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Anywhere in sydney is good for a subdivision but at the end of the day you have to see what the sale price is. Its super hard finding deals in sydney right now. Also are you referring to sydney or interstate - I just saw your location and assumed you are looking at sydney. Have you looked...

Each council will have their own DCP when it comes to subdivisions. The DCP guide will clearly set out the minimum requirements, i.e. frontage, minimum block size, set backs etc. You need to go to the council website and familiarise yourself with their DCP.