Investment Strategies

My wife and I – 30 y.o., no kids, average incomes, $220k savings, based in NSW – are looking to make our very first entry into the property market and are pondering over a few different investment strategies, as follows (listed together with main advantages/disadvantages as we see them):

(a) purchase some acreage on the outskirts of suburbia in an area earmarked (by Urban Growth) for urbanisation (and for which an ILP is available, so we can at least be somewhat certain of development prospects of a given lot), wait for rezoning/infrastructure roll-out and then sub-develop

advantages – potentially very lucrative
disadvantages – given our repayment capacity, rate of principal reduction on loan (~$900k) required to afford such a property likely very slow; possibility that development potential may not be unlocked for up to ~25 years (especially in the areas we will likely be able to afford i.e. on the periphery of the growth epicenters)

(b) purchase small (~1500m2) greenfield lot in such an area

advantages – significantly cheaper, so overall interest on loan (~$200k, with $100k deposit; $100k reserved for infrastructure + S94 contributions as these funds are not able to be borrowed) comparatively much lower and able to afford to purchase in area with reasonably short expected development timeline; potentially quite lucrative
disadvantages – loans for greenfield land attract a considerably higher interest rate (~7%); development potential of a block of this size would be quite vulnerable to changes in development plans; no rental income

(c) purchase house in NSW

advantages – no CGT (since we will be able to make it our PPoR)
disadvantages – market appears to be at something of a peak

(d) purchase house interstate (Brisbane/GC/Melbourne)

advantages – more favourable market phase
disadvantages – CGT

Are there any important considerations that we’ve overlooked in our evaluation of the merits and drawbacks of each of these strategies?
Does anyone have any advice regarding these strategies as a foray into property investing?

Appreciate your input.