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The biggest short term gains I see tend to be from rezoning. The property that hasn't had the rezoning could be argued as having the better chance of future rezoning between the two and possibly more likely to outperform the other in the short to medium term. I'm assuming same suburb, same...

Sorry, I didn't phrase that clearly. I mean more like buying a house that is on land that is already zoned for medium/high density. You're not going to get that huge jump in value when it goes from low to medium/high.

If you don't intend on developing, what's the value in buying a development site? Would it make more sense to buy a standard residential zoned site and get better yields?