I've lived in:

Collingwood
Fitzroy
Elwood
Carnegie
Hughesdale
Caulfield
Brighton East
and near Ivanhoe

so you can ask me about any of those places

What is the farthest you want to live from the CBD?

You can live closer to the CBD for less on the N and N/W of the city.

We live on a huge block of land (nearly 1/4 acre) leafy tree lined streets...1 block away from train station... been here 6 years... it's the nicest area to raise a family on my list of placed lived. Very good private and primary level public schools.