My builder mate is an authorised Ecoblock constructor in the ACT and has built several Ecoblock houses over the last few years. He has been building for many years (he's in his 40s) and is a real convert on this type of construction for the reasons you mentioned.
But . . . from my conversations with him this is not a game for new players or DIYers - there are a range of tips & traps that are not always obvious or easily foreseen. He has had good training and support from the Australian distributor and my personal view is that the completed houses are outstanding in almost all respects.
Cost is competitive especially if one accounts for the R-values of the completed dwelling and what it would cost to get a conventionally designed and built house to that level. Part of this is in time saving too - once the slab is ready the next stages are much faster to erect.
Critical issues are getting the first runs level and square and then to maintain that diligently. After compromises to get his first one built he has purchased some adjustable supports and a few other bits and pieces that make erecting the walls easier and more accurate - all standard, but used in a different way and he recovered the costs in the first job he used them in saved time.
Remember that although these are energy efficient in their operational recurrent costs they are really formed reinforced concrete houses which retain the formwork. The embedded energy in concrete is very high and IMO the life-cycle costs (which are not easily available) are likely to be not as energy efficient as might be imagined. The way the concrete is encased also mean that it is ineffective as a heat bank - it is largely structural although has some insulation value of course. In Europe especially they are now using pumped aerated concrete (dries similar to Hebel blocks) to fill the gap between the styrofoam blocks as this reduces the embedded energy level, retains structural strength, increases the insulation value and speeds up construction (as there are fewer pours).
The comfort level in a climate like the ACT has to be felt to be believed - at least one of these I have been in has no traditional space heating or cooling at all and in all seasons stays between 17-25 degrees. This is due to it's solar passive design which includes the Ecoblock construction along with trombe walls, external eves and shading, correct orientation and so on.
So probably worth a look for the Melbourne climate, but unless you have existing skills and plenty of time and money go with someone who has built them before - and use a designer or architect who can show you built examples of their solar passive houses (most nowadays are claiming sustainable or solar passive in their marketing, but so many do not have the first clue!).