a hypothetical question

If you were in Brisbane - with only $500k to your name as cash in the bank, what would you do with it right now? You have a good income and could afford to service whatever your liabilities are.

Options:
1. Spend the majority on a deposit for a nice property. Invest the rest in shares.
2. Purchase 2 properties - one as a first home, one as a rental.
3. Stretch and purchase 3 properties.

Which suburbs would you go for? What sort of property values would you be aiming at?

Appreciate your thoughts peoples.