Nothing wrong with lifestyle property in CBD however I would suggest at looking for your long term option. Not sure what your personal condition is, however I would expect you will need to upgrade at some point in time. When the time comes, would you be able to offload it quickly or would you be able to get your money back?
If you already know which is your 'dream suburb', maybe you could look at renting or sharing accomodation and save. Once you have enough deposit, then you could look at buying a place in your 'dream suburb' and rent it out for a while until you are ready to move. Just my 2 cents and again, it really depends on your personal situation