Public transport and education promises from the new State Government have shone a spotlight once again on Frankston for smart property investors.
The investment case for Frankston continues to strengthen, with improvements to the Frankston public transport precinct and Chisholm TAFE promised by the newly elected Labor Government during the Victorian election campaign.
The Frankston public transport precinct, including Frankston railway station, is set to receive a $50 million makeover, while a $25 million rebuild has been pledged for Chisholm TAFE, one of Frankston’s largest employers.
Frustrated residents have called for the Frankston transport precinct to be fixed for decades.
Premier-elect Daniel Andrews said the project would be completed by 2018, and would include the relocation of the bus interchange, a multi-storey car park and a permanent police pod similar to the one at Flinders Street station.
He said the new government would set up a task force in the next 100 days to work with the community and fast track a plan for the station precinct.
The Coalition also pledged in the lead-up to the election to improve the station by adding a multi-deck car park and realigning nearby Young St.
The Frankston rail line is one of the key transport links between Frankston and Melbourne. The previous government began a $100 million upgrade of the Frankston line last year to reduce congestion.
Combined with Eastlink, which has reduced travel times from inner Melbourne to Frankston to about 45 minutes since it opened in 2008, Frankston’s transport connections to Melbourne are on the improve.
Frankston remains one of Melbourne’s more affordable suburbs in which to both rent and buy property. Historically, this has been due in part to the distance and travel times between inner Melbourne and Frankston.
The median house price in Frankston is about 45 per cent lower than in Melbourne and the median rental price is about 20 per cent lower.
Because of this and the improved transport links, Frankston has become a more attractive proposition for first-home buyers. Families too are seeing it as a place where they can achieve value for money, with decent block sizes, beachside lifestyle, excellent health services, great schools, good employment opportunities and a bustling retail economy.
The area is also attractive to retirees, who are finding they can live by the beach for a very affordable price and are choosing to settle down, with cash to spare.
Portfolio Management Services is finding properties that fit its proven investment criteria in Frankston and surrounding suburbs. To discuss your property investment options with the acquisitions team today, contact Portfolio on (03) 9621 1044.