Thanks OC1. I have driven around Bayswater, and attended auctions/viewings over last 2-3 months. I didn't actually get a ghetto feeling. The only thing which encouraged me was that there is not much of Chinese money (Hmm, why is that, now you make me think!!).
I haven't explored Boronia, but did drive around Ringwood and Ringwood East. Ringwood and Ringwood East are beyond my budget (450Kish) unless I buy a massive refurb project. There is a lot of Chinese interest in this market which is driving the prices very high for any ready to move in property, IMO, at least by 30-50K premium.
With my relatively meager budget, I think I just can't buy anywhere in East/South East unless I buy a unit, apartment, or buy far off.