You may not have to pay CGT as you could elect to have the Australia Property as your Principal Place of Residence. This depends on your circumstances whilst overseas.

Perhaps you should be looking at the reason for investing in property? If you are chasing the interest deduction to get “tax benefits” then this means you are making a loss. Making a loss is OK when the capital gain exceeds the accumulated losses but from what I’ve seen over the years that everyone is happy to get the tax refunds each year but extremely unhappy to get the Capital Gains Tax bill. Try to avoid looking at the whole deal based around the immediate tax benefit, also look at which person or entity should hold the property.