My girlfiend lives out this way, Its pretty far out, to get to work in the mornings (thru Roxbrough Park down Pascoe Vale Rd) takes 1hr leaving at 7am getting to work at 8am, leave later than this time add on another 15-20mins, don't bother going down Michleham Rd!
Not much out here, no large shopping centre (like highpoint or watergardens) - Broady your closest, no decent schools etc. Too much land surrounding it too for development (think of the next caroline springs) although it will take lots and lots of time to get to that level.
Overall, it is a lower socio eco area, I don't see much potential, you have the old area (closer to the train line) and the new area (highlands) about a 5-7min drive away. I believe houses in the old area are selling for around 300-350k, many of the houses being rented out get the people you don't really want occupying your house!
Overall, for similar prices, I see much, much better value and opportunity in areas like Sunshine, Ardeer, Braybrook etc (even though those areas have a rough reputation too - not for long i think!) Many people that live here don't really like the area.