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You are correct, but the depreciation back then was a higher rate of 4% pa for 25 years. This period has just about finished so is pretty irrelevant now. Whereas a house built in late 1987 has a lower rate of depreciation (2.5%) but this is over a longer term (40 years) so this is still...

I believe it is important for building depreciation. Post Sept 1987 construction allows you to claim the building (depreciable for 40 years). Pre 1987 allows you to claim things like hot water systems, TV antennas, letter boxes, etc but not the house itself. So all things being equal...