It depends where the property is, how much it costs, how many items you can depreciate, whether it requires a lot of repairs, whether it has a paying tenant, how much that tenant pays, what your salary is, how long you hold the investment before selling (if at all),capital gains tax plus many more factors.
Don’t just buy for the sake of buying, otherwise you may well end up losing money. Remember that brand new off-the-plan places are usually overpriced so you are unlikely to gain anything by way of capital growth for the first 2-3 years.
Beware of property managers and real estate agents selling “total investment packages” – they will gouge you with unnecessary fees for little value.
For buying, use local free/low-cost recources like the property section of The Age, property investment magazines and State Consumer Affairs/Fair Trading Departments.
For renting out, check out depreciation calculators and quantity surveyor services like Washington Brown to ensure your maximise your depreciables. One of the secrets to making money on investment property is reducing your tax bill. Do it yourself property management will also save you from wasting money on property management fees. Instead, reinvest that money back into your property and increase its value. Try services like Rentwise that make DIY easy and maximise depreciation.
Like shares and any other form of investment, you need to pay attention and have good timing. In the excitement, it’s easy to rush but that usually leads to losing a lot of money instead of having a steady, reliable, growing investment.
Good luck!