourist traffic every holiday period, as well as population growth.
There is no doubt that the Marina has inspired more interest, and has/will raise the profile and standard of our little sleepy hollows.
In my opinion the same effect will occur in Frankston (yay! we have a property there as well) when its Marina gets going.
As for a 300 berth in a regional coastal town, it will definitely have a positive effect, but I couldn't guess at how much. Anywhere that a Marina is built you see other infrastructure improve; more restaurants, more shops, cafes, more holiday houses to accomodate the people with the boats, more tourists out driving around etc.
But don't take my word for it; do some research with the local council to find out what other projects are planned; there could be more shops etc which will be a good sign for the area. They should also have proposed plans for the Marina that you could look at, budgets etc.
Incidentally; where is the marina you are thinking of?? Maybe we should all be buying there.
I was very fortunate to buy into safety beach a few months ago and prices are continuing to increase.
See my development post contribution.
I have looked at Frankston but continue to be put off by the poor standard of the houses on offer.
I t still gives me the impression of little wealth and/ or ability to maintain a home.
Theres is an awful lot of such housing for sale, so i am not so sure.I am interested about this too. Are we talking south of wollongong NSW
regina wrote:I was very fortunate to buy into safety beach a few months ago and prices are continuing to increase.
See my development post contribution.
I have looked at Frankston but continue to be put off by the poor standard of the houses on offer.
I t still gives me the impression of little wealth and/ or ability to maintain a home.
Theres is an awful lot of such housing for sale, so i am not so sure.True, but you need to look more longer term at Frangers I believe.
Traditionally it has been a haven for low-socio-economic residents, welfare beneficiaries and drugs, but look around the city now;
It has all the ingredients for growth;
proximity to the Bay, general price affordability, public transport and freeway access to the city and Eastern suburbs, shopping, schools, hospital (needs another), Monash Uni and the Frankston Tafe, the proposed Marina looks like a certainty, and even the prospect of a major airport with Eastern side location.Besides; cheap houses can be transformed into good ones, and you can pick throught them for the better potential.
hi marc…
Firstly thank you for your comments… They are much appreciated. (I will send you an email)
hi devo…
Spot on!
Hi
I am a newcomer to the property game and am currently accessing buying one of my first properties in a regional area with a proposed marina to be built in the near future. I have also found the area to have low rental returns so am hestiating but…..with the hope that the future propects of the marina will bring the predicted growth to the area.
Interested to know if we are talking about the same place.Rgs
Ann
If your area's marina is expected to be finished by 2012…
We may be talking about the same place
well its now 2009 and im a frankston born kid, now 18 and living in essendon, thinking of investing with my partner.
any ideas or websites i can find out when this MARINA will be built??
i like frankston, its moving along nicely, infrastructure is also upgraded of the past few years, however i also like seaford!! any ideas??
hmm 300 berth marina. i just googled it .seems alot of places around australia have built 300 berth marinas or are going to.i wonder why they wouldnt build 250,280 or say380 berth marinas
but when is frankstons one going to be built?
Will be interesting to see if the current economic climate will push plans for something like this back or not. Would be interesting to do some more research on who is involved and the potential for it not to go ahead
Martha Cove is now undergoing ‘The Moorings’ development along with the new Martha’s Table and Plaza coming soon. The area is really booming. This development has had a slightly delayed impact on the market but now it has really growth.
Bayside
Coastal markets 2019
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