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Rocklea is a hole... full of water. I would pay the extra $50 000- $100 000 for the next suburb over in order to avoid getting flooded every couple of years. Plus rocklea is full of main roads going straight through it, and industrial areas. Lower SES, lower rents, etc...

Public trustee auction, you might get it for $350 000 if you're lucky: http://www.realestate.com.au/property-house-qld-salisbury-114252887 Requires a reno, or you can knock it down, spend $50 000 to split the block, and then have two blocks worth $290k ea.