VIC How has Frankston worked out ?

It's gone up a little bit however a flea bite compared to Berwick. Like I told Grandad many moons ago. When people are forced to live 40km+ away from where they work. They only think one word. And that word is "Berwick".

 

I focus on Frankston South...it's gone nuts in the last 2 years.
You could say that about pretty much any decent suburb in Melbourne though to be fair.
Buoyant Melbourne market has lifted across the board.

 

We bought in Frankston North. Already tenanted with an old couple/lifetime renters that take care of the place and plant flowers in spring. It's a pretty communal area.

We chose Frankston North because price, future development potential and the suburbs that border it (for example, Seaford) have a higher median price for what pretty much is just over the Frankston Dandenong Rd. We also figured it was one of the few places in Melbourne FHB could afford so they would push it up past the $500k median quick.

There was some real momentum pushing prices up every month but the steam has come out of the market a little bit since the cooling measures were put on lending. I guess the low yields are holding it back for now.

A lot of the houso stock has been sold off and if you look at the listings for sold, rent or sale online you'll see that many have been renovated and are much more liveable.

My gran have lived in neighbouring areas her whole life and thinks we're crazy for buying there because of the stigma it used to have. Some streets are better than others but overall i haven't seen much there that i haven't seen in Box Hill, out West or a number of other places with higher median prices.

 

so i did a little investigating, and it seems my place had been built my "Larwin-Shiff homes"(LS) in 1970. which i found quite amazing. whether it was a spec home and custom design I'm still trying to find out, from karingal drive and pretty much karingal itself is pretty much AV Jenning homes. who designed the whole of karingal back then. LS went into voluntary liquation in march of 1981.

 

had a real estate again over today and we had a good chat about the market. it's hot in frankston but he said to me he's little unsure why its the way it is, he had 60 couples through a house on karingal drive and sold 110k over asking with 12 of the 8 offers over 600k with it selling at 625k. i got a good idea on how much my place is worth now which i was pleasantly surprised to be honest. and i haven't finished yet!

his other comment was "you won't find a house under 500k in frankston now".

 

Own self sustaining cbd with jobs and transport links to the city, beaches, decent school and very communal. I'm inner city but personally I'd rather move down there instead of the same distance on the other side of the bay.

 

Yeah, I would agree. If I wanted to retire & move out of inner Melbourne suburb and live close to a beach in Victoria, Frankston or Seaford would be the first place I'd look because it still has the good shopping and hospital services. The demand is still increasing there; and some of it coming from retirees - look at it logically, sell a house in Melbourne for 1 mil+ then buy a house by the beach for $600 - 700k, and you have a nice stash of money left over for travel or whatever you want to do with it.

 

Well if you live on olivers hill that's a different story overlooking the beach or the better parts of frankston. One of the big water utility companies SEWL opened up in frankston.

I wouldn't go near frankston north though - it's a different story down there. has among the highest crime rates in the state situated there.

 

I sold a property in Frankston (Karingal) earlier this year and did very well. In hindsight, probably could have held on to it for while longer but needed to free up some funds for another purchase.

 

45 Silvertop, Frankston North, Vic 3200 - Property Details

$655k for a renovated house in Franga North. Crazy.

 

Yeah that's just stupid really! Got told f/nth is a volatile market. Cause when it crash's is crash's hard!