VIC PPOR- New townhouse vs Old house

hi, I am looking to buy PPOR in Melbourne east. My budget is around 700k. I cannot decide whether to buy a new off the plan townhouse ( house size 22 sq, land 290sq) with its own street frontage OR an old house (4/1/2) with decent land(land size 700sq). Any thoughts? Thanks in advance.

 

Depends on your circumstances. Age, income, wife/kids etc

 

Old house with land by the length of the straight.
Can manufacture growrh via multiple avenues.

Brand new townhouse for PPOR doesn't even have any tax benefits. It's just more shiny.

 

You cant improve on new and you cant add in more land.

You can change the old house into new or knock down and put 2-3 townhouses on yourself.

General rule - buildings depreciate and land appreciates, so if you are looking for long term gain you would be looking for the largest land content you can afford as this is the only thing you cannot change about a property.

 

Are they both in the same location?