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Also, if the 200K is fixed amount and not earning interest, it's essentially decreasing in value every year. Assuming house prices don't grow and they track inflation (at 2.75%), that means it's decreasing by $5,500 every year.

I would look into somewhere like Ballarat where houses quite commonly sell between $200-$300K. Demand for rentals should be fairly consistent due to the hospital and university. I would make sure any property you buy is central to those facilities. As other have indicated, interest on a...