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We live in Brighton which is about 10 kms (6 miles) south east of the CBD. Ive found all the suberbs along the east coast of the bay are nice and in my opinion the best places to live in Melbourne.
If your going to be commuting to the city then I would suggest Frankston may be a little far, as it would be atleast an hours journey by car or train.
A few suberbs pop to mind that you may want to look at and include: Mentone, Moodiallic, chelsea and Cheltenham.
Although if being close to the city isnt a problem then Frankston and the surrounds are probably the most affordale and have some great beaches.
If you need any further advice just let me know.
Have a good one.
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