Whether to invest in Springwood QLD??

Hi I am a first time investor and still looking to buy my 1st investment property.

I have done some research in Melbourne in the new estates far from the city which fits my budget $330 - $350K

I just looked into Springwood QLD and found townhouses worth around $300K
http://ift.tt/1QjLtXf

And rent at and around $330-$340 Per Week mark

http://ift.tt/1QjLvyv

So it seems that its a good buy in terms of yield and only 20Kms from city.

Am I on the right track here?

if anyone has invested in the area can share their view around capital growth and future development of the area.

My budget is $350 Max

Thanks

Whether to invest in Springwood QLD??