Ok lets do some maths.
Purchase price $1,100,000 - if it has a granny flat or is a big enough parcel of land add $400-$600k to that LOL. It sounds like a made up silly number but hey thats Sydney Real Estate haha.
Stamp duty ~$45,000
Conveyancer, Building/Pest, loan app & settlement fees say $4,000 (should be well less than that).
Deposit: $350,000
Loan required: $750,000
1st year interest ~$37,500 (assuming 5%)
Council rates ~$1,500 - $2,500
Water ~$1,000 - $1,500
Building & contents insurance ~$2,000 - $3,000
So you're looking at around $40,000 - $45,000 for the first year before you even turn on a light, eat a grain of cereal or pay off a dollar of principle off your loan.
Scary isn't it?