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Education Hoon, it is pretty clear that you have gone into this without a complete understanding of the process and were willing to trust what the salesman said to you without really critically evaluating what is going on. Good on you for asking for help now, but obviously you needed more help...

Take a deep breath Hoon, I personally wouldn't worry about the distance factor, you will manage your investment via a property manager. In terms of value, I can't say whether it is over priced, but on the positive side you didn't buy in Docklands or Southbank, where it is suggested there are...