50sqm is too small for a 2 bed. that would be bare minimum for a 1 bedder to achieve some decent capital gain as an investment.
there are other 2 bedders ard melbourne which are 100-110 sqm - which are double the size. location vs size vs views are all equally important factors but if it is 60-65sqm then would be considering it. otherwise - best to just avoid unless it is really a super fire sale.
With regards to your comment on Capital Growth, I agree and disagree... If you want Capital Growth, the obvious answer is a large block of land in a developing area. Comparitively I wouldn't expect anything like this from an apartment in St Kilda (especially given that it has already become such an established area).
My thoughts are that an apartment purchase in St Kilda is an investment with mainly yield benefits as opposed to Capital Growth. The lot doesn't sit on a huge block of land and shares large parcels of common property with hundreds of other apartments.
I am still of the opinion that the apartment I linked to in my first post would be a great buy sub $340,000.