You might also want to check out the following:

Foreign Investment Review Board (FIRB)
and go to the link:
http://www.firb.gov.au/content/faq.asp

As far as I know, since you are not a resident you would have to get approval from this place – e.g. I am on a temporary visa 457, therefore I am not allowed to purchase residential real estate for investment purposes, unfortunately. So I think it depends on what Visa you are here.

cheers
richio