I hope this provides further food for thought.
Rick, what you said gave me A LOT of food for thought. I figured if the outlay for a house is 40k (inclusive of 5% deposit, stamp duty and other costs, close to 20k reno) with a PP of $215k (market value of $250k after reno) and the rent after reno is $350 pw, it has a big opportunity cost as opposed to buying say $230k x 2 villas (3 BR each) in a nicer area having an out lay of $22k x 2 (44k) with a rental return from $330-$350 EACH (i.e. $660 - $700 pw). I know which one I will choose . These are just hypothetical figures....but you get the drift.
Thanks again!