thanks for the comments.  I take the point about the land content but i guess it comes down to capital growth.  Whether its land or building, if the growth is good then thats what Im looking for as well as good rental return and low fees.  I was looking in Glendalough.  Seems to be good value – units are cheap and seem to have high rentals compared with cost of unit.  Only 5km from city and easy access to freeway and public transport, shops etc.  I have been re-thinking it lately and considering the shares option of playing with your own money and buying some good shares while the values are down.  Wesfarmers and QBE look pretty good and any of the big banks.  I was thinking I should wait until property stabilises a bit.  It may go down further later in the year and there may be some bargains too.