$1700 f/n in mortgage sounds really high for that amount? I would think closer to $1200- anyway it is a large amount of money BUT if you think you can swing it I would go for it, probably good to factor in any mortgage rate increases anyway. Property is really hard to get into - I know in Melbourne for first home owners it really is getting nearly impossible so if you have a chance to invest in something, particularly that sounds like is going to make you money then go for it. If you have to sell it in a year then so be it but in the meantime you will be paying off your own home instead of someone else's.

Keep in mind if you rent it out you still have to pay things like the different between rent and mortgage which sounds like it might be significant (I doubt you would get $600 p/w rent but might be wrong as I don't know Brisbane?) also insurance, rates, water, and ongoing maintenance to the property. There is also the stress of finding the right tenants. Lots to weigh up - might be worth talking to someone about your finances and working it all out! All exciting though and I think go for it!!! xoxo