What are people thoughts on long term investment in Frankston North? I realise that popular opinion is that the area is not very good. So please try and give objective opinion on the areas merits rather than “I heard Frankston was bad 10 years ago” making it bad now.
The area is within 10 minutes’ walk to the Frankston CBD. 15 mins to a very nice beach; 5 mins to the Tafe; 20 mins to the university and hospital. And approx. 45 mins drive to Melbourne CBD.
The areas around Frankston North. Frankston South, Carrum downs, Langwarrin Seaford etc have all experienced good growth over the last 5 years. Average house prices range from 350K to 550K in the surrounding areas with greater than 25% growth in the last 5 years. Frankston North however has an average house price of 280K and has the worst return on capital in the area.
The Frankston North area has a greater percentage of minimum earners than surrounding area’s with the majority of home owners being low net worth families and singles.
I drove through the area recently and thought this seems like a great area for investment. House prices are low amenities are high and it is hemmed in by relatively desirable areas. Has gentrification begun? The area seemed a lot nicer than I remember 10 years ago with well-maintained albeit small houses on big blocks. Old blocks are being subdivided with new houses being built. There also seems to be a change within the greater Frankston area with new shops and bars that appear to cater to a new (slightly) wealthier demographic.
Can this area remain a less than desirable area for long? It seems ideally located. Change seems on the way. What are people’s thoughts?
