VIC Frankston 2021

Discussion in 'Where to Buy' started by Harris, 5th Jan, 2021.

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  1. sauber

    sauber Well-Known Member

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    Get me down to funky town!
  2. Harris

    Harris Well-Known Member

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  3. sauber

    sauber Well-Known Member

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    absolutely spot on!!!!!

    i have also new developments happening in the cbd aswell. the old cinemas on nepean hwy is gone and now 3 massive towers to take its place
     
  4. sauber

    sauber Well-Known Member

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  5. Property Hoarder

    Property Hoarder Well-Known Member

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    Have you heard if this is go yet? I though I heard that he was taking down the cinemas in the hope of an easier sale but have not heard if it sold. Hopefully it happens soon.
     
  6. sauber

    sauber Well-Known Member

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    The cinemas got knocked over today
     
  7. sauber

    sauber Well-Known Member

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  8. sauber

    sauber Well-Known Member

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  9. Mark202

    Mark202 Well-Known Member

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    I got an official valuation a month ago which came back with 14% growth over 12 months. I have just checked some very recent sales close to my property (similar houses) and they sold for 22% higher than what I paid in March 20. I guess this is nothing super abnormal vs other markets in the country but I certainly can't complain...
     
  10. malleybull

    malleybull Well-Known Member

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    I have two IP's in the Karingal area (one just a stones throw from the Karringal Hub) and I get the impression this area is becoming more desirable with all the money they are spending on the Karingal Hub development.

    When we bought the two IP's my wife was insistent we get them within walking distance of the complex. I was like, who cares about being close to a shopping centre?

    Motto of the story, never doubt your better half ;)
     
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  11. sauber

    sauber Well-Known Member

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    That is true. They are pumping serious coin in there!!!! CBD I was told is "flogging a dead horse" by Kris bolam.

    Yes it's becoming more desirable cause noone wants to pay for parking in the CBD. Even it's $1.50... they should make parking free for first 2 hrs whereas Karingal hub is free parking
     
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  12. sauber

    sauber Well-Known Member

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    also on the note, this is why karingal will smash the cbd! theyll get more people through the doors and the cbd will need to sort their **** out soon!~!!!! alot of empty shops
     
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  13. malleybull

    malleybull Well-Known Member

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    Whenever I go to Frankston to see my IPs I am always struck by how run down and shabby the cbd is.

    So bizzare cause it is such a good location right next to the train station and the beach.

    The loxcl council has really dropped the ball.
     
  14. sauber

    sauber Well-Known Member

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    I think council is sick of spending money on it. The people of Frankston can be political at times. The whole young st saga was massive with the upgrades. It took so long then there was the chair saga which council spent something like 14k a seat on. Then the train station. Our mp Paul edbrook is ****ing useless!!!
     
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  15. sauber

    sauber Well-Known Member

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    Alot of people want old buildings refurbed because that's Frankstons heritage and here we are pulling everything down for new buildings. To me that doesn't make sense. You keep those building for lots of reasons. Just recently a heap of old houses and buildings on Nepean hwy have been knocked over.
     
  16. sauber

    sauber Well-Known Member

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    another huge sale for this area!!!! $790k! 3 bed 1 bath!
    if you wanting to buy an IP in an excellent locale this area is sensational! i know this area REALLY WELL!!!!
    JPC #2 school in frankston, you have everything close by including:

    *2 freeways
    *2 private golf courses
    *JPC (2nd best school in frankston)
    *tafe
    *power centre
    *train station
    *CBD + new redevelopments
    *new karingal hub redevelopment
    *plus the new frankston dandy rd shopping centre getting built next to BP. Welcome to Point Property Group
    was quoted at 540-590k at auction
    massive developments happening in the area including a brand new aged care facility Autumn Aged Care Frankston and new houses getting rebuilt and also townhouses going up everywhere!
    38 Oaklands Crescent, Frankston, Vic 3199 - House for Sale - realestate.com.au
     
    Last edited: 16th May, 2021
  17. Frenchie

    Frenchie Well-Known Member

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    Went to an open in Seaford last week, the property was run down but good for subdivision or kdr, close to train. The previous contract crashed because of finance and the agent told me the owners would take an equivalent offer if I go unconditional and settle fast enough.

    Then a couple of Asian looking people came in while I have a look and just before I left I overhead the woman say "oh we can offer more".

    Conclusion, the agent didn't even bother sending me the section 32 and when I followed up on the Monday, told me the contract was signed immediately on the Saturday, for 25k more than the previous contract that crashed. Crazy.
     
  18. sauber

    sauber Well-Known Member

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    Insane!!!!
     
  19. Harris

    Harris Well-Known Member

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    May so far out of 31 house sales in Frankston, only 1 sold under $600k! 19 units sold in May additionally.

    Apr 33 houses sold, only 3 under $600k. 23 units sold.

    2020 apr and may, over 50% houses in Frank sold for under $600k.

    Even in Karingal, the days of sub $600k stand-alone houses are well and truly gone - unless its a tiny block.

    https://www.realestate.com.au/sold/property-house-vic-frankston-136151886 - this sold on sat for $836k on 621sqm 3x1. I bought a few houses down on the same st in oct last year for under $655k and it is 870 sqm and a 5 bedder on it.

    Frank Nth has 70% of sales at over $600k - 80% of sales this time last year were sub $500k - most in mid 400s.

    Frank Sth's median is now over $1m - based on apr and may house sales and marching ahead. Seaford up another 5% since end mar based on the results I am tracking.

    I am still picking up dev stock in central frank - quite a few rooming/ boarding prop with great land content (approx 1000 sqm) coming up with 6% net yield - however lending wise that is commercial but great for land banking.

    This is the fastest the market has moved in my 20 years of investing here for houses. Town houses and units haven't kept pace and probably up 40% -50% of the rate of appreciation for houses.

    It is a mecca for the development/ sub div opportunities now, with the terrific cap growth and fast growing rental yields.
     
    Last edited: 17th May, 2021
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  20. sauber

    sauber Well-Known Member

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    I just got my house valued today. 700-750k 3x1 on 550sqm block. Quite stoked. Got a heap of equity to play with and considering either a regional or Frankston sth to Reno around 1mil on 2000sqm. So I'm unsure what I should do.

    My broker said if I was to go down the Frank sth path my repayments would be like 3800pm on 1 mil loan.... My current house is positive geared and would go back to neg if I took out 80% LVR so would run at say 150pw loss compared to currently $60pw up.

    My other option. Regional 200-250k loan and be cashflow positive. But hoping to rent it out.

    Decisions decisions...time to buy!!!
     

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