No, seriously, if you've got 20% deposit then buy the new place. If you have the minimum only buy if you can add value yourself on an older home. Important in troubled times to protect yourself to the downside. Both of these options will give you a buffer.
It's hard work with a young family so the preferred option is most likely the new place as it's a busy time and with two working parents you don't want to spend all weekend knee deep in reno's. Get home on a Friday arvo crack a beer on the new deck looking over the landscaped gardens and relax.
Is your wife's government job safe? Obviously some are more so than others, the state has them in the gun at present.
Don't look at the rent as a waste of money you have to pay something whatever you do, rent or bank interest. Leasing another 12 months will not be a waste of time as most will agree prices won't be going anywhere. You may even save a buck. Good luck.
