I agree with JacM. I was living in Melbourne (Bayside) when I purchase my first property in Ballarat. I traveled every weekend for about 2 months until I ‘grasp’ a basic understanding of the area I wanted to purchase. That research and actual time spent in the local area paid off as I could see the opportunity in the house I bought.

I reckon that I would have never bought this IP out off internet alone.

RE Eureka St, I don’t know of any specific issues affecting that area. I believe that good IPs can be found in many areas, from Alfredton and Wendouree Lakes (premium locations) to Wendouree West and Sebastopol (bottom end of the spectrum). All depend what is your plan, strategy and final goal.

Hope this helps

Luke