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Hmm but I thought you were a first home buyer - wasn't it you who was inquiring about Affordability Scheme?

Not sure if you mentioned it earlier in the thread, but what are you actually hoping to achieve from property? I mean, from property in general, not just from this proposed purchase. Eg are you looking to retire on rents, and if so in what kinda time frame, or some other chosen goal? Otherwise...

So you've escalated well above your original search bracket? At 550 there's better areas to be in. Richmond is west - Try similar distances from city in the other 3 compass directions.

Next step would be to find another property to suits your strategy

what was the auction result?

What have you found so far? Or have you always been spoon fed?

This isn't state specific advice by any means - if you want to grow a portfolio, you need to know where IP #n+1 is coming from.

Does that bring you closer or further away from #2?

Instead of checking vacancy rate, I'd instead jump on realestate.com.au and search for rentals in the area? Do you have much competition? How much are they renting for?

I doubt the sale price of that begins with a 4. I bet the yield is high 4's though. In which case, why adelaide? Does the property bring you closer to or further from your goals?

Sounds like a win then mate :)

Being in Mile End I'm assuming it's a unit? If so, there's lowish yield plus have to subtract body corp fees out of that too?

Why not first open discussion about properties / areas what you've found so far and if/how they match your investing goals. I'm sure someone can guide you between choosing between a couple of options more easily than assisting with dart-thrown-at-a-map strategy.