I understand what you are saying however you would appreacite that it is not easy or even possible for an inexperienced person who is buying their first home to understand the nitty grity of a section 32 or/and all the legal language found on a house contract. So at the end of the day you will have to rely on people like agent/solictor/conveyancer etc, or  aleast thats what we used to believe up until now.

Setting aside taking any action against the agent,, is there any way we can still subdivide this land, build a second dwelling or have this covenant removed without approaching the Supreme court or finding and approaching the convenant beneficiaries for a no objection ltr(as per our solicitor).

Any suggestions will be much appreciated.

Thanks guys for all your advices–you all have been great so far in helping this newbie.

From your responses i do understand now that selling the house in 2 yrs time wont yeild any profits what so ever.That make lot of sense.

Now considering i would not sell it and would rent it out when i leave(as per yous advices)–which suburs out of list below do yous think have more potential both in CF and CG? Suburs that fit in my budget are:

1) Cranbourne
2) Noble park
3) Springvale
4) Frankston (to less extent)

i can only look for 1 or 2(if i push it;)) bedroom UNITS. i know nobody can predict future but given that you all are so experienced and deal with this sort of stuff day in day out, i expect some knowledgable and fruitful reponses:)