Used to play electric many years ago and now would love to pick up the steel string acoustic.

Research and price ($500AU max) has led me to Yamaha APX500 http://www.ultimate-guitar.com/reviews/acoustic_guitars/yamaha/apx_500/index.html or Cort MR710F http://www.ultimate-guitar.com/reviews/acoustic_guitars/cort/mr710f_qb/index.html not sure which is better I'm leaning towards the Yamaha

Any advice much appreciated.

You should try both and see/listen for yourself. Personally I've never tried any of them but I know that Cort guitars are of great value. I've played some and they're usually very good in their price range. Despite any advice you may be given, try them out for yourself and you'll know then.
Quote by Sinister Waffle
Who pirates Winrar? that has to be the most passive aggressive program I've ever seen.

"hey you should really buy me, the 40 days is up"
* hits X button*
" Oh okay, maybe next time?"

You sir have just won a thousand internets.
my personal preference would be the cort.
but my advice to you (and the advice that everyone else will give you) is to simply go to a store, and try them both out. i might like the cort, but you might like the yamaha.
and since it is gonna be YOUR guitar then i think YOU should like it

as for price, iono where you live in aus, but try get into the city music stores (allans etc) as ive found theyre cheaper. do research around lots of stores for the cheapest price. if you live near brisbane, each year they have a sale with all the brand distributors. i picked up a $900 acoustic for $500.

good luck
haven't seen the cort, but i was interested in the apx500 till i played it. it has a thin, lackluster unplugged sound which is to be expected from a laminate top thin body guitar.

haven't tried the cort, but if it's got a deeper body, it will probably sound better. it does have a solid top, and also makes it probable it will have a much better unplugged sound.

i, too, definitely suggest you try 'em both out.
Thanks ended up buying the Cort MR710F got it for $399AU package which is bloody good price... Cant wait!!!