Kincella, I just came back from a holiday in Yarrawonga. I'd never been there before, and was surprised by the amount of development up there all along the lake. There certainly seems to be no shortage of money up there - although the locals said it is all 'Melbourne money'. Also, not everyone in the country is low paid. An aquaintance of mine, a pathologist in the UK has just moved to Albury, on more than 300k pa salary. I had a look around, and saw a fantastic block for sale on a secluded lake - but don't have the funds at present. Certainly I was impressed with the area..
Regarding Melbourne Bayside. Keeps surprising me. Two houses have been knocked down at the end of my street, and apartments being built. 14 on the block, including a 'penthouse' for 1.45 million. Total sales on the block come to 11 million. I think buying any block bayside would be a good long term (and possible short term) investment.
