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I have been watching the movement of these suburbs (Watsonia, Mcleod, Bundoora, Reservoir) quite closely, and I have noticed strong upward movement in the last few months. I reckon there's still a long way to go for these suburbs, especially given that the ripple effect should be in full swing...

Yep, and that's why I only considered these places when I was looking for my 1st house.. and I bought mine in Glen Waverley.