generally for lifestyle purposes you would avoid Corio, Norlane and Whittington as suggested by llauren, although they may prove to be a good longer term investment.

New development in Armstrong Creek will be close to grovedale. Not sure what $ range though.

Apartments/units near Geelong West (Pakington Street) can still be found at a reasonable price.

Hamlyn Heights / Herne Hill / Manifold Heights – all very reasonable areas with good rental returns and demand.