VIC Frankston 2021

The people of Frankston aren't happy with the approved development of horizon apartments. Residents are ****** about original buildings being ripped down

 

Frankston - 1-2 Plowman Place, Frankston, VIC 3199 | Domain

Mate, it's one of the best thing to happen for prop values in Frankston!

These apartments are priced from $850k upwards to $2m! This will be one of the single largest catalyst for gentrification and up-valuefication (sic) of the entire Frankston suburb.

Once you start getting high quality developments with very premium pricing, attracting higher-priced and out of suburb buyers, it creates a ripple-effect to adjoining prop and brings in more developers that pay a premium price for the adjoining land. This leads to higher-quality / premium restaurants, bars and businesses that cater to that target market and overtime leads to rapid-change in demographics and is a catalyst in changing the perception of the suburb.

It will also create upward pressure on median unit values which then ripples into home values and so forth. I was gobsmacked seeing $4m paid for a house on 800 sqm last month and this trend to build premium prop for sea-changers and attracting premium buyers is definitely a great outcome - both for the residents and the investors.

 

The thing we need to see is less commercial buildings not being leased!! They are everywhere in Frankston. It's becoming quite an issue. Yes we have got a few new places come on and thats amazing but Tennant's can't afford the rent these people are telling them to pay. How can business survive? Espically after a pandemic!

 

Then we have the other issue of council and rising rates! Every year my dad is paying something like 2500 in Frankston council rates! And he doesn't live in Frankston! My last rates were 1700!

 

High St retail is dying everywhere - even before the covid hit. This is not Frankston-specific though! There are empty retail shops everywhere. But these are residential units and because of the premium nature of these, it will attract a different cashed-up and upward-mobility tenants/ residents so overall it improves the larger eco-system.

Having more and high-value rate payers actually has a positive impact on the overall rates for all payers. The more council can deduct from high-value prop/ land, the less every single resident has to pay as a proportion. I have prop in some regionals in QLD and WA and those prop are worth half my average prop value in Frankston and probably 1/5th of my inner metro prop but I pay more in council rates for each one there than I pay for my prop say in Kew / Glen Iris or Mont Albert! Because the base is small and the council expenditure is high.

Overall, I am quite optimistic that within the next 5 years, based on these changes, we will see a much-different perception of Frank in general and associated prop values.

 

Super strong sales in Frankston!!!

https://m.realestate.com.au/sold/property-house-vic-frankston-135695410
832k

9 fairway for 855k

 

some very strong auction results for frank

Price guide - $750k-$825k - sold for $1.285m! Easy 45% up Vs same time last year.
8 Ellesmere Court, Frankston VIC 3199 | Domain

Prive guide $650k-$680k - sold for $885k
Sold 22 Margate Avenue, Frankston VIC 3199 on 27 Mar 2021 - 2016858007 | Domain

last 3 months median for houses nudging $700k Vs 2020 median of $620k

 

yes the frankston market extremely strong!!!! but those house you mentioned are frankston south. different kettle of fish. houses are definitely selling well above at auction otherwise

 

They are both in Frankston proper, not Frank S. One is around the Heatherhill Rd precinct and the other near the Frank Golf course..

 

Many Frankston houses are on blocks that are over 600sqm in size, making them dual occ sites. These sell for premium prices. Without question Frankston is a developers paradise, ripe for long overdue gentrification. Old houses are being torn down and replaced with smart new units. The smart players who got in early are doing nicely. It's still possible to find dual occ sites with rentable brick houses sub 700k. But they seem to be selling fast prior to auction.

 

this is frankston south, anything south of frankston cranny rd is frankston south.

 

I thought it was much further south than that. Circa Golf Links Rd is a boundary. Roughly extrapolate that west to the bay. Frankston Hospital as one example is south of even Davey Street and that's still Frankston.

 

Google Maps

Google Maps

mate, not to get into an argument around which is where, check the maps (highlighted) and the council website and then the addresses. Both of them are in proper frank and not frank south.

Pozi Web Map

Anything that sells in 'frank south' will have 'frank south' in the address and can be validated from every single map!

I have numerous prop around both of them and know the area intimately well. They both are many hundreds of meters away from frank south boundary.

But enjoy the growth in values - plenty more to come..

 

All for nought if you don't intend on ever leaving, though. I mean, if I owned in Franga, I'd be stoked, but I get it.

 

Well I stand corrected I'll take that. But having said that I'd say if
Frankston south that's Heather Hill Rd towerhill Maccas etc. That's FHSZ.

 

Yes Davey st is at Frankston absolutely.

 

It looks like Seaford is getting some good results:

$1.16M - Sold 4 Torquay Avenue, Seaford VIC 3198 on 19 Mar 2021 - 2016864310 | Domain

$900k - Sold 6 Martin Street, Seaford VIC 3198 on 17 Mar 2021 - 2016820799 | Domain

$730K for a 530 sqm knock down - Sold 8 Whitby Way, Seaford VIC 3198 on 20 Mar 2021 - 2016837545 | Domain

$850K - Sold 26 Hallifax Street, Seaford VIC 3198 on 19 Mar 2021 - 2016861998 | Domain

 

Thoughts on other beachside suburbs closer north? Edithvale, chelsea, bonbeach? Have they taken off already?

 

Aspendale beachfront home sells for $4.535m, more than $1m over reserve
yes - for quality houses they are up over 25% - for other stock (ave prop) is c15%.