When was your first purchase?

Despite having worked all my life and being 'good with money', I didn't have the knowledge or the confidence to get started in property. I didn't have a supportive family and was relieved to be single after a very destructive relationship.
I was a very late starter and only took the first leap of faith when I was evicted from the place I'd been renting for 9 years. It was so hard to find another property to rent back then that I finally took the leap of faith.
Not knowing where to buy, I asked the Vietnamese property-mad guy at work. Best advice ever. Lived in it and renovated for 4 years.
2007 - Harris Park - $197K income $50-$55K. Now worth $450K or more.
Should've and could've bought 2 but didn't know then what I know now.
Not saying how old I was but for anyone else who's had a slow and difficult start, don't be intimidated. Do what you can do.

 

Well done for not giving in mate, inspiration!!!

 

First purchase for me in 2013 I was 24, my mrs already had her own place bought in 2008.

2013 - Taringa QLD - 630k, combined income at the time was approx 180k

 

@DaveM - rented a unit there in 22 Great Western HWay when I first moved to Sydney from overseas, fully furnished. I think I was paying about $200/week or around that mark back in 2005. All I had moving here was $8K in savings and, a friend who let me stay at her place for a couple of months until I could find work.

First property:
Westmead Unit = $350K in 2011
Income = > 100K/pa
Unit in same compound just sold for $500K a few weeks ago.

 

First and last OTP purchase.

Yeh, still hold this property. Probably for another cycle and then look to move on.

Cheers,
Michael

 

Ok my first was 2008, a modest 2-bed/1-bath/1-LUG in Sydney's Parramatta area.
Last (most recent) settled in late May.
Hoping for one more acquisition to see this year out after what has already been my biggest buying year to date.

 

Bought my PPOR in June 2012 at 45yrs earning $72K for $500K on the Lower North Shore. Cheapest on the market at the time not on yellow street quite pleasant 2 bed + lu garage, quiet and surrounded by nice houses. Turned it into my investment property positively geared @ $550/wk this year. Agents told me yesterday it might fetch $800K now (I don't believe them, more like early to late 700s). Not bad for a late starter like me though.

 

Congrats and welcome. What a great position to be in with decent equity for your next deal.
@Steven Ryan may be able to provide some useful tips!

 

2011

 

@Cia will have done well. The lower north shore has been right on par with the booming inner west since 2012.

Turbo charged equity! Happy days.

 

Purchased at 24. House and land package for $365,000 in 2012. Worth $410,000 now.

It's interesting. It seems the median age for the first purchase seems to be 24-25

 

I was getting 240pw on my one, but the strata ate a lot of it

 

Started late at the age of 40 in 2012. Almost bought a 3-bedder spec-built house for $634k. Decided not to exchange contracts and bought land nearby for $348k. Just squeezed in for the NSW first-home owners grant. Built my PPOR for $386k. Overall cost $734k. Moved in during March 2014. Would be worth around $1.1mill based on recent sales in the area.

Wished I had started earlier, however the booming Sydney market and proximity to the Northwest Rail Link has helped make up for the slow start.

 

Kinda makes sense IF we assume most of the posters on here were at least slightly cluey about money. Or at least curious enough to find out soon after they began making some.

18 yo – Finish school
22 yo – Finish uni (or apprenticeship or have already been working a few years)
25 yo – At least a few years of work under the belt and deposit saved

 

Bought first property in Greystanes in 1979 for $40k was earning $12k pa. Age 24. Current value $700-800k.

Fibro place with a pool 3 bed 1 bath on a 750sm block. Worst purchase evrer as easement affected which makes it un develop-able. We still have this property with family member renting it. In fact we still have all properties we have ever bought.

 

19yo in 2003. Bought my PPOR and 1st investment at the same time. 2 houses side by side from the same seller. Paid $28,000 each. In inglewood Qld. My mortgage payment was $44/wk P&I and the mortgage next door was $150/month Interest Only. Rent on the investment was $85/week. Borrowed 95% and got the $7k FHOG and had more money after I bought than before.

Cheers,
Clint.

 

26 yrs of age in 1997, built our first PPOR for $130,000 just before the boom. Still have it as an IP and its probably worth around $460,000. Have since upgraded our PPOR and gone on to accumulate a portfolio of IP's shares etc. Our PPOR provided us with a solid base to invest further as we were able to pay it off in 2 years. (Having saved previously to buy the land outright and taken a small loan to build the house).

I was earning around $27,000 and my wife similar.

 

Good thing you sold @DaveM, the common area felt like it was being trashed all the time.

 

$40K for a house in Greystanes!

 

Bought my first in 2011, 3 bedroom house in Gladstone, QLD for 375k, 23 years old.
Would be lucky to be worth 300k at the moment, but will just hang on and hope things improve.
Do I regret it? Of course I do, but you also learn alot from mistakes like that.
My second purchase has nearly doubled in value in less than 3 years, so that has taken the sting off a little.