Hi Mouse,

Incidentally i was given a call about this same development in Bridgewater near Hobart. I had a look see and did some research online.  While i dont want to discourage you from your investment, the reasons i declined on this deal were:

-Bridge water is the very very edge of Hobart, so much so that it would take an hour to make it to the city.   Google maps barely registers it on the hobart map.
-People are selling massive 2-3 acre blocks for around 400k in the suburb of bridgewater.  This seemed like a better investment. Look on realestate.com.au and you'll see.  This made me realise the land value out there too.
-Blocks for sale are community title (units), less freedom to use your land.
-as stated, it was a pushy sell so i was cautious from the beginning.

Sorry if it sounds like i'm talking you out of it, i just wanted to share some things that may be worth assessing.  It could end up being a great little investment.  By all means i was not prepared for this investment with my current finances anyway, I played with the stock market a little too much and have to wait a little while for it to come back Things may have looked different if this was not the case.   Good luck!

Matt