Is It Wise To Buy An Investment Property?

I live in Australia and the government offer a First Home Buyers Grant. It is up to $14,000 for each applicant. Is it wise for me to get a loan and use my first home buyers grant to buy a unit, in a waterfront location, that is $315,000. I am planning on renting it out at around $250 - $300 a week. Is this wise or not... I'm only 22.