If you want to make money out of it you could look at
www.ingeniacommunities.com.au/ asx code INA. INA bought Ettalong Beach Holiday Village, the Grange Village at Morriset, Settlers Ridge at Maitland and a number of other resident parks to develop sites and sell nice, relatively cheap manufactured homes to permanent residents. To me the Canton park looks ripe for redevelopment.
Philswr is right; the area is reminiscent of Sunnyvale, just older & shabbier. The council doesn't have to rezone but if they don't the developers won't buy and improve the area's amenity. It could be a great windsurfer park. Perhaps Guy Cribb would buy a cabin.