Home ownership remains part of the Great Australian Dream, but first-time buyers have been notably absent for the past few years as prices have surged.

With a median house price in Sydney above $1 million, and predictions Melbourne could soon face the same seven-figure prices, it's no surprise first-home buyers are worried about whether they'll ever buy in.

Some of the advice Gen Y is tired of hearing about includes buying on the fringes of the city or the need to compromise on the property they have in mind for their first step on the property ladder.

But was it really this hard for the experts when they bought in? And where did they buy themselves?

Some of the answers might surprise you.

Charles Tarbey, chairman and owner, Century 21 Australasia

His first home: Punchbowl, 1974, $23,500

Century 21's Charles Tarbey. Photo: Luis Enrique Ascui

Charles Tarbey is the owner and chairman of real estate chain Century 21 Australasia.

But in 1972, then 16 years old, he started his career as a property manager. Two years later, at 18, he managed to buy his first home.

It was a small house in Punchbowl, which he sold a year and a half later for $38,500 - $15,000 profit before costs are considered.

"I lived in the property, until it just so happened that about a year later the market boomed. Looking back, it certainly wasn't my ideal home but it was affordable and was located in an area with good growth prospects," Mr Tarbey said.

With the profit, he bought a couple of blocks of land in the western suburbs to start his portfolio.

He said first-home buyers of the 2010s "can tend to focus too heavily on buying their dream home" when a first home is not necessarily your home for life.

"First-home buyers may be missing out on good opportunities to enter the market as they discount the potential of areas with a more 'negative' reputation or listen to those who talk an area down because it doesn't have the same 'prestige' others might," he said.

Cherie Barber, director, Renovating for Profit

Her first home: Pymble, 1992, under $200,000

Cherie Barber, Renovating for Profit. Photo: Louie Douvis

Renovating for Profit director Cherie Barber has renovated close to 100 properties in her career as a professional property flipper. But she had a rocky start to home ownership.

When Ms Barber looked to buy her first home in the early 1990s she made the big mistake of buying on a main road - "but it was all part of the learning curve", she said. She paid under $200,000 for the home.

Just one year later, she flipped her fixer upper for $205,000 - making a modest profit on the sale.

"I had always intended to flip my first property for a profit, so I could use the money to invest in future renovation projects," she said.

"Unfortunately, home affordability, especially in cities like Sydney and Melbourne, is not what it was back in 1992 when I bought my first fixer-upper," Ms Barber said.

"First-home buyers here need to look in the outer ring suburbs and regional areas, where you can still buy houses for under $500,000. Just be sure to do your homework and buy in an area that promises good long-term capital growth."

Doug Driscoll, chief executive, Starr Partners

His first home: Maidenhead (England), ??180,000 ($292,000), 2005

Doug Driscoll, Starr Partners Photo: Supplied

When Mr Driscoll bought his first home 12 years ago, he was in England and working in real estate.

The home he bought was a "dilapidated cottage" with heritage appeal, including floorboards and ornate cornices, but needed a complete renovation.

After spending ??50,000 ($81,123) on the home and six months of his own labour, he'd remodelled the bathroom, kitchen and most of the home.

"First-time buyers shouldn't be concerned about getting their hands dirty," Mr Driscoll said.

By 2009, he'd moved to Australia. But he held onto the property, and several others, as investment properties that return "handsome dividends".

He has now focused on growing his business and rents in Sydney's north shore suburb Kirribilli.

"It's always about location, location, location - that's the philosophy that should underpin anyone's buying approach," he said.

Shane Oliver, chief economist, AMP Capital

His first home: Bilgola Plateau, 1991, $299,000

AMP Capital, Shane Oliver. Photo: Louie Douvis

When AMP Capital's chief economist Shane Oliver bought into the market in 1991, it was a lot cheaper - but it wasn't any easier.

At the time, he was a young economist at AMP, the unemployment rate was high and uncertainty was in the air.

"It was a very different environment - we were in the midst of the worst post-war recession Australia had ever had and interest rates were high," he said.

Buying as a rentvestor with his then-girlfriend, who is now his wife, they both lived with their parents but managed to put a deposit together for the home.

Using negative gearing, and continuing to rent the home out while they moved into their own rental, they eventually sold the property for $345,000 three years later realising it wasn't where they wanted to live.

"It was 15 per cent capital growth, or 5 per cent compounding per annum, and we spent about $15,000 on renovations. After rates, taxes and net return it wasn't that great."

They then bought in Avalon, where they continue to live today.

Brad Beer, managing director, BMT Tax Depreciation Quantity Surveyors

His first home: Georgetown, 2002, $170,000

Brad Beer, BMT. Photo: Sam Bennett

Brad Beer was a property professional before he bought his first home - having worked at BMT since 1998. About three years after he started with the tax depreciation company, he was ready to buy his first home.

Having grown up in Newcastle, he bought a local property in the suburb of Georgetown.

He'd saved about 20 per cent as a deposit, and was able to get the $7000 first home owners grant and avoid stamp duty at the time due to concessions available.

To do this, it meant living in the home for a period of 12 months. During this time he renovated the home.

The property needed a lot of work and he kept the costs low by spending his weekends and spare time doing it himself.

"I spent about $20,000 on the renovation," Mr Beer said.

He then rented out some of the rooms to friends, while living in it on weekends and spending the weekdays in Sydney for work.

He still owns the property today, as part of his investment portfolio. He estimates it is worth about $575,000 to $600,000.