I have always harboured the dream of living on a golf course boundary. Didn't manage the dream but have ended up a five iron from Royal Melbourne, so we get the quiet leafy surrounds and associated bird life.
In recenty times there has been some worrying trends coming out of the Aust and more particularly the US.
http://www.nytimes.com/2009/01/09/great ... .html?_r=1
There has also been effects in Oz with recent financial strife and closures at several high profile courses St Andrews Beach Vic, The Links Kennedy Bay WA, Kooralbyn QLD. Fortunately these have been more resort style with little housing. Following on from the US trend, I think its only a matter of time before one of the more recent Melbourne or Sydney golf Estates goes belly up?