To me, a house isn't important, but a location is. I want to live in a suburban area which is safe for myself and my family - that includes low crime rates, low drug use and general street safety. I want an area with a reasonably good socioeconomic status, an area which drivers are safe on the road and train stations are safe at night.
I'm also a strong believer in public education, thus, I want an area with good access to strong local public schools - both secondary and tertiary as well as decent access to universities.
All in all, shit house in good suburb > good house in ok suburb
I'd agree with you on many things, but personally I see a distinct difference in a house and a home.
For me a house is merely a house, a floorplan of a building that can be copied and pasted pretty much anywhere. A home is moreso the combination of factors that influence your living, that being, as you mentioned, possibility of good public education, safety, the house you live in, socioeconomic status of the area, etc.
If OP was looking for a home, I would probably put said house in Glen Waverley (specifically on High St Rd). Why? Glen Waverley has great food (RaRamen), access to a magnitude of 'good' schools (Wesley College, Caufield Grammar, John Monash, even MHS and Hailebury are reasonable distances), nightlife around Then Glen isn't that bad and Glen Wavoz trains station is pretty close so it's very accessible.