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VIC Broadmeadows or Frankston?

Discussion in 'Where to Buy' started by Ghoti, 16th Jul, 2016.

  1. Ghoti

    Ghoti Well-Known Member

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    Hi PC'ers,

    Having troubles deciding which suburb to go to for the first IP. Have been thinking the Karingal area of Frankston for some time, though recently started thinking Broadmeadows might be better.

    Both suburbs have 'colourful' pasts and a signifcant proportion of government (or former government) housing. Both have large shopping centres, schools and railway lines, and employment close by.

    But Broadmeadows is a mere 16km from the CBD, whereas Karingal is approx 50km from the CBD but 2km from the beach. Not sure how Broadmeadows fares for medical, whereas Karingal has a private hospital and is only a short trip from Frankston Hospital. Karingal has a higher proportion of home owners, has better growth over last 12 months and has only half the average days on market. Both have a large supply of vacant land nearby but further out from shops etc.

    I feel more comfortable with Karingal, though wonder if that's simply coz its my side of town and an area I am very familiar with...but can't get over how close Broadmeadows is to CBD. Going to drive over to Broady tomoz for a look.

    Your thoughts???

    Cheers,
    Scott
     
  2. WattleIdo

    WattleIdo renovating Premium Member

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    I have a house in Frankston so am definitely biased. Also, I don't know much about Broadmeadows - except for what you've said. I completely understand your attraction to Karingal but 3 points draw my attention to Broadmeadows.
    1. taking longer to sell - means less demand, means prices not escalated (unless there has already been a boom there). Please check this because I don't know.
    2. Franga ans surrounds has had better growth in the past 12 months. I hope this will be on-going but if not, you could be buying at peak (or you could be buying at the beginning of a boom). Although we all differ, I personally like to buy before prices rise. Having said that, I bought close to peak in Franga in 2010.
    3. 16kms away from city compared to 40 +. Comparing apples and oranges here but ...
    On the other hand, there is a lot of govt. money being spent in Frankston now.
    Good luck with your search.
     
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  3. Greyghost

    Greyghost Well-Known Member

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    Not Broadmeadows.
     
  4. Barny

    Barny Well-Known Member

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    Why not?
     
  5. sauber

    sauber Well-Known Member

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    Not broadmeadows +1
    I have a property in frankston also. It was a great decision. So much happening in frankston right now. Govt money is getting soent massively!!!!!
     
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  6. MTR

    MTR Well-Known Member Premium Member

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    Exactly, I made a killing in Broady, have to look at market conditions, its all about making money.
    If its a straight buy and hold I would want to know which market is moving first, unless you plan to live in the area who cares

    MTR:)
     
  7. HUGH72

    HUGH72 Well-Known Member

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    What's wrong with Broadmeadows?
     
  8. Ghoti

    Ghoti Well-Known Member

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    First IP, so thinking was to get something structually sound, freshen up and hold.

    Was a 'rough' area perhaps most famous for its Houso's. Perhaps 'gentrifying' is being a little generous, but it seems to be on the improve and it is very close to CBD. Perhaps the biggest negative of Broadmeadows is its the home twon of Eddie Maguire :)

    Though to be fair, Frankston has also had a checkered history, with Frankston North ("The Pines") being at least the equal of Broady in terms of troubles during the 80s and 90s.

    I'm kinda favouring Broady, but only because its so much closer to CBD.
     
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  9. sauber

    sauber Well-Known Member

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    Jist remember that FN has its own postcode so its it own suburb.

    But also alot of investors are buying in cause they know its value... (so ive been told) but i wouldnt buy in there.
     
  10. Brendon

    Brendon Well-Known Member

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    I went through the same thought process recently (didn't end up buying in either) I was originally sent on Frankston, Frankston north, but after spending a day looking at a lot of properties is broady I definitely see the appeal there!

    Broady as a whole probably wasn't as bad as what I thought it would be, expectations were low!

    There is some nice pockets (also look into jacana) and if it is something to buy and hold (not looking to develop) I can't see you going to far wrong.
    Like you said only 15km from the CBD and when you compare prices to Glenroy it definitely has the room to improve!
     
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  11. Greyghost

    Greyghost Well-Known Member

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    My guess is you sold during the 2009/10 boom.
    Most northern suburbs did well during that time.
     
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  12. WattleIdo

    WattleIdo renovating Premium Member

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    Frankston is moving now. If you like that sort of thing, then there you are. Not sure about Broadie but my guess is it's already moved.
    Maybe for numero uno, you need to look further afield at areas which haven't moved yet but still have the drivers that you've identified in these 2 areas. If you come back to Vic, at least you know you've taken everything into account.
     
  13. Ghoti

    Ghoti Well-Known Member

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    Not sure what your point is with postcode...Broady's is 3047 and includes localities Dallas and Jacana.

    Frankston's postcode includes the locality Karingal.

    Not sure what that has to do with it????
     
  14. larrylarry

    larrylarry Well-Known Member

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  15. albanga

    albanga Well-Known Member

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    I have been looking at Jacana and gone and watched a few recent auctions.
    Prices are definitely getting over the 4's now but I would say anyone with a decent strategy could still get themselves a bargain.

    The issue with Jacana is a lack of stock as it is such a small pocket. I also find that to be one of its strengths though, as if/when prices eventually go North, small pockets may get a higher price due to scarcity.

    That said I have been somewhat spooked by it since though as having a chat to two BA's, both believe it would not make a good investment even considering my plan is long term buy and hold with development in 5-10 years.

    Whilst the suburb itself really does not have much to offer, it is nestled between Glenroy and Broadmeadows which is penciled in for future growth. I like the fact it sits just outside these areas but is a stones throw.
     
  16. Barny

    Barny Well-Known Member

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    Was there anything in particular the Ba's said to spook you?
     
  17. larrylarry

    larrylarry Well-Known Member

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    There's a website investfrankston.com.au sounds promising.
     
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  18. albanga

    albanga Well-Known Member

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    Nothing specific, just they didn't see value (even though entry is some of the cheapest with proximity to CBD).

    One BA I had noted St.Albans being in my radar as well which he indicated would be a far superior choice and attached the 40+ page Melvounre future document which has Sunshine penciled in as a major hub. Interestingly enough that some document has Broadmeadows as a minor Hub but none the less I found it interesting he discounted Jacana so quickly when it neigbors Broady.

    But comparing the suburbs I do agree St.Albans has much more upside but the cost of that is about 80k and more developer competition.
     
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  19. Barny

    Barny Well-Known Member

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    Many many moons ago I remember everyone knocking down franga as a poohole, and it was as the people around were crap. But I always looked past the people as they would eventually die or move on, the surrounds and proximity to the beach had so much appeal. Also surrounding areas where always worth heaps more.

    What is it about broady today, that no one else can look past?
    It's 16km from the CBD, most houses are on huge blocks.
    Great transport hub.
    Is just the stigma of yesterday, perhaps still now that people don't like?
     
  20. Green

    Green Member

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    I'm going through the exact same process OP. I was set on Dandenong or Frankston, but I recently started looking north. Broadmeadows is just so much closer to the CBD it seems like a great option.

    Im really looking for something that will hopefully move in the next year or two, on what basis are people predicting Frankston to move more than Broadmeadows?