Good suburbs have higher price entry points. If you only have 300 - 350k to invest what are your options? You can dream of Brighton but will have to settle for frangers. Maybe because the purchasing power of a regular SSer is higher we can discuss what is a better investment Toorak or South Yarra, but the real world is a little different.
For me a good suburb is one that will give me good capital gain. I don't usually live where I buy.
I'm aware of the crime and the stigma. Owning a house in Frankston is not something one can boast about. Nevertheless, Frankston appeals to me because it is one of Australia's cheapest beachside suburbs. Gurus like Lomas and Ryder seem to think so too.
I'm a contrarian. I take great pride in buying cheap property. Frankston has been very kind to me over the years, with more to come. I'm still on the lookout to buy if I can find cheapies. These are becoming rarer as developers are moving in.
The doom and gloom brigade say that all beachside suburbs will be underwater someday. But I won't be around if that happens in a few centuries time.