Hi Mikand,

You are in a difficult position as previous replies have pointed out.

In my humble opinion, if I was in your situation and wanted to get back into the market I'd be looking at a regional area with good fundamentals that doesn't rely on 1 industry (like mining), where the yields are high and will provide positive cashflow

There are areas in NSW and QLD where sub $200k properties are yielding 8%+ and there are some reasonable growth prospects, not what you would achieve in the metro areas, but still reasonable.

Good Luck

Regards

Glenn