However, I'd choose the southern end over Frankston North (The Pines/Kananook Creek area is where the Frankston stereotype comes from). It's not like you're going to be hanging about the train station at night though...

It's got great public transport, beach, shops, etc...
Agree with that! DH grew up in Frankston so I can always ask his opinion of certan areas for you. I did hear once though that The Pines will may be a newish boom area as new land becomes more expensive and it becomes more cost effective to knock down the old commision homes. That could just be rumour though

You could look at Mt Eliza or Langwarrin, or further south to Mt Martha or Mornington but it gets a bit exxy down that way.