Well, I guess anything is possible.
In Dandenong at the moment there are small chunks of Industrial properties have they Precinct Zones allowing for the conversion of these properties to Residential Uses. There areas are central to Dandenong, having been surrounded by residential uses rather than being straight Industrial such is found in Dandenong South. However, it appears that there are plentiful resi development land in Dandenong so the market isn't currently interested in the Industrial properties.
Industrial in Collingwood has been rezoned in recent years although I think that was Ind 3 to Bus 3 mostly so not really residential though there may have been some Mixed Use.
But in general I would have though Councils would be most reluctant to see a green field Industrial subdivision rezoned to residential.