Congratulations... What street is it in?
Does the property has renovation potential?
Renovation will, most likely, be the only way to get equity out of it over the next few years. Over the long term I doubt you'll regret the decision but I can't see how you're going to grow your portfolio with this property, especially when interest rates may eventually go back up to the 8% mark anyway.
I control two properties in Lithgow (Shaft St & Calero St), but that's only because I lived there for a period, they've been poor performers and have barely grown in 5 years and 8 years.