If / Else in HTML within a return of PHP function

I am trying to use an if/else statement within an HTML structure of a return in a PHP function:

function price_vat() {
    global $product;
    $condition = $product->get_attribute( 'pa_condition' );
    
    return'
    <div class="condition-container">
        <div class="condition-wrapper">
        <?php if($condition = "New"){ ?>
            <div id="content-banned">New</div>
        <?php } else { ?>
            <div id="content-not-banned">Used</div>
        <?php } ?>
        </div>
    </div>
    ';
}

I am sure it is just a syntax issue here, does anyone have any ideas? Also tried with a tertiary operator but couldn’t get it to work. Any input is appreciated.