Hi edison,
I think its a higher risk for you and your wife not to explore areas interstate so you don't get substandard yields and growth rates.
And no land tax at all if you buy interstate.
What are you looking to buy there? A shoebox?
You will only get a 1bdr unit for that price unless you decide somehwere else.
Look what I just found for you:
http://www.realestate.com.au/property-apartment-nsw-lane+cove-110402157
Bargain!