I think you guys are over-thinking this. High value properties are high value for a reason (market demand) so they are always a much safer bet. Unfortunately not all of us have millions of dollars so it comes down to finding affordable locations today that tick all the right boxes to turn into the next best place to live tomorrow.
There will always be markets to ‘play in” after you establish your personal threshold. For example if you only have 300K now (peanuts for a big city dweller like myself) you’re locked out of pretty much every major urban property market in Australia. But for the 300K there will be high and low value markets (relative to each other) you can still play in.