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There's nothing wrong with being young and wanting to take risks, but that is a lot of money you are risking with no experience in an area where a lot of experienced people get burnt. Based on your last reply, one area I think you may get into trouble is that council cannot tell you before...

It may be more difficult than you think. A property that is ripe for development is likely to attract a premium since it will naturally attract attention from others who have similar ideas. Consider the risk of budgeting with your figures an additional two units and later finding out that for...

I'm 13 months into the planning stage of my first development - 4 units on 1000m2 and have been stuck in this stage for quite a while, having had one council rejection so far (and the wait for VCAT is 9-12 months) and having decided to start again and change the plans. I don't regret doing this...