I think it's a great idea to invest in your own home. It will nearly always gain in value, assuming it is in fine condition and you keep it that way. When looking for a home, keep the basics in mind. Make sure it has a good roof, good fit and finish throughout, especially on doors and windows. Any areas paved in concrete or ashphalt should be relatively free of cracks. This applies particularly to the foundation. If the house has a full basement, be sure it is dry, with no tell-tale signs of water incursion such as water stains or wet spots on the foundation walls or the concrete floor. If the house has a slab foundation, look for tell-tale signs of water seepage such as wet spots on carpet, or peeling or water-damaged flooring.
All mechanical systems should be fully functional -- plumbing, heating and air conditioning, and all electrical circuits. make a close inspection inside all cabinets, particularly those base cabinets in the kitchen and bathroom which may have a kitchen sink or bathroom vanity. Toilets should be securely attached to the floor, with no signs of water seepage and no smells of mustiness or sewage. Interior decoration, including paintwork and wallpaper if present, should be in good condition and of a color and/or design you can live with. Remember, removal of wallpaper is a labor intensive and therefore costly process, so keep that in mind as well.
Also consider the overall energy costs involved. Heating systems which burn natural gas as their primary fuel will be much more cost efficient over time than those which run on electricity alone as the primary heat source. Also, a natural gas water heater will usually be much less costly to run than one which heats with electricity. The attic space should be well ventilated and insulated. Exterior landscaping should be well designed and neatly trimmed. Be wary of large trees with branches overhanging the house. These are just a few of the high points, as suggested by 01loadedLE, a good home inspection is well worth the cost, and the inspector's report should be considered during price negotiations if there are any problem areas which need to be resolved prior to the sale.
Finally, insist on representation by an experienced real estate attorney during the closing process. He or she will ensure that there are no problems with the property's title, survey, and any number of a myriad of issues you can't think of but will be routine to them.
Also remember that a good rule of thumb is that your total monthly mortgage payment, including principal, interest, and property taxes should not exceed 25% of your annual income. Less would be better. Also, I don't know how insurance rules work in Australia, but here in the U.S., if you make a minimum 20% down payment, you don't need to carry Private Mortgage Insurance, which is a great savings. I have no doubt that the rules in Australia are similar, if not identical. Of course, the added benefit is an automatic 20% equity in the property, which means 20% of any future increase in property value automatically accrues to you as pure profit, and giving you greater leverage when selling the property in the future, as you may need to do should you start a family and need to move to a larger home.
I bought my home somewhat late in life, having been a renter during most of my career in the Air Force, due to frequent moves precluding my ability to buy a home. However, looking back, I would have bought a house a lot sooner, knowing what I know today, so you can rest assured, you're doing the right thing.
Good luck and keep us apprised of your journey into home ownership. Try to post links to photos of your new home once you have it!