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Because the goal posts have shifted. Everyone wants to start off with a 4x3 DLUG, or a trendy pad in the CBD, or Elwood etc. Noone wants to move out to Sunbury and similar type areas, and live in an older fibro or weatherboard joint with no curtains or carpets, and not close to any shops...

When you say;"I could only get 80% LVR"....and "good rental yield to make it work".... This is how it mostly always was. Very few loans other than P&I even 15 years ago. Then, over a number of years, all the newer more exotic loans came to be, higher LVR's and LMI, etc. We became spoilt...

http://www.realestate.com.au/property-unit-vic-frankston-115388275 Is it close to CBD? No Is it near Public Transport? Yep; train to CBD approx 50mins. It is truly ideal? No Is it cheap? Yep.

Here's the big secret; Get two, or even three jobs if you have to. Save a lot and spend little. Put down a deposit on a very cheap property in an area that is relevant to your requirements and affordability. This, of course; will not be Melb CBD - never was. If it is in the boondocks; then...