New to Propertyinvesting.com & new to the housing market

Hi all,
        I'm new to this site so hopefully I am posting in the correct area.

I just wanted to get some feedback as to strategies moving forward with regards to an investment plan to set me and my girlfriend up financially.

I am 26 and have purchased an 80 sqm apartment in Hughesdale (VIC, near Carnegie, Murrumbeena, East Bentleigh etc) for $485,000 in May 2010.

Purchase was "off the plan" and construction started in September 2011, with completion due Late 2012 – Early 2013.

My girlfriend and I are eligible for the first home buyers grant of approx 18k, and by December this year, including the 10% deposit we put down against the property, we will have approx 180k to get started.

I am allocating 15k of this for start-ups such as fridge, lounge, bed etc which leaves 165k deposit laid down against a 485k purchase.

I understand the market has dipped since we bought, and our property is more than likely valued at around 460k mark.

We were planning on putting in 5 years of hard work to put as much money into this property as possible.

Ideally i would like to keep this as an investment property as it is very close to Oakleigh, including schools, train station, Monash freeway and Chadstone shopping center.

What would be the best plan of attack from here, is it to get as much equity into the property as possible, and then use some of this to get a deposit down on a place to live in 5 years approx time?

I estimate our repayments for this property to be approx $2200 per month, which at the moment combined me and my partner are putting away $4000 a month in savings whilst living at home.

We have a joint income of 145k which doesn't factor in any commissions i earn at work (i am in sales)

Any feedback is appreciated as i am just going through the process of gaining as much financial knowledge as possible to ensure i give ourselves every chance to be financially sound in the future.

I look forward to learning from you all.

Cheers O