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All my current properties are in inner/middle ring suburbs - but I am hoping to "experiment" in outer areas in the near future. I owned and recently sold (2008) a 2Br/2Bth unit in Cheltenham, and what I did notice was the relative liquidity of the property compared to say an apartment on the...

Hard to say - as per Harris's concerns, it depends whether you have some burn capacity in your income (i.e. can you fund the holding costs comfortably). Otherwise, a "safe" stable suburb in my opinion (not aware of any local issues). Make sure owner's corp is activated - the costs should only...