I think it would be worth looking at established areas that are rejuvenating/creating a main Street. Old Perth Road, Bassendean is one but I think the cheapest property/land I've seen is around $800,000. I'm not up-to date with Morley, but I think that would be worth looking into. Still reasonable prices. Ashfield is suppose to be creating a Main Street/Town Centre along Coulston Road and Pearson Street, parts Guildford Road. Sounds like its a long way off though.
Thanks for the tip, I'm gonna look into that. So far emailed all the councils and I'll share some info that I got for City of Wannero (PM for those interested, unless people want me to post here - some formatting issues when I copy/paste)