From time to time, I will blog about certain properties which I feel represents excellent buying and good value. Today, I will do a feature on a property which recently sold in Frankston. Frankston was one of the suburbs which I highlighted in my previous posts where I thought would start getting a lot more attention in the next 10 to 15 years.
Most Melburnians would probably have nothing good to say about Frankston if you asked them today. It is an area often associated with high rates of crime, drug use and government housing. However, there is a change going on where the younger families are getting pushed out of the pricey inner and middle suburbs of Melbourne’s east and this sprawl can only head in a few directions.
Would you believe me if I told you that you could buy a 3 bedroom house with a decent block of land in a beachside suburb in metro Melbourne for under $600,000?
I hereby introduce you to 5 Grace Court Frankston VIC 3199.
Recently sold for $557,000 on the 10th of August 2020 according to realestate.com.au
This house was built in 1975 and exchanged hands for $28,500 then!
This represents a capital growth of about 6.8% per annum which is close to the standard average of 7% in Australian capital cities.
This property caught my eye for several reasons. Firstly it was the location. Situated in a nice quiet court with only 11 other houses on the street, you can expect very little noise from the street and your neighbours.
It has a block size of 609 square metres which is a very good size when newer house and land packages often offers only half that land size for a higher price! After all, the value of a property is always in the land.
The floor plan is decent with all the rooms on the right and main living areas on the left. I like how there is a double car garage which is a space that could easily be converted to a home office or gym which will be a very desirable trend moving forward. Thanks to COVID-19, having a dedicated area for a home office will be a requirement for all families in the future.
The orientation of the block is attractive as the backyard faces north. This aspect is important as the master bedroom, kitchen and the deck has been built to face north where you will get the most sunlight throughout the day.
The condition of the house is dated but liveable. Small improvements and renovations can be made over time to improve the living areas of the house if required and this is reflected in the price. Newer homes in the same area would be selling closer to $650,000 and upwards.
It is also walking distance to a variety of parks, Karingal Heights Primary School and McClelland Secondary College which this property is zoned for. John Paul College which is a good private school is fairly close if a private education is a consideration.
Karingal Shopping Centre is right around the corner for all your shopping and entertainment needs and is currently undergoing a $160 million upgrade. This is a good sign as this indicates there is a growing demand for more services, entertainment and shopping as a result of the change in demographics in the area.
You are also right around the corner from the Eastlink Freeway which takes you straight to Melbourne in under 45 minutes which makes this very attractive. The train will probably get you to the city in about an hour.
Gentrification has been happening all along the coastline of Melbourne and it has happened to Mordialloc all the way to Seaford which is the next suburb north of Frankston. Looking at this trajectory, it appears only a matter of time before the same wave hits Frankston? Time will tell and I will definitely keep Frankston in my radar.
What do you think of Frankston or the property feature? Please feel free to comment below.
Money Melbourne 