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well if you get it at builder's costs then that's not too bad. But having said that, couldn't you just use that advantage that you have, buy a block of land in Melbourne itself (for a bigger outlay) and make even more money through that? The potential profit is much greater in the suburbs than...

well the whole deal-breaker for development is the value of the land. If you assume your development costs are the same here as they are in Warrnambool, then you really need the land to be worth something good in order to make any money from it. Otherwise you're just charging people a margin...

one question - why buy there for an investment? I can't imagine that town outperforming the rest of Melbourne, and clearly Melbourne suburban houses would be more desirable than a country town that is closer to Adelaide than Melbourne. Unless you want to buy it as a holiday home, in which case...