First-Home buyers and investors are snapping up bargain homes for less than $400,000 in Frankston and surrounds. Frankston and nearby suburbs such as Carrum Downs, Seaford, Frankston North and Langwarrin have many homes selling in this price bracket.
The comparatively cheap prices have made property attractive for those seeking to enter the market or invest, agents said. Us Real Estate agent Terrie Warner said buyers were also drawn to the area because of the proximity to the water, infrastructure upgrades and freeways, such as Peninsula Link.
“We find many first-home buyers are coming from Ringwood or Cranbourne,” Ms Warner said. “For investment properties, buyers are looking at homes in the low-$300,000 range.”
Ray White Frankston agent George Devic said while there were “many good buys under $400,000, prices were creeping up”, with the median house price lifting from $346,000 to $371,000 in the 12 months to June. “Buyers see plenty of value in Frankston, with slightly more first-home buyers than investors in the market now,” Mr Devic said.
One such bargain was a five-bedroom home at 5 Ley Court, Frankston, which sold last month for $346,000. The home, on a 552sq m block, was listed at $329,000-plus, and received three formal offers before selling in 12 days.
Mr Devic also sold a two-bedroom unit, at 1/59 Wells Rd, Seaford, for $308,000 after 11 days. The eight-year-old unit drew multiple offers and was snapped up by a young first-home buyer. Of the 35 most recent sales, 23 properties, or 65 per cent, changed hands at or below $400,000. In the previous two weeks, the percentage was a little less than 60 per cent.
This is in sharp contrast to the 28 per cent of homes in capital cities priced below $400,000 in the 12 months to June, according to RP Data. A decade ago, the figure was almost 70 per cent. Of the 50 most recent residential properties for sale, half of them were priced at less than $400,000.
Source: Frankston Leader