That sort of money could get you:
* A 1br flat in Carnegie, Glenhuntly, Caulfield, Brunswick, Northcote, Ascot Vale, Prahran, Moonee Ponds or Thornbury
* A 2br flat in (maybe) West Brunswick, Clayton or Essendon
* A 2br villa unit in Frankston, Seaford, Chelsea (if you're lucky), Croydon...