Yes, for sure I cant speak for your area but.
I live 3 hours from melbourne. With the price of building (something decent) at the moment it is well worth considering buying something already done (if you can find what you are after). The price of building has gone up heaps over the past 5 years. The industry has become way over-regulated which has pushed building prices up. The realestate market hasn’t caught up here yet. So second hand quality homes are snapped up pretty because of this. Mates of mine have been through the exercise and ended buying rather then building.
If I where you Id do the sums of building and make sure you include everything. Then see if you can find comparable homes in your area, and what prices they selling for. (you need to factor in stamp duty when buying)
Im not sure what will happen with the projected downturn, but suspect it will effect high to mid range homes in inflated Melbourne suburbs. Country areas tend to remain more static, and slowly go up in value over time.
My rule of thumb is if you build or buy quality, your house will be in demand when it comes time to sell.
Eg (around here only) no idea about elsewhere.
Around here we have very expensive slabs. But a quality home of around 28 square (260m2) will cost around 13,000 ps.
360 - 400 for build
125 for block