How to best spend 350k in Melbourne?

[KGB]

And I don't mean at Crown's Mahogany room!

I already have a 350k IPO in Altona Meadows.
I live in my house in Melton, which has barely shifted in price since I bought it eight years ago. I've decided to bite the bullet, cut my losses and sell the damn place. I imagine I won't have much left over, maybe around $75k, so I'll have a budget of $350k maxish.

What to do?
At first I thought just getting another one in the Meadows, but reading through this forum I wonder if that's the best choice.
So where's the best spot for an investment in Melbourne, anywhere in Melbourne, I'm not married to the west. I'm not even married to the idea of living in it - if it's unsuitable to my needs, I'll rent with my bf.

Any suggestions/ideas/wisdoms will be greatly appreciated!

 

[one world]

For a lot less than $350,000 you can buy an old brick house on a dual occ block in much-maligned Frankston, a bayside suburb.

Retain the house, and someday build another up the back when you are ready.

Hard to go wrong with that.

I am biased. After selling out my portfolio in the NT and WA, I have bought a swag of properties in the area.

 

[Hodge]

For a lot less than $350,000 you can buy an old brick house on a dual occ block in much-maligned Frankston, a bayside suburb.

Retain the house, and someday build another up the back when you are ready.

Hard to go wrong with that.

I am biased. After selling out my portfolio in the NT and WA, I have bought a swag of properties in the area.

$350k wouldn't get you much in altona meadows. probably a unit if lucky.