Just based on my reading of the current town planning strategy/document. From memory they're refining their document after a period of public consultation. It will then have to go to the planning commission for approval. Given the potential amalgamation, it may be an item that isn't pushed through. A phone call to the council might answer the question, but my impression has been that nothing is changing in the next 12 months.
Would love to hear more about your purchase. We're demolishing ours in Jan. likely to build for ourselves rather than as an investment at this stage, but this could change. We'll build to allow for a future battle axe subdivision.