It's a growing place, but keep in mind that it's still a holiday destination mostly once you get past Geelong.
There has been some great growth over the last 10 years or so due to well healed folk and baby boomers retiring down there to nice townhouses etc.
You may find it difficult to get a decent pool of long term renters, so if you are looking for cap growth, but need the steady cashflow until it arrives, it may be a bit dicey..
Places like Ocean grove, Port Arlington etc are traditionally "gerry-ville" retirement areas, and they go for cheaper no frills homes.
Once they die off and the younger families move in it'll go a bit more.
Hot spots like Lorne and Apollo Bay etc; go there in winter and see how they travel for renters. Summer; they go mad, but it's short lived; holiday letting is not what it's cracked up to be in many cases.