Hi David,
Yes, it seems to be thriving - great restaurants, etc. I don't think you can actually get a town house for this price. But there are flats and units available under this price range.
If you're willing to slum it in Brunswick west, there's a few, eg:
http://www.realestate.com.au/cgi-bi...eader=&c=95043791&s=vic&snf=rbs&tm=1184837029
http://www.realestate.com.au/cgi-bi...eader=&c=95043791&s=vic&snf=rbs&tm=1184837029
It's ugly, but here's something in Brunswick itself:
http://www.realestate.com.au/cgi-bi...eader=&c=12633342&s=vic&snf=rbs&tm=1184837209
This is much nicer, but likely to sell for over budget:
http://www.realestate.com.au/cgi-bi...eader=&c=12633342&s=vic&snf=rbs&tm=1184837209
Peter