Thanks for all your replies. 

i have decided against the land option. The reason I initially considered this is I have seen new estate in good areas increase significantly in value. One example is Ooralea where development started maybe 5 years ago and at stage one you could pick up a 4bedroom 2bath for about 420k …now similar houses in the now established estate at selling for 600k upwards. I was offered a property 5 years ago at a bargain price and I wished I had went for it back then. 

For now, I'm sticking with a live in Reno strategy as I think that's the way to go as I don't have a lot of equity behind me. 

Thanks Derek for your advice. I didn't think of buying something suitable now to live in in 5 years time and rent it out in the meantime. Definitely a good suggestion especially if there might be some capital growth during that time. Will look into it. 

Jacqui my 'end' goal is motivated by the fact that I don't want the financial stress of mortgage repayment down the track when we might be considering having a family (i am now 26) And by having a PPOR with a small or no mortgage can then give us the leverage and security to start planning for an early retirement by looking at cash flow positive long term hold properties…..fingers crossed! 

Find it quite hard to come up with that elusive thing called 'a strategy' so if anyone has any suggestions please feel free to comment.

Thanks again everyone.