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Out west of Melbourne it tends to expand almost concentrically. Unfortunately you're a tad late for the most recent gentrification, it's happened in most of the inner (Footscray, Maidstone, Seddon, Williamstown) areas, though there are still opportunities to be found. It may also be worth...

Produced or bought (via scholarships)? ;)

Agreed, don't spill the beans too much! Also, if you want to send your kids to PEGS I hope you can afford $25k/child/yr.