Plenty of large vacant land available nowadays. Great investment too seeming the Mornington Peninsula is the 2nd top growth area in Australia having had a price growth of more than 18% in the past year.

If you wish to invest for capital growth I highly recommend you look for properties locally. The Mornington Peninsula had a growth rate of 18.7% last year and the area continues to perform well. In fact, the clearance rate is above 70% while the inner city Melbourne down turn persists. Agents appear to be very upbeat in the area too. In the most premium markets such as Portsea prices have increased in excess of $700,000 within the past 12 months alone!