I'd be familiarising myself with the SPPF and LPPF - Minter Ellison speak
SPPF - State Planning Policy Framework
LPPF - Local Planning Policy Framework
Metropolitan Melbourne has approx 30 councils
Approximately 15 Councils had their residential zoning approved signed off by Planning Minister Matthew Guy
These 15 councils had their NRZ, GRZ and RGZ zones approved (all Res 1,2 and 3 zones converted as of 1st July 2014).
I'm talking Res 1,2, and 3 only, this excludes designated Principal and Major Activity Centres (PACs and MACs) and commercial zones.
Approx 10 councils had a neutral conversion, I think, GRZ - 9 metres discretionary height limit
3 councils so far had their planned zoning rejected outright. Back to the drawing board for them. So these councils are 'unprotected' so to speak.
As of 1st July 2014, these councils planning controls are 'in limbo'
None of their planned residential zones were approved
They are under the blanket General Residential Zones (GRZ), I believe it is the 9m, 3 storey discretionary height limit
So could be the other 10 councils that had a neutral conversion on 1st July 2014, I believe. Feel free to correct me here, anyone who knows.
In some councils I'm familiar with, 700k could possibly buy you a 600-700m block with existing house that could be a 5-6 double-storey or possibly even 3-storey townhouse site. 5-6 townhouses on the block, possibly 7 townhouses on a 700m+ block.
I have seen a recent planning application for 8 double storey townhouses on 869m land
I have seen 9 double storey townhouses built on 927m land, ready to live-in now that is close to zone 1 transport, shops, in a Major Activity Centre (MAC)
If you want to know how to profit, you have to familiarise yourself with planning controls, planning law and the new world planning order that has come in for different councils in Melbourne.