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People would have said the same of St Kilda in the 80s or Richmond in the 90s. Personally, I'm into buying cheap stuff. Why? My feeling is that high-status stuff is often overpriced and has limited capital gain potential.

If you shop around you will find a subdivisible block for not much more than the 300sqm house you have spotted. In the long run, size matters and your capital gain will be commensurate with your block size. Frankston North usually gets an unfair rap. Just be aware that the crime rate in...