I want to buy an investment property on the gold coast, Australia. How much will i need to start?

Ok so im currently studying and am wanting to buy an investment property with my brother in about a year, so i can save. Im just wondering how you go about it and how much you need to start?
I will either move to the gold coast in 2008 or 2009 so i will want to live in it and also rent it out when we purchase it.
I still currently live at home and i have around $7000 in my bank at the moment.
What do i need to know about investing in property? What are the pros cons. Is it a good idea to invest in the first house i buy after leaving home?

The previous answer is a scam.

I live close to the Gold Coast (an hour away). For a new two bedroom apartment with small water views, prices are about AUD$500,000. For AUD$500,000, you could also get a 3 bedroom house about 3 kilometres from the beach, with no views.

You'd struggle to get anything good on the coast for less than AUD$400,000, unless you are willing to buy older (15yrs+) places.

Be warned though: the Gold Coast property market is highly cyclical. Prices can go down as well as up. You will get ripped off unless you actually go there, and look around with a few different real estate agents.

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