I've looked at most major cities looking for cheap, low-downside development opportunities.
My ideal situation is to buy an older house on a large block, with an idea of retaining the old house and building a new townhouse up the back. I am chasing such situations right now in Frankston and Frankston North for around the $300,000 mark.
When I lived in WA, I did this a few times in a suburb called Bentley, near Curtin University. I feel that Frankston is better because, in addition to having a small university sub-campus (part of Monash Uni's school of Nursing), it is also a really cheap beachside suburb.
