History shows us that in Victoria these "por" areas usually stay poor for ever. The only time that they can rise above it is when there is some large scale redevlopment and then the rest will follow.
You can sometimes get a small area going when owner occupiers move in and start to do up and care for their homes, but this is usually restriced to one block of properties.
The danger is when change will occour and you may hold for a long time without any improvement.
The area still has a significent number of "poor" quality people living there inc. housing commission and that will not change.
If you can find the extra 50K and buy in the area east of Cranbourne Rd you will get an older home on a big block and basically guaranteed CG and better rents
Frankston in general is one of the lower priced areas of Melbourne and has good amenities which must push the area forward in the future, there has been moves to build a marina which likewise will push the area forward. But you do not look at people when you walk down the street so it still has a long way to go
