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The problem with Frangers (and we own an IP there) is that there are an enormous amount of cheaper properties still around, so these will be bought by people who are not always well-heeled. It is also fair to say that a large number of these less well-heeled are your gutter-crawlers and the...

I would disagree. Most property investors when starting out are not that well off financially. There is no way they could start at the Toorak level to play this game. So, they need to start with ya cheapies in places like Frangers etc; get a foot on the ladder and set the wheels turning...