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Most of the profits are not from growth, the house was bought below market value (worth around 220k+ purchased for 185k, now worth 250-280k). The area isn't exactly hot investor wise, and you can get a new H&L package (<400sqm) for under 350k so the older places on bigger stca blocks are...

If there's no growth just buy in low/no demand markets and flip: http://house.ksou.cn/p.php?q=Pakenham&sta=vic&id=397656 Would sell in a heartbeat for 250-280k, that's up to 100k profit in 12 months, at a more than 30% return.