I tend to avoid new property for all of the reasons listed by others here.
What I find to be a good 'goldilocks' zone for property though (in regard to depreciation specifically) are those of 5-10 year old vintage.
Why?
Generally speaking, properties of this age have had all their marketing costs and over-inflated 'when brand new'-ness washed out of them. BUT at 5-10 years of age a tax depreciation report is still in it's relative 'prime'. Meaning that if buy say a 6-year old property, you get the best of both worlds for a few years. You'll use these few years to get the property moving into positive cash flow territory via market growth and rental increases.
Like I said, this is a generally observation/personal experience but Goldilocks 5-10 year old properties are worth a look for this reason.