Investing In Frankston

So were Ashburton and/or Ashwood once upon a time, even more so than Frankston North is today. But you try buying in either of these places now, not only are prices better, but the calibre of residents has risen tenfold!!!

Similarily, I grew up in North Fitzroy, and some of the surrounding areas at that time were “so-so” admittedly not “dodgy.” Nonetheless, I sold my home there years ago for just over the million dollar mark; not bad for an area my friends used to scoff at for being “full of wogs”!!! (please no disrespect intended, I am just quoting what used to get bandied around when I was growing up)

I understand your point zippy and agree it is not the most desirable area, but I think if you do your homework and research Frankston’s future infrastructure plans (including the new marina, Frankston-Mitcham freeway, and new shopping centre plans) you will find “times are a changin” for the better[biggrin]

Jo

Brad,

You got mail!!! [biggrin]

See the links above in reply to Julie’s query.

Also, I think you mean the FRANKSTON TO MITCHAM freeway???

North Frankston is definitely changing, and yes it has some “colourful” types still, but the properties are relatively CHEAP, that is <200K; they will need work and alot of time will need to lapse before you see big growth. However, I firmly believe you will see growth eventually.[biggrin]

The better choice pockets are Frankston South, Frankston (Central) and Frankston Heights.

All the best, and again, sorry to hear about the split; always a sad thing to happen. Keep your chin up!!! [sunny]

Cheers,

Jo

Sorry Brad, not thinking, you’re quite right THEY ARE THE SAME THING [blush2]

Hey Pat,

Those links I posted where to help give people an overall view of Frankston (all sectors of) as well as provide details of infrastructure and demographics. As for Frankston Heights projected -ve population growth, this is expected somewhat even though of it’s close proximity to schools, why??? Kids grow up and move out of the area. Also, take it from an old stats-rat from way way back, never take PROJECTIONS as gospel; they are guidelines only. Figures change periodically based on many factors including shift in popular trends. Frankston has yet to pick up steam, but when it does, you will see a huge change in the “projected population” figures. The fact that your blocks are near amenities such as schools, parks, shopping complexes can only work in your favour. People move in and out of areas, but most facilities such as these tend to stay put (well, mostly).

Hope this helps shed some light.[biggrin]

More importantly, I hope you make a speedy recovery; your health is the most important factor above all else!!! [thumbsupanim]

Cheers,

Jo

P.S. Just had a quick read (by candlelight actually…we had a blackout here) of Feb API. If you don’t already have a copy Pat, I suggest you get a hold of one, there is a whole section on the expected boom of Frankston (although this was briefly touched on some back also).

In relation to the above comments about Frankston North: I unsure if this suburb will experience the same ‘high level’ of change as inner suburbs (such as Richmond and the like) have over the next 5-10 years. This low socio-economic group has already been ‘pushed out’ to the edges of Greater Melbourne. Where else are they going to go without ‘going country’ and still having semi decent public transport access to the city? It does make sense though that some growth should be experienced. Then again, if it’s cashflow you are after it is the place…

Just my 2c

Thanks everyone
for the quick replies. Yesterday was my first day on the forums (being a holiday I had some time).
I have looked at a few areas before going into Frankston. I think being a coastal city with increasing infrastucture is the main growth driver. As the area increases in value I think the lower soci-economic groups may move to Dandenong or Narre Warren type area because there is work, there is transport, there are facilities. Coastal areas in general are experiencing a bit of a surge. Carrum Downs and the new harbour project etc has pushed that area out of the price range for a lot of ppl. Seaford has seem some good price increase, I think it is a natural for Frankston to follow. It is only due to health issues that I can’t pursue my strategy at Frankston.

Take a huge bite and chew like mad.

We have bought 4 development sites in Frankston for clients in the last year.

It has lots of potential as others have said. We were able to by fiar properties on 1,000 sq mt of land for $240K- $250K We will get development approval for 3 units on these sites.

Its a great area but you must pick which areas in Frankston you select and which streets too.

There is a write up on Frankston in teh Feb API magazine

Michael Yardney
METROPOLE PROPERTIES
Author of Australia’s leading property e-magazine.
Join over 10,000 readers each month.
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I agree with you. The numbers do not stack up well in Frankston for immediate development. BUilding costs are relativley high

But its a great area to “land bank” in -buy a house at close to land value and hold with a good return (better than most areas – $220 – $230 per week for a proeprty bought at $250K) The land will increase in value as should the end value of units we develop down the track – see current issue of Australian Property Investor.

Michael Yardney
METROPOLE PROPERTIES
Author of Australia’s leading property e-magazine.
Join over 10,000 readers each month.
FREE subscription http://www.metropole.com.au