Also Australian living in Greenfield Milwaukee, just bought a Condo, 2 lge bed, 1+ bath, kitchen needs updating and for investments purposes I do not think you can beat the Market at the moment. Just in my area alone without gutting the whole condo you can buy from $46K to $95K and considered agood area, zip 53221. We sold our hhome in Cudahy 2008, arrived Oz 2009 with everything, spent a year (we did our homework but not good enough) turned arounnd and came back. Prices in Oz artificially inflated due to demand, you can get 3-4 times here as in Oz. Son living in Glebe Syd, old, old want 1.5mil.
Good Luck with decisions