thank you guys:Mick,contrarian,duckester, so much for your advice…it's helped me work through the process…I think I'm definitely leaning towards buying a place when I have my 20k or so done now and more clearer on why too!..
Contrarian, I agree with the points you laid out as these were sort of 'back of mind' for me too – although I hadn't thought of it as clearly as all that, Duckster – yeah, the idea of increased rent over the next few years makes me think I need to get out of the rent rut ASAP if I can help it!…
Mick – yeah, I don't mind going thru a few steps and I would indeed like the idea of a portfolio of IPs – my main worry with the 'value-add' thing is that I don't have any experience with properties(other than living in 'em!), let alone the building-side of things – and I've heard some horror stories about renovations that go horribly wrong and blow out costs/time/everything from some colleagues and the upshot seems to be that unless you really know someone in the construction industry don't go anywhere near something that needs reno! – is that just a rumour or wise words for the unwary?…for instance where do I find out how much a carpeting/garden re-do'd cost?…I really like the idea of working on a property as I think it'd give me a chance to put a bit of 'me' in it too – but I just don't want to end up with a 'white elephant' either y'know?…

Also – may I pick your collective brains on this one: – what do people think about one of those student accomodation places? – there's this place going for 140,000+ located between 2 major uni's + local shopping centre/tram etc
& apparently returning $9,539pa with CPI rent increase of 3% in 2009 with further options of 5 x 5 year leases. Has anyone got one of these & would they recommend one?…it all sounds great, but not sure if there're some questions that I should be asking?…happy to hear your thoughts, thanks!