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To make a decent profit on any subdivision I believe you'll need to hold onto the property for a while. However Thomastown, Lalor and Broadmedows do have potential and especially Broadmedows you can get a property with development potential for under $450k.

Thomastown is having an industrial boom at the moment. Plenty of industrial development going on. Heard that commercial price per metre there is approaching inner city areas like South Melbourne. As for residential area, the above could help as there will be plenty of jobs near-by. If you...