VIC Eastern region on a 620k budget for capital growth

Do you think the Eastern region (Knox, Wantirna, Bayswater, Ferntree Gully) would be a good area to buy for capital growth on a 620k budget?

A 2 (maybe 3) bedroom villa or townhouse is possible here but you will be paying a lot for the land. For example, in Wantirna South, a 2br townhouse will be around $5000/m2. In Knox, a 2br villa will be around $3500/m2.

This also applies to the other eastern suburbs where you will be paying at least $2000/m2 for the land on a ~600k budget.

But if your budget is above 700k, the land price per m2 drops from $3000 to $5000 to $1000-$2000 and anything above 700k is out of the picture for us.

Do you reckon somewhere further out like Cranbourne (south-east) would be a better buy for capital growth where you get a bigger land (400 to 500 m2) and a 3-4 bedroom house for 500 to 550k as opposed to a villa/townhouse in an established suburb on a smaller land?