VIC Broadmeadows or Frankston?

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

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  1. bythebay

    bythebay Well-Known Member

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    Is Broadmeadows analogous to Auburn in Sydney? Good transport, good distance to CBD, but prices lag behind?

    I looked into Broadmeadows/coolaroo about 18 months ago when I first started looking to buy IP outside nsw, but ended up going with Frankston. Paid 350k for a house, rented it for a while, did a big Reno (took ages as we live in Sydney and hold full time jobs here so could only fly down on wknds - lots of drama and issues, certainly wasn't easy), bank revalued it to $550k (consistent with local agent appraisal) at end of Reno which was about one year after purchase. Now renting about 35pc more than previous tenant, thought it's still peanuts and cashflow negative as previous rent was very low.

    I still think Frankston was the right decision for us at the time, I'm not sure I could've gotten broads/coolaroo to hit those numbers. I agree with mick's comments above. i personally think Frankston beach is the nicest beach I've been to in Melbourne. people who choose to live there (our past and current tenants) dont necessarily work in CBD so distance is not as big a factor.
     
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  2. oki doki

    oki doki Well-Known Member

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    Whats your strategy ? Budget ? Why narrow it down to these 2 suburbs ?
     
  3. Ghoti

    Ghoti Well-Known Member

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    Simple case of time and money :) Budget was circa $400K, could only do detailed examination of a finite number of suburbs.

    Did do a drive through a few suburbs (West, North, East & South East) as well as a couple of regionals before narrowing down to one near city and one near lifestyle & many employment options.
     
  4. Otie

    Otie Well-Known Member

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    Personally i say Frankston. I'm from Sth east and just bought in the west and I'm so drained from buying in the west. It seems every tradie, neighbour and everything is out to get us. I don't know why but no one seems to be able to do what they say and everyone is trying to scam or rip you off. Hubby and I have both said we will be sticking to south east next time as its too draining in the west. We both like Frankston.
     
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  5. Ghoti

    Ghoti Well-Known Member

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    Well, Broady and Frankston North have a similar vibe...and I considered Frankston North briefly as I am also based in South East. Ended up shopping in Frankston (well, Karingal more precisiely due to budget) and Carrum Downs.

    Ended up purchasing in Carrum Downs. Settle end September and then the game is on!
     
  6. Otie

    Otie Well-Known Member

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    I don't mind Carrum Downs.
    I haven't spent enough time in Frankston North to get very familiar with it but used to take my kids to kinder gym years ago off Tower Hill dr, I remember that area seemed OK,have shopped at Karingal and Frankston shops in the past and have been to random houses around different parts of Frankston here and there to quote for work. Also used to take my kids to the Balam? Park a long time ago. Overall the vibe I have had from Frankston beats what I've had around Broadmeadows. Broadmeadows is a bit intimidating to me, I joked to one of our tradies who did some work for us- I asked where he was from and he said Cranbourne, I said to him from what we've seen of so far of Broadmeadows Cranbourne was like Brighton compared Broady! Broadmeadows reminds me more of Dandenong, it has everything you need for convenience but I don't like being there
     
  7. Otie

    Otie Well-Known Member

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    We are thinking Franston way next. I think Broadmeadows sounds like how your describing Auburn. We brought near Broadmeadows and are nearly finished a big cosmetic Reno that we are hoping to pull decent equity from. Thought it would be easy but so much drama in the area it's become a nightmare dealing with thieves squatters and junkies always getting caught on our property. It's draining as we live in the other side of the city so an hour trip away every time something goes down.
    We are nearly finished though and once tenanted should be drama free. It's just a hassle being far away, luckily we are self employed so have been able to pull time here and there to spend working on it. Would have been so much easier if we were located closer to it and if it was in a less rough suburb
     
  8. Ghoti

    Ghoti Well-Known Member

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    LOL...I'm a former Dandenong boy. Its gone down hill in spite of the VicUrban spend around the old cattle yards. None the less, I found Broady a little challenging. Frankston North a little better than Broady IMHO but I was pleasantly surprised with Carrum Downs.
     
  9. Otie

    Otie Well-Known Member

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    Ha I lived in Dandy north for a bit as a kid, hubby lived near the market when he was really little.
     
  10. Tranquilo

    Tranquilo Well-Known Member

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    This was Fawkner? My wife and I were going to drive down from Sydney on the long weekend to check out Fawkner, Glenroy ect. Maybe we should have a look through Frankston.
     
  11. ej89

    ej89 Well-Known Member

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    What's everyone's views on Coolaroo, Dallas and Meadow Heights in the low 300s? I love their proximity to the cbd.
     
  12. Luca

    Luca Well-Known Member

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    They are but really bad areas...up to your strategy and what you want to do, it will take a while until they get cleaned up, also I would recommend to do a bit of research about who lives there.
     
  13. GLFR20FNH

    GLFR20FNH Member

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    Lots of commission and low budget housing in Glenroy. Will take years before homes are bulldozed and rebuilt. The train line is good for commuting to the CBD but it is known to be a rough line.

    There are large areas of government housing that look as though they will be tenanted for some time to come. Not sure on crime rate there but I'd do some further research.

    The tramline down Sydney rd is slow and depending on where you look it maybe a long walk to the tram or may have to catch bus to tram.
     
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  14. Coota9

    Coota9 Well-Known Member

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    Crime Stats for Glenroy

    Glenroy Crime Stats.PNG
     
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  15. MTR

    MTR Well-Known Member

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    Areas that are undesirable today may not be the case tomorrow, if you can get over this there may be opportunities to make money. Proximity to CBD is a big one that can not be ignored as a driver for growth

    Glenroy has already experienced significant growth, question is whether there is still steam in this market?

    It's not just about the area it's also about the product and location, buy a development site on Broady in the right location and you will be in a winner IMO. I have made money in this area and I know others who have had excellent results

    I won't compare Frankston or Broady no point
     
    Last edited: 9th Oct, 2016
  16. Tranquilo

    Tranquilo Well-Known Member

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    Thanks for that. We didn't end up driving because we are going on holiday in 2 weeks time over sea's for 4 weeks. So we thought we'll just wait until we are back. I'm liking Croydon more but the its a little more expensive but its looks like the area has a lot going for it. I would like something no more than 15 minutes to train station but budget will hold me back as 550 will be my limit for this one. So I'm even open to a town house if close enough to station.

    Thanks @Coota9 @MTR
     
  17. yorkie

    yorkie Well-Known Member

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    Hi guys.
    I lived in croydon for 10 yrs and just sold my ppor last year. Should have waited another year. Crystal ball stuff. But if you want any feed back on houses or areas etc happy to help.
    P.s good luck mtr with the development. Have you started yet?
     
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  18. MTR

    MTR Well-Known Member

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    Almost there. Thanks
     
  19. JamesP

    JamesP Well-Known Member

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    I never got this. Frankston North is more or less one estate right? Hardly a suburb in itself. How can one mere estate take 35 years to Gentrify?

    I believe the quality of the dwellings/buildings in Frankston are extremely poor and amongst the worst in Melbourne. Most suburbs may have a few fibro shacks on the street but with Frankston the suburb as a whole is streets of houso shacks.That won't change until every fibro shack and dero industrial area is bulldozed. The Pines is another step down more asbestos dog boxes than Doveton. Don't see the avereage person ever becoming conditioned into living happily in those, only high rise apartments.
     
    Last edited: 13th Oct, 2016
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  20. sauber

    sauber Well-Known Member

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    Get me down to funky town!
    So just to let people know $70M chisholm tafe works have OFFICIALLY begun.
     
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