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Thank you all for your feedback. More research and learning to be done - we'll pass on this one as the buy-in is high, yield low and we haven't worked out numbers to justify the purchase. Back to the hunt!

Aaron_C, I doubt I'd subdivide an interstate property, so am comparing a subdividable one with a very low yield against a cheaper interstate property (still to be found) with a higher yield. marg4000, I agree I need to confirm that the property can be subdivided, but given the land size...

We're considering buying a 50 y.o. brick home in a middle-ring Melbourne suburb with a view to eventually subdividing and selling off the rear block of land as a battle-axe block. We've no experience with subdivisions and don't intend developing anything ourselves. We plan to rent out the...