Absolutely, investing in yourself is the most important thing you can do. For most people, they will earn more through working than they will from investments. Apart form those who are minted at birth...
No one should blindly invest in anything, I don't think that has been promoted on here by anyone. As for first, well, it depends on the person and their financial education. I didn't know enough about shares to invest my first property deposit in them. So my first apartment was my first asset purchase. If I knew then, what I know now, I may have taken more risk in the hope of building the deposit more quickly. Although having to pay CGT on any gains I made would have made it pretty risky for not much potential extra gain.
However I do think rentvesting into property is the best course of action for most young people to start their wealth building journey. Timing, however is important. I have first hand experience with this.
However I don't agree that every fundamental available points to Australian property being over valued. We live in a global world now, asset prices in desirable cities the world over have gone up significantly in recent times. It is, IMHO, the result of ultra low interest rates and central banks reluctance to allow free markets to be, well, free... Or at least allow them to rise and fall of their own accord.
I cannot see interest rates getting back to long term historical averages anytime soon. So the search for somewhere to put funds is going to continue. Bank deposits and US treasuries are worthless. Shares are volatile. Property is seen, whether you agree or not, as a fairly safe investment. And investors are prepared to pay a premium for that safety, along with having a history (thousands of years) of returning acceptable capital growth and yield over the long term.
I won't argue, and have posted to this previously, that property is in for a tough ride until our economies can operate normally again. Obviously high unemployment is a key factor. I don't have any data to back up this claim, but I do think the majority of unemployment, so far, is not necessarily in the demographic that overwhelmingly own property. That is not to say things won't change.
As for timing, I am not planning to buy in the near future and I wouldn't advise others to. But I would highly suggest building a deposit to get in once there is some certainty over CV. Near zero interest rates and a bouncing back economy is likely to produce another good period for well located property.
