There are basically 3 zones - Growth zones, Residential zones and no growth zones. Several cities have restricted their growth through the implementations of the zonings. One of which is Glen Eira which had implemented no growth zones for ~ 78% of its suburbs. Which is by law, there can be no more growth.
With rising population, due to immigration and population natural growth, and limited supply, due to restriction in building height, high desirable suburb such as Carnegie would likely experience capital appreciation. Lets look at what the plans entails.
The green zone are restricted to no more than 8 m height. (2 storeys)
The blue zone are restricted to 10.5 m height. (3 storeys)
The light blue zone is restricted to 10.5m height. (3 storeys)
The brown zones - growth zones - 15.5m height. (4 storeys)
If you are buying for investment, you would look for brown zones for single storey dwellings for rebuild potential or the blue zones.
2 Morton Avenue - FRD has a 5 storey building which would be the highest in the area when built as the restrictions would be 4 storeys for all the other buildings in the brown zone. Further, the Victorian Government's transport master plan has approved and funded the Koornang Road level crossing and there would be a new train station (currently being called for proposals July 2014).