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On a typical old North Balwyn house say 950k the rental yield is going to be very low. I would think 1%-2% after all costs. Maybe $450pw gross.

One think to keep in mind is that a block of land with a new house on it is very unlikely to appreciate at the same rate as a block of land with a somewhat scrappy house on it. I think financially you won't do so well at Pt Cook but you get the lifestyle benefit of the new house. I guess the...

Would go down this option rather than the mansion in Point Cook. You'll get an average block in say North Balwyn for around $950k (1940's-1960's house). It will be all land, free house (until you can rebuild). Balwyn starts at about $1.2m. Agree about Balwyn High, that could be a great option...