I found in W.A. the commerce website provides a great deal of information.
I'm sure things are different in Victoria but they might have a similar website

http://www.commerce.wa.gov.au/consumerprotection/Content/Property_renting/Renting_and_tenancy/Landlords/index.htm

1998 Supercharged Holden Calais – Paid $4750
1988 Turbocharged Toyota Supra – Paid $4000

Not a fan of paying for things that depreciate in asset.

I've noticed banks don't allow any clauses unless it gets passed in.

Few I've been to a few who want 10% deposit, will not allow early access, 30 days settlement and no pending finance.

I always look at older houses only if it has a potential to either subdivide or renovate and add more value. Make sure you check how much it will cost for repairs/maintenance as well. 
As your a FHO you'll have to live in the house for the specified time until you can rent it out. In this time if you get the older house you can do reno's and claim depreciation over time AFTER its rented out. Don't think you can not claim repairs after while your living in the house though. Older houses still have depreciation for some things but not near what you'll get for a new house.

The 26K for the new house sounds nice but if the rent or land value doesn't increase then you only have rent and depreciation as income. New houses have the most depreciation at the start and get lower and lower, how long do you plan to have the property?

Check difference in insurance costs for the new and old house as they could differ.
Have you checked with the council to see if you can subdivide the old property now or in the future and if the market wants new houses on sub divided properties? Maybe buy the old house subdivide and sell the land?

The difference in rent is bugger all.

The way I do it is pay everything on my credit card (food, fuel, parking, bills etc) and then pay off the credit card with the money in my offset account before the "55 days".

Its not really 55 days its something like 30 days interest free then you have 25 days to pay off that interest. So if you pay if off at the start of the 55 days and pay it off before the end of the "55 days" it saves you some money because you have that money sitting in your offset account for 55 days before you have to use it to pay off your credit card. Read your terms and conditions, its on most banks websites.

Lots of credit cards don't have an annual fee either so it's win/win aslong as you do it correctly

I've done it for nearly a year, haven't paid any fee's or interest but unfortunatly I'm no good at maths to calculate how much I saved. Even if it's a little bit, its still a little bit saved!

Why do you want your own home (PPOR), guessing at age 24 you want independance?

3. Stay at home & purchase IP with IO loan with 100% offset
(save on rent if you don't pay it, also interest on IP is tax deductable, once you get inheritance put into offset and then your IP should be positive cashflow. Could purchase another IP?)
4. Rent a house & purchase IP with IO loan with 100% offset
(Pay rent, might not be able to get IP loan until inheritence due to paying alot of rent, interest on IP is tax deductable though)
5. Rent with friends or rent room & purchase IP with IO loan with 100% offset
(Pay small amount of rent, should be able to get IP loan, interest on IP is tax deductable though, part freedom)
6. Purchase PPOR with first home owners grant IO loan with 100% offset. No stamp duty!
(Live in for 6 months then turn into IP)
(Live in and rent rooms out)
(Live in then purchase a IP)

With PPOR the interest is not tax deductable except if you rent out rooms which is part deductable I believe? (Check ATO website)
If you have a PPOR and IP put all your money into the 100% offset account of your PPOR and you will then be able to claim more interest on your IP while paying less interest on your PPOR.

Don't jump into anything if your not 100% sure or if someone tells you to. Your not in a rush so research research research!

Would you ever recommend someone to manage their own property and if so what advice would you give them?

What are the most common mistakes when starting in property investment?

What are the positives and negatives of a single investor vs a couple investing?

Should you always go to a mortgage broker or can you find a better deal yourself?

How do you stay focused on your investment goals without your effort go down the down in that small window of weakness?

How can you investment in property without investing in 2 minute noodles? (Kinda funny kinda relevant)

See Table 1 about zoning size. R30 is much better

http://www.stirling.wa.gov.au/NR/rdonlyres/2F465AE2-8C26-4DD6-B7A8-CEAABE833325/0/InfoSheetResidentialSubdivision.pdf

Contact the council first to make sure you have enough space and are allowed to subdivide in the suburb before spending any money preparing it.