Have a look at Hurstbridge too. Good schools around, childcare centre being built in the same street as the station. Far quieter than Eltham plus you'd probably get a bigger block for your budget than you would in Eltham.

I commuted from Hurstbridge to the CBD for a few years - it added about 20 minutes to the train ride from Eltham. I know people using the Epping line come over to HB - easier to park, same length of time to the CBD.

Eltham is nice but it's getting very busy. I worked in Eltham before kids and if I left work when the train arrived, it would take me 20+ minutes just to get through Main Street.