VIC Frankston North

Hi, Just asking for people's thoughts on Frankston North for an investment property. I understand that Frankston North is considered a bad area with a lot of commission style housing. My main intention is to hold the property (possible small renovation if required) for about five years and see where the market is at. What are the pros and cons of the area? Surely the scum in the area will eventually be priced out? Thanks

 

I think the scum could continue renting or they may live there after purchasing years ago? I think it's a good place to buy at the moment regardless

 

Less than 2 years ago average property was 250 -270k. Now i think its over 400k

Based on that id be weary

 

Houses on large lots are breaking the 500k bracket in there now, that's just insane if you ask me.

It's not the bargain it once was, and it is still very, very rough.

 

it is one of the rough areas in outer east. I see lot of drug addict people living there

 

I looked there in 2004 and saw many houses in the $130-$150k range, would have done well if bought back then

 

Spent a few weeks monitoring the Frankie north market. Actually, I was about to buy one 2-3 months ago. Rough of the roughest in the southeast. I wouldn't live there, even if it is free. (Sorry, with all due respect to those who are living there)

But if you have cash flow to hold an IP long term, you might be able to find some bargains there. I'd definitely invest there, if I have extra cash flow to hold. Just need a gun PM to look after it.

 

I think its still a good place to invest- I also like Langwarrin.
I will be considering these two for my next. As long as IM not living there and the rent gets paid I don't really care. There aren't many places you can buy anything with that kind of budget, and to be honest, compared to the West where we last bough, Frankston looks like a walk in the park

 

Gun PM or a PM who has a gun?

 

For those who havnt been to Frankston North its not really comparable to.Frankston at all.
Its essentially an old estate with a two or 3 entrances. The estate is filled with ex cons, druggos and drongos
There is nothing really comparable in Melbourne.
Broadmeadows is similiar in a way but frankston Norths population of undesirables is very heavily concentrated as its a small area

 

Okay I must agree
I had never been to Frankston North, I had it confused with the area around Karingal! Went there today, not sure I could do it. It is dirt cheap, I don't know if anywhere else I can buy in for this price (under 400) but it is a $hithole. But I'm not living there and I have to go away and think with my head as it's an investment.

 

those areas are rougher than broady - it has some of the highest crime rate categories in Victoria.
I went to high school in mt eliza (and frankston being the next suburb that has train access) - people don't even venture into the frankston north. (it is like the projects of the US)

 

@melbournian after going to an open- I agree. I saw burnt out bins, condom wrappers just from the walk from where I parked to the house I went and looked at during an open. Im priced out of here regardless, but it was rough as hell! I said to my hubby Broady is a walk in the park compared to this place. Plus the quality of the houses was generally worse. The one we looked at was solid concrete internal walls and full of concrete cancer. No hope of renovating it for tenants within a reasonable budget. Only good for demolishing. Regardless, this area is booming at the moment. At the open it only seemed to be investors, no FHOB etc. Nobody seemed very impressed. The ESR was 350-380- I think could bring up to 450 based on the block and recent sales in that pocket

 

Hi

I will be honest, it is play school now compared to what it was in the 1980's, the whole area has improved over 99%.

Regards,

alicudi

 

I bought there in 2007 and live in Sydney. Have had the same tenants(who were living there when I bought it) and have had no trouble. As the house is older (ex house 1960's) there is ongoing maintenance, but overall no problems.It's not breaking any CG records but it's now positively geared and is hassle free.

 

I've been going to opens there and am looking to buy. 600m2 blocks a few hundred meters over in the Seaford postcode are going for $100k+ more than those in Frankston North. It's undervalued, i don't think it's any worse than the West and it'll keep going up.

 

It started to gentrify in the mid 2000s, I did a stint on secondment once and pretty much visited Frankston on a daily basis, worked near the shopping centre. It isn't as bad as what most people crack it up to be.

 

Try carrum downs it's the next suburb after Frankston north but stay on the north side of carrum downs

 

17 Windoo Street, Frankston North, Vic 3200 - Property Details

I watched this break the record for Frankston North on the weekend. $610k, plenty of interested parties and the winner was using his SMSF.

I reckon anything over 600m2 will be worth over $600k by the end of the year.

 

If that goes for $610k then why can't we have $610k properties in Corio and Norlane one day? @Dave3214