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Same. I have development sites that I want to start developing this year. While I have seen some amazing equity build up in those sites, I never bought them with the intention of waiting for "the equity fairy". It has always been my intention to develop them.

I have one in Heidelberg Heights and one in Cloverdale, Western Australia. Land tax in WA is much lower and rents are higher. I agree with you, as a yearly slug, it's a fair chunk of cash. Oh yeah, rates are lower in vic. You should see my rates bill in WA!