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I'd stay away from North/West Melb. Dog of an area. Only kids who don't understand Melb buy there. Have you even seen all those Greenies hanging around? I'm not sure how they afford the rent, maybe they don't. Burwood is cheap, close to universities too.

I would suggest buying a 2-bedroom terrace over an apartment for same prices. For the same price or marginally more in same areas you could get bigger land, back yard, your own title, no body corporate fees and solid bricks and mortar. Stay away from Docklands and Southbank. Only idiots buy there.