7 Lacenet Avenue
Property Photos
3 bed | 1 bath | 2 car | 616m² | Brick veneer 1965 | Concrete tile roof
Executive Summary
Read this first. Everything else is supporting evidence.
7 Lacenet Avenue is a well-maintained 1965 brick veneer house on 616m² in Frankston North — a deceased estate offered at auction on 14 March 2026. The investment case is clear: Frankston North posted 14.4% growth in 2025, sits at the 88th national momentum percentile, and remains the cheapest entry point in the Frankston LGA with the highest 10-year CAGR (6.51%). At $695,000 fair value, this property is priced at a meaningful discount to comparable renovated stock while offering substantial cosmetic upside.
The valuation is anchored by three pillars: 23 Lacenet Ave ($654k, Dec 2024, same street, near-identical spec) time-adjusted to $695k; 43 Coolgardie St (our own analysis — $711k Feb 2026, adjusted to $703k for Lacenet's slightly superior lot and 2-car parking); and a comparable sales grid of six recent 3/1 sales ranging $650k–$720k. The price guide of $600k–$660k underquotes fair value by approximately 10%.
Grade: B+ overall. The building condition is 6.0/10 — well-maintained for age, with polished hardwood floors and an updated bathroom as genuine strengths. The primary risk is an uninspected 1965 structure: near-certain asbestos, 60-year galvanised plumbing, unknown electrical safety switches, and timber stumps of unknown condition. These are manageable with a $2,100–$4,600 essential maintenance budget in Year 1.
Vendor context matters. Shona Flett is executor for the Estate of Eunice Margaret Flett, deceased 26 November 2025. Probate granted 28 January 2026 (S PRB 2026 00949). This is a genuine executor sale — motivated by certainty and clean settlement, not maximum price. Same agent (Mark Burke, OBrien Real Estate) also sold 53 Armata Crescent at $720k in February 2026, which sets the ceiling ceiling well. Reserve is estimated at $660,000 ± $20,000.
The Property
Single-level brick veneer on 616m² — 1965 build with polished hardwood floors and updated bathroom.
| Address | 7 Lacenet Avenue, Frankston North VIC 3200 |
| Type | Single-level house |
| Construction | Brick Veneer (single brick skin over timber frame), 1965 |
| Footings | Timber stumps on concrete pads (likely) |
| Roof | Concrete tile |
| Built | 1965 |
| Bedrooms / Bath / Parking | 3 / 1 / 2 (open) |
| Land | 616 sqm |
| Building Area | 92 sqm |
| Zoning | General Residential Zone (R1Z) — no overlays |
| BPA | YES — Bushfire Prone Area |
| Council Rates | $2,277/year (without pension rebate) |
| CIV (Council) | $500,000 |
| CIV (SRO) | $520,000 |
| Site Value | $390,000 |
| Vendor | Shona Flett (Executor, Estate of Eunice Margaret Flett, deceased 26/11/2025) |
| Probate | S PRB 2026 00949, granted 28/01/2026 |
| Agent | Mark Burke, OBrien Real Estate Frankston — 0419 356 017 |
| Price Guide | $600,000 – $660,000 (misleading — underquotes by ~10%) |
| Auction | Saturday 14 March 2026, 10:00am on site |
Key details: This is a genuine deceased estate sale — Eunice Flett passed in late November 2025 and probate was granted in under two months, suggesting clean estate administration and executor motivation for timely settlement. The property has 2-car open parking (an advantage over most Frankston North 3/1 comparables), a larger-than-average 616m² lot, and genuine character features including polished hardwood floors throughout. The Bushfire Prone Area designation requires BAL-compliant building works but does not materially affect liveability.
The Neighborhood
Strong price momentum, beach lifestyle access, and the lowest entry price in the Frankston LGA cluster.
Growth & Investment Case
| 10-Year Growth (CAGR) | 6.51% |
| 2025 Growth | +14.4% |
| Momentum (National Percentile) | 88th percentile |
| Median Price | $670,000 (lowest in Frankston LGA) |
| Beach Access | 5–10 min drive to Frankston Beach |
| Train to CBD | 55–65 min |
The growth case is strong. A 14.4% rise in calendar year 2025 and an 88th-percentile national momentum score indicate this suburb is in an active appreciation phase, not a peak. The 6.51% 10-year CAGR compounds $695,000 to approximately $1,187,000 over 10 years at the base case growth rate. The lowest median in the LGA means buyers are still getting genuine entry-point pricing relative to neighbouring suburbs.
Safety & Livability
| SEIFA (Socioeconomic Index) | Decile 2 (bottom 20% nationally) |
| Crime Rate | 306 / 100,000 |
| Transit Score | 24.9 |
| Walk Score | 54 |
| Beach | 5–10 min drive to Frankston Beach |
| Train to CBD | 55–65 min (Frankston line) |
The honest picture: SEIFA Decile 2 means bottom 20% nationally for socioeconomic advantage. The crime rate of 306/100,000 is above average. Transit and walkability scores are low — this is a car-dependent suburb. However, these are characteristic of all of Frankston North, and the suburb has been trading at a price-growth premium precisely because buyers are accepting these trade-offs for the entry price and trajectory. Frankston Beach access (5–10 min drive) provides genuine lifestyle value for owner-occupiers. For a PPOR buyer, the combination of price, space (616m²), and beach proximity is compelling.
Building Condition
Photo-based assessment — building inspection booked for Saturday 7 March. Grade: C+ / 6.0 out of 10.
| Overall Condition | 6.0 / 10 — Well-maintained for age |
| Building Grade | C+ |
| Asbestos Risk | HIGH — near-certain in 1965 build |
| Plumbing Risk | HIGH — 60-year galvanised iron pipes |
| Essential Maintenance (Year 1) | $2,100 – $4,600 |
| Deferred Maintenance (3–5yr) | $21,500 – $70,000 |
| Cosmetic Renovation Budget | $27,000 – $41,000 |
Strengths
Top Concerns
Room-by-Room Scorecard
| Room | Score | Notes |
|---|---|---|
| Hardwood Floors | 9/10 | Best feature — genuine character |
| Bathroom | 8/10 | Updated, good condition |
| Living Room | 7/10 | Spacious, good natural light |
| Master Bedroom | 6/10 | Wall staining noted — investigate moisture source |
| Bedrooms 2 & 3 | 7/10 | Adequate size and condition |
| Laundry | 7/10 | Functional |
| Alfresco / Backyard | 7/10 | 616m² lot provides genuine outdoor space |
| Carpet | 5/10 | Worn — replacement $3,000–$5,000 |
| Kitchen | 4/10 | #1 renovation priority |
Valuation
Three-pillar methodology: same-street anchor, Coolgardie calibration, comparable sales grid.
Same-Street Anchor
Coolgardie Calibration Anchor
Comparable Sales Grid
| Address | Price | Date | Spec | Notes |
|---|---|---|---|---|
| 22 Forster Ave | $650,000 | Jan 2026 | 3/1/2, 604m² | 120m away — strongest recent comp |
| 43 Coolgardie St | $711,000 | Feb 2026 | 3/1/1, 566m² | Our calibration anchor |
| 57 Monterey Blvd | $703,000 | Feb 2026 | 3/1/2, 573m² | Very recent, similar spec |
| 53 Armata Cres | $720,000 | Feb 2026 | 3/1/1, 585m² | Same agent (Mark Burke)! |
| 34 Bursaria Cres | $720,000 | Dec 2025 | 3/1/3, 617m² | Closest lot match at 617m² |
| 1 Ivy Court | $780,000 | Feb 2026 | 3/1/3, 608m² | Ceiling comp — likely better condition |
Fair Value Model
| Pillar 1: Same-Street (23 Lacenet, time-adjusted) | ~$697,000 |
| Pillar 2: Coolgardie Calibration (adjusted) | ~$703,000 |
| Pillar 3: Comp Grid Midpoint (ex-outliers) | ~$690,000 |
| Three-Pillar Average | $695,000 |
| 80% Confidence Interval | $670,000 – $725,000 |
| 95% Confidence Interval | $645,000 – $755,000 |
| Agent Guide | $600,000 – $660,000 (underquotes by ~10%) |
The 10% underquote is intentional. Mark Burke's guide of $600k–$660k is the lowest 3/1 in the recent comp set — every comparable sale above has cleared $650k in the last 4 months. The reserve is estimated at $660,000 ± $20,000. The guide is designed to attract buyer traffic and generate auction competition, not to reflect fair value. Proceed with $695,000 as your mental anchor, not $660,000.
The Coolgardie calibration matters. We tracked 43 Coolgardie through the full auction cycle. It sold at $711k in February 2026. Our model put it at $690k–$705k. The actual result was within range and is our strongest recent calibration point for this exact micro-market.
Same agent at $720k (53 Armata, Feb 2026). Mark Burke sold 53 Armata Crescent for $720,000 in February 2026 — a 3/1/1 on 585m². This means the agent has very recent comparable experience and will know exactly where the Lacenet reserve should sit. It also confirms $720k is achievable for a similar-spec property in the same suburb.
Financial Analysis
What it costs to buy, hold, and what it could be worth in 10 years.
Stamp Duty & Acquisition Costs
| Price | Stamp Duty (General) | FHB Duty | Total Cash (20% dep + costs) |
|---|---|---|---|
| $670,000 | $35,270 | $20,497 | $169,270 |
| $695,000 | $36,770 | $23,275 | $178,370 / $164,875 (FHB) |
| $720,000 | $38,270 | — | $182,270 |
| $740,000 | $39,470 | — | $187,470 |
FHB = First Home Buyer concession (sliding scale $600k–$750k). All figures include conveyancing (~$1,750), search fees (~$700), and 20% deposit.
Monthly Holding Costs (PPOR at $695,000)
| Monthly P&I Repayment (80% LVR, 6.0%, 30yr) | $3,336 |
| Council Rates | $190/month ($2,277/yr) |
| Building & Contents Insurance | ~$200/month |
| Total PPOR Monthly Cost | $3,726 / month |
| Weekly equivalent | ~$860 / week |
P&I at 6.0% on $556,000 loan (80% LVR at $695k). Add $190/month for stress-tested rate buffer (+2% = $4,280/month total).
Investor Cash Flow
| Gross Rental Yield | 3.78% ($505/week) |
| Annual Gross Rent | $26,260 |
| Monthly Interest (IO, 6.0%) | $2,780 |
| Monthly Cash Shortfall (before tax) | −$1,590/month |
| After-Tax CF (37% marginal rate, negative gearing) | −$956/month |
This is a negative cash-flow investment. Returns come through capital growth, not yield. PPOR use avoids this cost entirely.
10-Year Growth Projections
| Scenario | CAGR | 10-Year Value | Gain |
|---|---|---|---|
| Pessimistic | 3.0% | $934,000 | +$239k |
| Conservative | 4.0% | $1,029,000 | +$334k |
| Base Case | 5.5% | $1,187,000 | +$492k |
| Optimistic | 7.0% | $1,367,000 | +$672k |
Base case (5.5%) is conservative relative to the suburb's actual 10-year CAGR of 6.51%. All projections are nominal, pre-tax, and exclude renovation uplift.
Bid Calculator
Slide to any price — see stamp duty, deposit, monthly payment, and zone instantly.
Auction Strategy
How to bid, when to bid, and when to stop.
Reserve Estimate
The vendor's reserve is estimated at $660,000 ± $20,000. Shona Flett is an executor — she wants a clean, certain sale from probate, not a record price. The same agent sold 53 Armata Crescent at $720,000 in February 2026, which anchors the agent's recent experience and likely informs the reserve conversation. Expect the property to be announced "on the market" somewhere between $660k–$680k.
Bidding Plan
| Range | Increment | Action |
|---|---|---|
| $600k – $670k | $10,000 | Enter confidently. Fast, decisive bids. You're in the gift zone. |
| $670k – $695k | $5k → $3k | Slow down. You're approaching fair value. Pause 5 seconds between bids. |
| $695k – $710k | $2,000 | Above fair value. PPOR justification only. 15-second pauses. |
| $710k – $740k | $1,000 ONLY | Final stretch. 20-second pauses. Think hard before each bid. |
| Above $740k | STOP | Walk away. No exceptions. Above ceiling. |
Tactical Notes
If nobody bids: Open at $580,000. This is low but forces the auctioneer's hand and signals you're a serious buyer, not a spectator. Let vendor bids happen — they can only go to reserve, which is in your buying range anyway.
If it passes in: You negotiate first as highest bidder. Start at the passed-in price. Offer $695,000 as a clean, unconditional figure — "we've done our due diligence, we know what we're buying." Split the gap if needed. Maximum in pass-in negotiation: $720,000.
If outbid above $740k: Walk away cleanly. Note the price and leave your details. Monitor 4 Armata Crescent as an alternative. Winning at any price is not the goal — winning at the right price is.
The same-agent insight: Mark Burke sold 53 Armata Crescent for $720k in February 2026. He will know 7 Lacenet should clear $680k–$710k. He's unlikely to have a $640k reserve. If the auctioneer stalls around $660k–$670k claiming "we're not there yet," don't be surprised — the reserve is probably $670k–$680k.
Pause for effect. Between $695k and $740k, pause 15–20 seconds before each bid. Say nothing. This communicates deliberation and gives your competitor time to doubt. Never bid immediately at this price level — it signals unlimited budget.
Auction Day Cheat Sheet
Print this page and take it with you. One sheet, everything you need.
| $600k – $670k | $10,000 |
| $670k – $695k | $5k → $3k |
| $695k – $710k | $2,000 |
| $710k – $740k | $1,000 only |
| Above $740k | STOP |
- Sign contract immediately on site
- Pay $75,000 deposit (bank cheque)
- Call conveyancer within 10 minutes
- Photo the signed contract immediately
- Arrange building insurance from settlement
Risk Matrix
Overall: AMBER — standard for property age and area. No deal-breakers identified.
Critical Risks (Score 20+)
High Risks (Score 13–19)
Medium Risks (Score 9–12)
What Went Into This Report
This report was built from primary source analysis, not summaries or opinions.
Calibration note: This report benefits directly from our 43 Coolgardie Street analysis completed in February 2026. Having tracked that property through auction (bid $650k, sold $711k) provides a live calibration anchor for the Frankston North market that no algorithmic estimate can replicate. Every number in this report traces back to a primary source — contract, council record, or verified sale.
Not financial advice. All figures are estimates; verify with your accountant, mortgage broker, and conveyancer before bidding.