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For our last couple of purchases, we looked for 1. Affordability - not just for us, but for the "average" homebuyer. So in Melbourne, we said $300k is likely more affordable for a family than $600k. Aim was for relative liquidity if needed to sell. First cut. 2. Transport - gotta be near...

The yield is likely done on gross rent vs purch price. What it probably (someone correct me if I am wrong) means is that NET yield is much lower. e.g. once you take into account owners corp, management (if student accomo - which is very popular in Carlton), your yield could be pretty low...