NSW PPOR or Investment first in 2022? Need some advice.

Hello all-

I'm relatively new to Property Chat, and would like to request some advise from the members of this group.

About me: Married (both mid 30's), 1 child (~2 years old), both have stable income (total ~$200k+/year), $100k+ savings, $150k usable equity from parents home, we do not own any property, live in Sydney, renting an apartment, home loan borrowing power ~$1.3M.

Situation: We're unclear on whether to first buy a house/apartment for us to live in Sydney, or first start with investing in a property (or two) and continue renting.

Options available:
1. Buy an apartment in a well established suburb in Sydney (~$1-1.1M), walking distance to public transport, shops, schools, close to university and work places etc. Build equity over time, and then invest in a property 1-2 years down the road. Long term goal (5 years down the road) would be to buy a townhouse/house in Sydney and give the apartment on rent.
2. Buy a relatively new townhouse or house or a new land/house package (~250-300sqm) in one of the western suburbs (~$1.2-$1.3M), 5-10 min drive to nearest metro and shops, decent schools. Build equity over time, and then invest in a property 1-2 years down the road
3. Buy one or two investment properties (~500k each), establish a positive cash flow, continue renting in the mean time, and then buy a place (preferably a house/townhouse) to live in Sydney 1-2 years down the road.

Any comments/responses would be greatly appreciated. Happy for you to suggest any alternate options. Please post any additional questions you have.

Thanks,
-Victor