If there's any land available in new estates then grab some now. Its value will go up once it becomes harder to get vacant land in that area. Then you can either sell for profit, or build your dream home.
We were lucky enough to source a block of land in November 2003 at April-May 2003 release prices. That was about a +15% difference in market value in our favour straight off the bat. We could have sold it a couple of months later and made $20-$30k without even thinking, but we bought it to build.
