Should my first property be an investment property?

Pros and cons a matter of weighing it all up. No right or wrong.

At the end of the day what is important is buying the right product.

You have time on your side as Melb market is softening, weight up whether you should just continue saving, sit back and wait. Don't let money burn a hole in your pocket.

Personally I would be looking at properties where I could add value, either by developing ie building a property at the rear down the track or renovating down the track.
Its dependent on your budget and ability to service debt.

Growth will be a little tricker now that cycles are changing, so if you can add value its one way of mitigating the risk. You don't want to go backwards, paying debt and property not keeping up with inflation.

MTR