Are you just after land?? Not sure of your financial situation but wouldn't it be better to hold some thing that would produce income while holding the property.
I have an IP in Farrar for the last 2 and a half yrs, there has been strong growth there over the last 3-4yrs.... not sure how much more it can go up in the short term, but Farrar is one of the better blue chip suburb in Palmerston, it is close to the CBD of Palmerston, Industrial sector and the Army base.
Not really looking after land but the prices for houses there are too high for my budget. The ones around 450K+ go so fast and living in Sydney its hard to keep up.
Agree much better to buy IP with income coming in. Have been following Farrar for 7 months and wondering when the ceiling limit will kick in??