Philip Island is a major weekend retreat for cashed up Melbournites ( there are a few). Obviously being an Island, there isn't any new land to develop. Looking at the size of the racetrack and adjoining land down there it wouldn't surprise me to see it bought up and turned into a housing estate
It happened with Amaroo Park racetrack in Sydney and Lakeside in Queensland is having the same problem ( amazingly the local council own the main straight and want to sell it, but don't own the rest of the track! )
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