Are you a native Penangite? Typically Penangites will flock to middle to upper-class areas like Tanjung Bungah / Tanjung Tokong / Gelugor. Penang is about capital appreciation if you are into landed. Forget rental yields. It's a buy and hold mindset here. If you want to think out of the box, Balik Pulau is a good place to retire but it's long term play. If you buy there the typical native Penangite will say you are out of your mind.
After staying 17 years in on the island, based on personal experience, here's what telling a stranger where you stay subtly implies: 

1) Pulau Tikus / Tg Tokong / Tg Bungah: middle class/rich people.
2) Western Gardens / Jalan Bell / Solok Bell: old money
3) Air Itam / Jelutong / Jalan Perak: hoi polloi / working class native
4) Gelugor / Greenlane: middle class / civil servant
5) Bayan Lepas / Sg Ara / Bayan Baru / Batu Maung: outsider / Factory worker
6) Balik Pulau: Backwater....