Hi Stumpie
Correct on 1.
You would be building a house on each rather than a single unit dwelling but yes. Normally only issues that would stop you splitting is overland flow or flood.
Find the property here
http://cityplan2014maps.brisbane.qld.gov.au/CityPlan/
Have a look at the flood overlays on the left hand side.
Use the measuring tool to make sure that you have 20m frontage (10 each for the new lots)
Use the road hierarchy overlay to make sure that it is not a major road.
That will get you going.