| Issue | New property | Established property |
|---|---|---|
| Condition | Lower immediate maintenance can be an advantage, subject to build quality. | Condition is visible but maintenance may be higher. |
| Depreciation | Potentially greater depreciation benefits; obtain tax advice. | May still have depreciable items depending on circumstances. |
| Price evidence | Can be harder where many similar properties are sold with incentives. | Often more comparable resale evidence is available. |
| Supply risk | New estates or towers may add substantial competing stock. | Established areas can have more constrained supply, but not always. |
| Defect risk | New-build defects and builder risk require due diligence. | Age-related defects may be easier to identify through inspection. |
| Tax rules from 2027 | New builds receive different treatment under legislated negative-gearing/CGT reforms. | Established purchases after Budget night 2026 are affected by the new negative-gearing rules from 2027-28. |
Off-the-plan considerations
Check completion timing, sunset clauses, finance risk at settlement, valuation risk, developer track record, contract terms and how much similar stock will settle at the same time.
Established-property considerations
Independent building/pest inspections, renovation quality, compliance, insurance, tenancy and title/planning issues require attention.
NPIS approach: compare the net price, market evidence and risk profile. Do not buy new merely for tax benefits or established merely because it feels safer.