Investors and migrants are taking advantage of attractive prices and infrastructure upgrades to make Frankston a hotspot. With first home buyers quite in the market place since July, Frankston agents have reported growing investor interest, including from overseas.
Migrants have also turned their attention to Frankston and surrounding suburbs due to low interest rates and affordable homes. Eview Real Estate Partners director Arthur Proios said the group sold a record 117 properties in June as buyers took advantage of the first homebuyers grant. ” However, since then, investors have come in because they are very positive and expect prices to grow” he said.
“We recently went to China for a property expo and their is alot of interest in Frankston. We are also seeing many migrant families moving into Frankston.” Other agents also reported increased activity among new arrivals looking to enter the property market. Mr Proios said Frankston’s good transport links, especially with the completion of EastLink, plus the presence of the Monash University campus and TAFE, and the strong rental market contributes to the increase in interest.
He also cited projects such as the new Frankston Regional Aquatic Centre, South East Water headquarters and highrise apartment developments in the town centre. Property expert Terry Ryder, of Hotspotting, recently named Frankston among his hotspots expected to record above average growth. RP Data figures show a large number of affordable properties are being sold in Frankston.
Of the 53 sales reported most recently, 36 were for properties below $400,000, including 32 Stanley Street, Frankston, which sold for $396,000. Of the 68 new listings, 40 are in the sub-$400,000 range.
Source – Frankston Leader
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