VIC Where to buy an investment property 1-1.5 hours from Melbourne?

Hi everyone,

I'm a first home buyer looking to buy my first property. My investment strategy overall will be rentvesting and because I'm a first home buyer I will live in the property for the first 12 months and then rent it out. I'm planning to buy an established property and undertake some cosmetic renovations whilst I'm living there.

My budget is around $350,000 - $400,000 depending on how much work needs to be done on the property. I've been looking at the Ballarat, Warragul, Drouin and Broadford areas. Does anyone have any other ideas/advice on areas that are approximately 60-90 minutes commute to Melbourne by train/road that would offer solid capital growth? Planning to hold onto the property for around 10 years.

Thanks for the advice!