I bought my first scungy flat in Perth last year, a few decades too late. I think I was right as its a $310,000 flat in Glendalough, in a complex (311 Harborne) that doesn't feel like a prison. It was the cheapest flat in the complex since 2012, nothing has sold for cheaper since then, and the only problems were fixed by $10,000 of kitchen and flooring. I could have bought in the 1990s, but I was smart enough to work out that Perth was ridiculously overvalued and prices must come down. I repeated similar thinking over the next 20 years, but my real problem was self discipline, not reasoning. I now wish I listened to parents. Apparently grandma did well out of 10 pounds blocks in Mandurah. I saw lots of property investment spruikers over the past few years, but only gave money to Pat Mesiti who was good for me because I needed to fix my self discipline. I convinced myself to buy my first flat in Excel: basic property investment economics makes your first property purchase effectively a 24%pa return on capital invested with conservative assumptions. Conservative assumptions are 3% inflation, rent and property goes up with inflation, 5% interest rate, net rental yield 1% less than interest rate, 5% deposit plus 2% lender's mortgage insurance, no capital gains tax as first property, and no stamp duty or land tax as first property. I would be grateful if I could please borrow a time machine as some idiot needs some explaining. Thanks.