First IP- help please

Hello everyone,

I am looking to buy my first IP; a 3-4 bedroom house with large land for potential subdivision, with a budget of 550-660k. I have been looking at Croydon, Reservoir, Frankston, Laverton, Mentrose and recently noble park.

My first pick was Croydon, but is it worth pursuing Croydon still, or the horse has bolted there? Should I go further out towards Mooroolbark, Ferntree Gully, Upwey, The Basin to get something at a cheaper price point?
Interestingly some houses with large land 650m2 plus in Laverton and surrounds have started to value same as Croydon????
Is it safer to invest in west closer to city or would further out east and south east will do better?
Which areas would do well in the long run please?

I would welcome your opinion and guidance on which of the above mentioned or other upcoming suburbs would be good for long term hold to gain decent CG? Where would you put your money property gurus?

Many thanks.

 

I think @MTR has some knowledge of Croydon?