Go onto http://www.realestate.com.au and put the price range as $0 to $150,000 and you will find out that it is really hard to find a property in this price range.

it is not the mortgage but rather the interest charged. The net rental income or net loss is placed in your tax return.
So net loss = rental income – (interest charged + council rates paid + water rates + insurance paid + repairs + property manager fees+ borrowing costs over five years + depreciation)
Then if it is a net loss
your tax return is calculated as
Taxable income = normal  earned before tax  income  –  net property loss
if net property loss if a profit it will be added and you pay tax
Keeping in mind that you paid tax as you earned income from a wage based on normal earned income before tax
Your taxable income is reduced
so you get the loss back via saving the tax it would have been.
For example say your wage was $85,002 and your marginal tax rate was 40% then any thing over $75001 has 40% tax
so if the net loss was $10,000 you would lower the taxable income from $85002 to 75002 and would get back $10,000 * 40/100 = $4000 for the tax already paid when you earned the $85002 during the year in wage

http://www.ato.gov.au/individuals/content.asp?doc=/Content/00113233.htm

Just an idea – maybe a valuer can help you see http://www.nationalpropertyvaluers.com.au/services.asp for an example.
Some valuers have really good data bases that have the records of what a house in your area sold for. I am not sure if a valuer has past sales prices but it wouldn't hurt to ask them if they can help you.

Check your Rates notices from that time as the property  value is listed also.

Neil,
I think another interesting aspect you could present at some time in the future is

How do you get finance when you have a low income and a lack of income from employment.

This has been my hardest brick wall to face . I have good equity but a low income and this limits the loan amount.

P.S I attended the last meeting in June and found your presentation useful and informative.

You may have to check with your accountant on what is a reasonable accommodation expense. For example if the whole family went and the house has only one owner then the ATO would probably question the accommodation for the other 3 people. Also the time you spent in the accommodation has to be reasonable as deemed by the ATO otherwise they will see it as a holiday trip.

Also as your LVR decreases over time you can borrow more funds if needed.

I have thought about this previously and I will be aiming myself to have any future property loan I take out to be paid down as quickly as possible to a point where it doesn't cost me money to own the investment. (cash flow neutral)

Welcome to the forum.

Steps to achieving property investment.

(1) Pay off all debt that is on assets that do not increase in value over time.(credit cards, personal loans)
(2) Do not use credit cards
(2A) Cars be careful of buying depreciating vehicles as a $32,000 car becomes a $2000 car over time.
       What could you do with $30,000 that would be lost due to this hidden depreciation cost of cars.
(3) Decide if you want to spend money on items that go down in value or if you want to invest in assets that increase in value.
As my wife says you can only spend the money once.
(4) Get money taken out of your account and have it placed in a savings account. This provides you with a savings system.
If the money is taken out at the same time as you get paid you will be forced to budget with whatever is left in the normal bank account.
(5) purchase a book called making money made simple by noel whittaker

The current market makes it difficult to find any positively geared property

One thing I have discovered is properties that require a major renovation to fix are usually not advertised in property web sites or in newspapers.
The first step is to be able to have a good financial record so that you can enquire from a bank as to how much you can borrow ,  so that you have a good idea how much you can borrow before you walk into a real estate office.

If the settlement doesn't finally occur the vendor could get a free renovation from Michael.

You need to talk with your lawyer about a clause that covers the cost of your completed or part completed renovations being re-embursed from the vendor should the settlement not occur.
Or think about holding off the renovations until the settlement day occurs.

Employ a valuer to give you a valuation on your primary residence so you have a record of the current market value of your property before you rent it out. Make sure you do not claim interest for the portion of the financial year your house was PPOR. Make sure the loan claimed is directly linked to the property rented out.

Depends on owners marginal tax rate
By renting out the PPOR house you will have expenses of  approximately $11,000 and then you need to consider your top marginal tax rate. If you have $11,000 in a tax rate of say for example 30% then you save $3400 in tax and spend $11,000 plus the rent for another house? as opposed to $27,000 in non deductible interest costs for PPOR.

Have you thought of moving into one of the two $150,000 loan houses  that you can't get a tax rebate on due to be positively geared while interest rates are up and thus saving yourself from paying out rent and being able to transfer the PPOR CGT exemption to the lower loan house and also getting this house  re-valued before you do this so you can work out CGT tax in the future if  you later sell it or re-rent it out.

I can't give you specific financial advise but rather offer some other possibilities you may not have thought of.
 

Another brilliant method I just thought up is to contact Buyer advocates in Australia and tell them about your property as they will match buyers with what you are selling.

See for an example
http://www.secretagent.com.au/index.php/Services/Sellers-Service.html

http://www.queenslandbuyersadvantage.com.au/

http://www.australianhousehunters.com.au/buyers_agents_qld.htm