We investigated this however the remaining lots were either too small, expensive for our budget (despite discounting), or on too much of a slope. We nearly purchased an 838m2 block here but the covenants killed that idea.
My ideal shed had shaped up to be a 7x15x3.3m behemoth - a 105m2 affair - and one covenant stated that any outbuilding over 36m2 must be constructed of the same material as the house - meaning either a colorbond house, or a brick shed (add $30,000 or more to the cost!)
A glimmer of light had appeared however, with a local developer offering a $20,000 off the plan rebate to kick start their new estate a little further down the hill; an estate they'd actually made a start on! Much more promising. They also had some big (but oddly shaped) lots available.