I think many Monash students' parents are thinking about this...2 fold, for the children accommodation when studying there and investment at the same time. I was considering to do this also until my son decided not to study there recently.
I see.. What stops you from buying property in Melbourne? You can still invest in one even though your son is not studying there. No matter how many properties we invest in Malaysia, the appreciation will be in RM. If we invest in Australia, we are earning AUD. As what I know, the rental can always offset the loan for Australia properties.