What is my best strategy?

As a young person on a good income you need to look at your appetite for risk and the property market in Melbourne.

Sit down and ask yourself:
- generally the higher the profit margins the higher the risk. A higher profit (not attributed to a rising market) generally takes more time, more effort and more risk. Does that suit your timelines? Will you be happy to chase the unicorn if if means denying yourself stuff for 3-5yrs
- would you prefer to diversify your risk by buying some blue chip holding and some wait and develop?
- would buying that blue chip mean excessive holding costs (ie negative gearing) which will impact your ability to borrow and service the develop strategy?
- will buying a develop later property also impact your ability to borrow and service other stuff too. Generally the holding costs on a development site SUCK and you have to keep paying that mortgage which will only increase when you demolish the site and increase again during construction until it's finished and you can sell or rent out. Do not underestimate how that will impact your life, your serviceability and

Having said all that I would probably do some mix of 1 and 2 whilst learning as much as you can from here. You may or may not need assistance with number 2 site finding to make sure you can get it right whilst your knowledge is still green.