If your goal is to buy a home for its resale value and the potential to make a profit then a project property in a good area is absolutely the right decision. Always be as realistic as possible with renovation costings and associated taxes that will be deducted prior to any profits.
A refurbished property can offer you instant benefits and may only require minor alterations to suit personal preferences, this may be more suited to individuals with a busier lifestyle and tighter financial constraints.
Ask your agent for the statistical breakdown of properties within your budget and location preferences to ensure your decision is justified when choosing your next home or project.