I know of several strips that have been shut down through council action due to complaints from neighbours regardless of zoning. Whilst it's legal to fly below 500ft on approach and takeoff, people still don't like low aircraft over their homes. Worst case is when other aircraft visit your place and the neighbours get jealous of you and your mates enjoying themselves, watch the fun begin. Most often strips get restrictions for a sole aircraft onle, ie. The owner.
On the flip side I know of strips operating privately for many years without issue. One that comes to mind is right in the heart of Stratford - google it. Another one is interesting, he used to get complaints from most neighbors from his 912 Skyfox (very quiet aircraft), some years later, all his neighbours (3 of them) have aircraft now (at strips elsewhere) and the horse stud that used to complain the most, now operates their own R44!
On the face of it, your proposed site does seem a little close to suburbia to be assured of 100% success.
Isn't there a rule somewhere about being 500 meters from persons not involved in aviation or is that just an RA-Aus rule?