I'd advise you to have a professional properly identify whether this is asbestos and remove (if necessary). You can find one in your area by searching here. Good luck

Fibro is short for fibro asbestos. This means that the fibro cladding contains asbestos. You cannot work with asbestos due to the health risks. You can't drill into it, cut it, or remove it yourselves. If you are considering buying a fibro asbestos house then you should factor in getting all of the asbestos removed before you renovate, and this work can only be done by a licensed and certified asbestos removal specialist, which is expensive. You then have the cost of recladding it in a new material. https://asbestosawareness.com.au/asbestos-in-the-home/home-renovations-diy-asbestos/ Many fibro asbestos homes are very cheap on the market as the renovation options are limited unless you spend lots of money in asbestos removal. I would suggest you get a quote from a local asbestos remover before getting your hopes up on this property. Your renovation dollar will go a lot further with a non-fibro asbestos home. Best of luck, Dr Retro of Dr Retro House Calls

check the Govt asbestos websites for the latest regulations.. using their recommended techniques we were able to remove a similar underlay that was less than 10 sqm with lots of hot dirty work and special asbestos disposal fees at the local tip...a bigger area you will need a quote from an asbestos removal specialist and their fees are determined by access and size and we paid about $3500 for asbestos removal for walls and ceilings for a room about 6m x 2.5m

Thank you @User and all shared your perspective. To answer @User question. I bought this lovely place last year ( around the peak). Irrelevant to talk about what will be getting back if I sell now because I have no plan to sell it at lease in the next few years, we are super keen to settle in there with my family. I am very much anticipating some concrete proposal on what can be done within this $510k mark ( with lots of inclusions even like paint flooring etc). As I said I am waiting for my builder to me about their revised proposal and the corresponding quotation. I told them I am preparing to sacrifice and let see what they come back with.