No brainer! Buy a residence.

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You have $900k to retire on PLUS your carer's allowance, you are in a lot better position than many other people in Australia. Even at a conservative 5%, greater in high dividend shares, you would get $45,000 to live on - tax free - without ever eating into the capital.

Sorry, but it seems to me that if you can't live on that in a cheaper, maybe (shock) regional area or move interstate, something is wrong with you, not your money. Not everyone HAS to live in a capital city, let alone one as expensive as Melbourne.

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