If you don't mind hard work and your looking for residence in Colac then this should be concidered
For the land Value you can create a suitable dwelling just some dilligent work .
later down the track subdivide the land build a new home and sell off the new Lot recouping your initial investment
   
Move in immediately and renovate on a very large lot of 1163 square meters 
All services Connected and active
Very secure and Large 3 Car Garage separate
Alternately subdivide 
all the paper work with council has been completed for 2 lot subdivision 
planning permit in Place for 2 lot subdivision 577 square meters and 586 square meters 
build on one and sell the other one and still be financially in front  
comparison vacant land 415 meters square for sale $359,000
phone for more details using the enquiry code