WA First home buyer - new vs established - unique situation

Hi all - looking for some quick advice from others who have had some experience in this area.

Quick cap - Late 30's, single and prospective first home buyer. I currently have around $150K in savings (also have other investments but not interested in liquidating to put into property) and earn around $200K per year (contract based employment - not FIFO).

Understand the general consensus is to buy established (especially for a first property), however with the just announced WA state government's extra $20k grant (I don't qualify for the federal one as I earn too much) and also given that a close family member works for one of the big home builders and can possibly get me a further discount, I'm wondering what people's opinions are.

My price range is around $550-600K - my goal is to be able to put the 20% down and have some cash left over. I currently have some health issues that need sorted so really don't have ability to deal with renovating or spending the next 6 months looking at home opens for the perfect long term IP, the goal was more to live in it for at least 12 months and try and take advantage of the current market conditions and stop the renting before I get too old.

Been looking at Rosehill Waters for new build (I like South Guildford, flight path sucks, they have some lots out of the direct site) and Bushmead (new estate, backs onto bush so most have BAL). For existing like Bateman and Bull Creek for SOR, currently rent in Maylands but that can be a little pricey. Also been looking at Bayswater and Bedford for NOR (bigger blocks are appealing for longer term potential).

I guess I'm just a bit stuck - been renting for so long, I just don't know which way to go. Market could fall further and present more buying opportunities, but with interest rates so low and government money flooding the market I had thought asset prices may spike up.

Should I drop the idea of a new build and just spend more time researching established? What would you do in my situation?

Sorry for all the detail - appreciate any feedback!

 

I had an idea Rosehill Waters is in administration, you should be able to find that info. Bushmead looks lovely but too far out, away from public transport, that single lane carriage way will surely present problems. Sometimes a block pops up in heavily built up areas you never know. There are a couple of knockdowns for sale on the river side of GE Hwy South Guildford.

 

Stay away from Bushmead and Rosehill. I have looked at both of these estates. There’s just ample cookie cutter homes and new land estates that can be developed in the surrounds.

If opting for a new build I would look for an infill block somewhere within Perth 5k but your budget may be too tight to achieve this.

In that case I would park my money in as much land as you can afford with a liveable home in Bedford or Bull Creek as you mentioned.

 

I don't see why you would rush a decision like this. If anything, having some health things going on makes it even more important to take your time.

 

Thanks for the replies guys - yes Rosehill went into administration last year it seems. I like the area and have spent alot of time around there as family live near the Rose and Crown, so that's why it caught my eye.

Can anyone recommend any suburbs around my price range which would yield a decent size block not too far (<15-20km) from CBD? I could probably push it to $650k, but the damn stamp duty is such a turn off.

 

https://www.realestate.com.au/buy/p...lished&activeSort=relevance&source=refinement