Yeah makes it tempting to move state if you can find a decent enough F/T job and not care about leaving Melbourne behind.. could get a pimping place if you took a few hundred K with you.
Look at Dandenong/Hallam/Noble park etc as well.. once cheap and nasty.. now $$$. My mate just got a 3 bedroom townhouse for over 600k!
The rental I'm staying in Vermont 3 bedroom townhouse as well, they are selling it wanted 900+.. went to auction last Saturday, bidding started at 800k.. not one bid, now dealing with even more annoying opens. FML