What to do?

Hello,

First off a little about myself. I’m from Melbourne, suburb or port Melbourne to be exact, I’m 20 live at home with the parents (still) working full time in my trade (boilermaker) and have the ability to contribute $500 a week toward an IP. My current savings stand at almost 40k
I have been doing as much research as I can, both reading here and books by various authors. I know it is close to impossible to buy +CF property here in Melbourne and thats not entirely what I want. Ideally I would like to purchase a property in close proximity to the city or where I currently live that has good potential to sustain capital growth and that i can later renovate.
I feel like my skills/ attributes are renovating as I am pretty handy with the tools and through work or fathers business I have the ability to purchase materials at wholesale price and can either do most of the work myself or have friends/family that are qualified to do so.
Question is now what to do? more specifically where to buy?
I was considering the older style bank homes in Port Melbourne behind beacon cove as i am very familiar with them, though they are expensive now upward of 600K for an renovated one do people think they will sustain capital growth from now on? They certainly have not come down in price lately at best they have stagnated.

Warm regards
Timmy[smiling]