There are many ways to answer this based on personal situations. But in my experience, there is often more opportunities in established properties. I say this because you can often find flaws to negotiate the purchase price and terms. And often you can find opportunities that are miss priced by the agent. Eg ability to develop in a certain way etc A new build is often flawless and is priced at the peak of the market. This makes sense if you’re buying in a blue chip location but you’re spending 4m + because you’d expect capital growth regardless in the blue chip location. Eg burley QLD, toorak Vic, double bay NSW. So the early investor is priced out of these opportunities But again, each circumstance is unique and requires a different answer to the above IMO