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Thankyou to everyone who took the time and effort to reply to this. Your points of view were most helpful. Kristine, I'm buying in the "foothills" for many of the practicle reasons you mentioned - namely proximity and accessibility. I singled out Ringwood because of the infrastructure...

I' thinking of buying (an IP) in Rinwood - probably in Mid 2008 but I've got some concerns re: supply and demand. For those who don't know Ringwood: Ringwood is an outer Eastern suburb on Melbourne. It's a longstanding location which was there well before suburban sprawl reached (and then...