Where the experts bought their first homes

Real estate experts, commentators and industry members are regularly listened to carefully for tips and information on where to invest next and how the market is performing, among other advice.

However, every expert had to start somewhere. Property Observer asked a number of industry experts about their first homes, where they were, when they bought them and why. The results, which span across Australia, are a fascinating insight into their first step on the property ladder.

TERRY RYDER – Hotspotting.com.au 

• Location: Bundamba in Ipswich City in the south-west of the Brisbane metropolitan area.
• Price purchased for: $25,000
• Year purchased: 1981

Do you still own the property?

No, I sold it in 1984 for $40,000 (which was 60% growth in three years, proving that ugly real estate in downmarket suburbs can show exceptional capital growth). I then bought a house in the eastern suburbs of Brisbane for $50,000, which I later sold for $110,000.

Why did you buy that property?

It was what I could afford at the time: a small weatherboard box on a noisy road in a fairly dismal suburb, but it was affordable and it was close to a commuter train station.

Did you renovate?

No, no renovations.

Why did you want to buy?

I was fed up with being mistreated by landlords, so I decided to buy my own place.

TODD HUNTER – wHeregroup

• Location: Cronulla, Sydney NSW
• Price purchased for: $112,000
• Year purchased: 1993

Do you still own the property?

No I don’t, it sold for $256,000

Why did you buy that property?

It was my first home, a one bedroom unit very close to the water with a tandem car space. It started a love for property for me that is still there.

Did you renovate?

Paint and carpets only.

Why did you want to buy?

It was my first home and my parents instilled the property bug in me early as I purchased when I was 19 (after much saving for the 20% deposit is set up costs with my girlfriend… There was no first home owners grant then either).

ANDREW WILSON – Australian Property Monitors

• Location: Camberwell, Victoria
• Price purchased for: $95,000
• Year purchased: 1986

Do you still own the property?

No. Good growth as purchased at bottom of the cycle before the 1988 boom.

Why did you buy that property?

Great location, big block in a sleeper street – but in original condition (plenty of upside potential).

Did you renovate?

I completely renovated and rebuilt.

Why did you want to buy?

I’m Australian – the aspiration for home ownership is in our DNA.

MICHELLE COLEMAN – W Financial

• Location: Quinns Rock, WA
• Price purchased for: H&L for $95,000
• Year purchased: 1995

Do you still own the property?

No, I bought it with my partner at the time.  He does actually still own the property and it is estimated to be now worth around $550,000 to $600,000.

Why did you buy that property?

It was what we thought we could afford at the time (that was closest to the beach of course), but also we thought the area would have good growth.

Now I look back with all my knowledge with finance and investing and wonder how we could have made our decision that way!

Did you renovate?

We had to do some landscaping as it was house and land.  

At one point I really wanted a spa – it wasn’t ever fully installed (when I was there) but I’d sit in it anyway.

We didn’t have fences though at the time, so random people in the neighbourhood would wander by to have a chat.

Why did you want to buy?

It’s the great Australian dream; I wanted that like everyone does. That property didn’t quite go to plan, but it did give me an appetite that has made me the investor I am today.

Story continues on page 2. Please click below.