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Its on the page you provided the link to on domain. It is the first property under Recent local sales at the bottom of the page.

Its not a unit, its a flat/apartment in a block from what I can see of at least 12. Recent sales info confirm no 8 (also a 2 bedder) in the same block selling for $385k. So an asking price of $389,500 seems to be around market value. I don't know its condition or aspect and how it compares to...

Spot on Ms Jade - the prices being paid for development blocks today, moreso in the FHSZ especially Frank South, Frankston Heights & even some in Central Frankston mean that there is no profit in developing them immediately. You will need to hold for at a number of years before it becomes viable.

Have prices increased - Yes, Yes & Yes Adittedly an asking price of $650,000 but for a 3 unit site, after costs, that still looks as if it will be over $200k+ per unit. In one breath, sheesh and in another wohoo! What will be interesting is when these higher land costs will be...