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Its difficult to give you advice on a car forum, and not knowing your individual circumstances. There are so many ways you can make money in property.
CASH FLOW:
1) If you have little capital, you can just rent a large house and sublet each of the rooms to individuals/students.
2) If you have deposit and income you can buy a house and do the same.
VALUE ADD:
3) You can buy a large block and add value by subdividing.
4) You can buy a block large enough to fit two dwellings and build a second house/granny flat or just put a second hand house on it. Most councils have town planners you can call for free for advice.
5) You can just find mortgagee in possessions/distressed and damaged property, project manage its repair and put it back on the market.
6) Find a house on a double block, knock down the house and either rebuild two houses or sell each block separately.
BUY AND PRAY:
7) The other option is just to buy a house and hope it goes up. Depending on the area, scarcity, demand, infrastructure, this can happen. As previously mentioned, don't focus on negative gearing and look at other fundamentals.
There are really infinite options and you can get into other options such as property management and commercial property (as others have mentioned). Over time, you start developing your own investment style. I'd start by going to the somersoft property forums and just read what other people are doing.
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