VIC Bargain hunting in Melbourne's 20 cheapest suburbs

Discussion in 'Where to Buy' started by Beanie Girl, 24th Jun, 2015.

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  1. melbournian

    melbournian Well-Known Member

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    Whereabouts in bali? Seminyak ?Bali is quite good for villa projects. i presume either one of your BIL or SIL is indonesian as land can only be purchased by an indonesian citzen otherwise you would need to have a contract with one (who acts like a proxy on your behalf) which can get messy
     
  2. yorkie

    yorkie Well-Known Member

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    hi bayview,
    this one may be of inter
    hi bayview,
    6 Arabil Street Frankston Vic 3199 - House for Sale #123345686 - realestate.com.au

    this one may be of interest to you or any others looking for a subdivision, front house already reno'd by me 8 years ago. was going to subdivide but have moved away from melbourne now and don't want to longdistance organise builders. i went overf it with a surveyor/town planner a few a years ago and we had no issues with a house out the back and carport in front garden for front house. have a look.
    take care.
    yorkie'
     
  3. Mick

    Mick Well-Known Member

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    It's in a great position. What is the estimated price range?
     
  4. yorkie

    yorkie Well-Known Member

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    hi mick,
    did you go the first open on the weekend.?
    price range is $410k +

    we had the first open this weekend with groups thro and 3 x 32s went out. great location with the beach st shops just around the corner. as your probably aware being a local. has the yacht club thing gone in yet??
    thanks for the interest let me know if i can be of further assistance.
    yorkie
     
  5. Mick

    Mick Well-Known Member

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    No, I went to an auction at 31 Hillcrest Road, Frankston It was an old BV on a large block. There were 3 Chinese bidders and one Indian bloke. The Indian bloke ended up getting it for $703,000. Frankston is certainly on the move. Your property is in a fantastic position on a nice piece of land so I think you should be asking $450+. Good luck. Hold out for a good price if you're not desperate to sell. They have spent $11 million on the yacht club but I'm not sure if it's open yet. There's heaps of development and gentrification going on in Frankston at the moment. Frankston is still relatively cheap so there is still good value property but real bargains are getting harder to come by as people realise how great Frankston really is. Despite some outdated stupid negativity that still exists towards Frankston, wise investors know it is real value for bayside property.
     
  6. yorkie

    yorkie Well-Known Member

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    hi mick,
    hopefully the 3 chinese buyers turn up to mine. this will be my third and last one to sell in frankston. its been very good to me over the investment timeframe. bought this one back in 2008. and ive seen frankston transform a lot over that period as you say people who have there heads in the sands and believe in the old frangers of yesteryear would have,could have and probably should have will all be spitting chips now.
    can't believe the yacht club has taken this long. it was talked about heavily when i was researching.
    what are you looking for.? reno or development or just market research?
    thanks for the heads up. nice to hear some on the ground info not from a vested interest (r.e)
     
  7. marckie

    marckie Active Member

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    hi @yorkie out of curiosity, what would that rent out for?
     
  8. yorkie

    yorkie Well-Known Member

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    i just had tenants move out relocated to gippsland for work they were paying $330 per week. probably would get more if you had the right tenants cos of the 2 bathrooms. the first tenants i had paid a premium as they were 3 girlfriends all working and study etc and 1 wanted her own bathroom. so that worked really well.
     
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  9. Mick

    Mick Well-Known Member

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    You might have the yacht club confused with the marina. The marina has never happened despite the huge need for a modern boating facility in Frankston. The problem is money - a few years ago the cost was an estimated $50 million - now it is probably double that. The State government and the Frankston Council don't have the money - so unless there is interest from mega wealthy foreign investors it will never happen. Regarding my interest in Frankston property I'm trying to get a feel for how the market is going to gauge whether it is a good time to sell - as I live in Frankston and also own an investment property there - so I do actually have a vested interest. I have gone through the hassle and expense of getting plans and permits for 3 townhouses on my investment property. I was told it would increase its value and desirability to developers but old houses on large blokes are getting good prices anyway so I might have wasted my time and money.
     
  10. Mick

    Mick Well-Known Member

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    1 Beaconsfield Ave Frankston sold at auction today for $670,000. Old house on large block suitable for at least 3 townhouses. Successful bidders were a young Chinese couple.
     
  11. Mick

    Mick Well-Known Member

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    I attended your auction as it is just around the corner from mine. $486,500 was a good result - would have loved to see it hit $500,000 but a year ago it would have been lucky to hit $400,000. There was a large crowd but only two serious bidders in the end. The auctioneer worked hard but the under-bidder must have had a figure in mind and wouldn't budge even though the auctioneer offered to take an extra $100 bid. Like the other auctions I have attended lately in Frankston the winning bidders were of Asian extraction.
     
  12. MTR

    MTR Well-Known Member

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    Looks like Frankston is hotting up:)
     
  13. yorkie

    yorkie Well-Known Member

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    Hi mick
    Yep it was a fantastic result. The agents didn't even know about the chinese winners. We had 6 interested bidders attend and found out they owned next door as well.....interesting times i think for frankston.

    Thanks mick and goid luck with what ever you do..
    Highly recommend ashley at ray white. Hes sold 2 for me know. Knows his stuff and a hard worker.
    Yorkie