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IMO in that timeframe, any well researched purchase in the 4 biggest capitals in the inner ring of suburbs, i.e., for Melbourne generally up to 10km is probably a safe bet, & probably further for the East. ..with a view to adding value, if the sums add up and are worthwhile probably even...

How long is your hold timeframe? Are you looking to sell at a future point for significant profit? Develop? What are the council's plans for these suburbs? Rezoning etc.? Additionally, have you compared expected growth of these areas to others? Just some points to consider.