Sorry this is quite long, but I would greatly appreciate anyone reading this and giving any advice.
I'm in the market for a new electric guitar (playing for 9 years with SX les paul copy for last 2 years) and would love a semi-hollow/hollow body guitar, and I especially like the gibson or gretsch look and sound. My local store has the Johnson Grooveyard js500 for $375 and I am considering that, but I am wondering if it would be better to save my money another year or so and go for the gretsch model which they have for $1200. The reviews i have read make it sound as though the Gretsch is great, but a bit overpriced, while people seem to think the Johnson is much better than they expected. Of course the main factor in deciding is to actually go and play them, not just look at reviews, but I just need to know if the Gretsch is really $800 better. Also, I know I can always try them out and look for a cheaper deals online/second hand, as I am only 16 and don't have much money. Thanks.
ah! It's a fake rockstar2be

Dude, go for the Gretch. I own a Johnson guitar and it's rather firewood worthy; granted it's a classical and not an electric, but Johnson make inexpensive guitars. If you're looking for something rad, go for the Gretch if it tickles your fancy.
I've never played a Johnson that wasn't an enormous pile of crap. They seem to make guitar-shaped objects for people who won't know the difference (hence many of those reviews).

I don't think the 5120 is overpriced at all. I'm surprised that came up in reviews, actually. You're getting screwed on the price because you're in Australia, but price inflation is across the board. I can't think of another full-hollow in that price range that is made as well as the 5120. They're excellent instruments.