What to be careful of when buying a ‘cheap’ property? (Russell Island)

(This is a repost from another forum thread that doesn't seem to be active anymore)

I was wondering if many people had seen the coverage of Russell Island in the last week? The low cost of the lots ($30,000) has been featured in a TV report that was aired locally (Qld), maybe nationally.

I've actually had a look and may likely purchase a lot over there. I went over the day after the TV plug and it was crazy, so many people – I was able to secure a moderate block with some views(admittedly of the mainland and water in between) at 55k (well above water level). However, it's that very kind of buying also concerns me. I've got the 5 day cool off period to figure out whether this is something to go for or not.

So I was interested to know what to look out for in situation this like. Im extremely cautious of anything the real estate agent has said. If I were to listen to him, the Russell Island bridge to the mainland is practically already happening; a little research however will find a history of promises as well as well founded(economic, social, and ecological) political resistance (http://www.parliament.qld.gov.au/EPetitions_QLD/responses/569-05.pdf). It's also my understanding that property prices have been static for over 3-4 years (just looking at this forum).

However there are a few development projects(some of which I need to confirm) happening on the island which make it more attractive to live in the 1-2 years. But does increased development, while not extensive, increase the likelyhood that prices will go up?

Im really interested to know how I can find out more regarding planned developments, including roads. It's my understanding I should probably contact the Shire council, and possibly the local chamber of commerce. But what sort of things should I be asking, what should I be looking out for?

Cheers,
Greg