Buying a house is not just paying the house price, there are plenty of other miscellaneous expenses associated with it.

To purchase a house
1. House price
2. Lawyer fee
3. Stamp duty
4. Monthly maintenance fee, sinking fund, insurance etc.

A own stay property is a liability until you sell it.
Also, rent out may not as easy as one thinks, especially current soft property market.
While there may be lot of hassle in term of renting out especially if meet with troublesome tenants.
Don't take for granted.

Renting has its own advantage
1. If rent wrongly, or the place is no ideal, just move out and search another better one.
But if bought, you are stuck with it, until you manage to sell it, which may be year or years away.

2. Preserve capital, you do not need to commit a big sum capital into the property, whereby the capital can be invested elsewhere.
You have much strong cashflow.

In current soft property market condition, there is needless to rush to buy property, there are a lot of choice out there.
Better take time to survey around, before making any decision to buy or rent.

Both buy and rent has its own advantage, not necessary which side must be better, it depends on various condition and individual needs and preferences.

I guess this sums up everything.
There is needless to rush, take your time to survey around before making any decision.

It is not like currently property is "hot" and price will escalate next week or next month if no decision is made now.

Having 500K cash, even put in bank, you have extra 20K pa.
Cashflow +20K, while 500K capital enable one to invest or as business start up capital or doing whatever.

Dump 500K into property and tight with, it is pretty sure the the likelyhood of -cashflow pa. until one sells it.

Also, please do not assume every property must make a profit.
If bought wrongly, one can "stuck" with it for long period of time.
That's why it is advisable take sometimes to survey and familiar with property market.
Not every property is the same.