It was in the summer of 1965, according to a report in Pix magazine, that the skateboard fad started in Australia. The first boards were made from a shaped section of fence paling with the wheels from an old roller skate nailed to the bottom. If you wanted to look flash you would add a Rat Fink sticker to the deck.

These first boards were ridiculously small by today's standards, and close to uncontrollable, yet fearless grommets of the time were able to perform spectacular tricks, including handstands. Downhill races were popular and highly dangerous considering most riders preferred to ride barefoot. The first warnings from medical authorities also appeared in Pix magazine in 1965.

Those first skateboards are now keenly sought after, usually by the same teenagers who rode them more than 40 years ago. One in good nick will fetch about $200, even with signs of abuse. These boards are not ridden but mounted on the wall as a kind of sporting trophy. It's a statement, proving that the current balding, overweight owner was once a skinny, peroxide-haired brat with scabs on his knees.

Even more valuable are the first skateboards to be professionally manufactured, either in Australia or the US. Some of the first to appear here were the Roller Derby brand fitted with the trademark Chicago trucks and steel wheels. These are now so rare that one in good, original condition can fetch up to $500.

Ones made or endorsed by Australian surf pioneers such as Barry Bennett and Midget Farrelly fetch more. One of Farrelly's recently sold for $1300.

Skateboards from the '70s are also in demand, especially the first examples to be made from fibreglass. Their flexibility enabled a new range of tricks to be performed. The first polyurethane wheels were produced in this period. These boards were still miniatures compared with today's skateboard superliners but, for most fortysomething collectors, these were the first ones they ever rode.

Boards from the '80s are also taking off, especially ones made by legends of the modern style like Tony Hawk.

This a relatively recent phenomenon. It was less than 10 years ago that Mick Mock, who runs an annual auction of surf memorabilia in Sydney, started to include some old skateboards in his catalogue. They are now an important segment along with the older style of surfboards. He says there are at least a dozen serious collectors of skateboards in Australia, prepared to pay as much as $1000 for one they particularly like.

Many more do their buying and selling on online auction site eBay.

Some of the most serious collectors are involved in the surf industry, including a few former pro surfers. Others work in unrelated professions, including a lawyer and a real estate agent.

While Mick Mock says the economic collapse did have an impact at his most recent auction, skateboards are still in demand. Those listed ranged from a 1970s Makaha skateboard (estimate $100 to $200) to a rare Nash Goofy Foot, made in the US in the 1960s, complete with Chicago trucks and original chalk-type wheels ($350 to $400).

Original trucks and wheels add greatly to the value, along with original logos and stickers. Condition is a matter of taste. Signs of use are acceptable and are even preferred by some collectors.

Mick Mock sells a range of vintage skateboards at his surf memorabilia shop, Little Dragon, in Bramley Avenue at Newport Beach on Sydney's Northern Beaches (open when the surf's not good).

A couple of recent events have helped spark the vintage skateboard revival. One was the 2005 film Lords Of Dogtown, recreating the birth of the extreme skateboarding movement in Venice, California, in the mid-1970s. The main participants were Jay Adams, Tony Alva, Skip Engblom and Stacy Peralta (portrayed in the movie by actors including the late Heath Ledger). It's a wonderfully evocative doco-drama and it's no coincidence that skateboards associated with this period are especially valuable.

Later riders of note include Sam Caballero and Tony Hawk. One of Hawk's landmark 1980s designs, the Bird Claw, was listed at $900 to $1200 at Mick Mock's September auction. These have previously sold online for $1500.

Another source of inspiration was the recent video for the song Forever Young by Youth Group, as featured extensively on ABC's Rage (also on YouTube). The video shows the first Coca-Cola Pro-Am skateboarding competition held in Sydney in 1975. This footage is almost painfully nostalgic for early skateboarders, especially Brett Warner (see My Collection) who is seen competing at the age of five.

My collection

Brett Warner makes modern, competition surfboards at the factory that was started by his father in the Sydney suburb of Brookvale.

He also collects old skateboards and has about a dozen, including rarities such as a deck signed personally by the legendary Steve Caballero.

His favourites are the old, wooden Surfa Sams he first learnt to ride when he was just five years old.

And he has proof that he was pretty good, even at that age. That's Brett competing in the first Pro-Am competition on Youth Group's Forever Young video. He's recently gone back to the location (Aquatic Drive in Frenchs Forest) and can't believe how scary the tiny slope seemed at the time. The Dee Why hill was much steeper.

Growing up in Sydney's equivalent of Dogtown, he still remembers how exciting the skate scene was in the mid-1970s. When word got out that Bill Bennett, one of the local importers, had received some new gear, there would be a virtual stampede to his shop.

"There used to be a line of kids waiting to get in there," he says.

He has several examples of the kind of boards that inspired the hysteria.

Brett's son Kai shares his passion. Aged 10, Kai is also a talented rider.

$100

A typical 1980s street board is this Reflex, designed for the extreme riding of the period. These boards are now collectable, especially if they have the original trucks and wheels.

$200

The Mustang Roller Derby skateboard was one of the first imported designs to be available here. Ones with the painted decks and original roller-skate wheels are most valuable.

$500

The first fibreglass models from the early '70s are now very desirable.

The Flexiboard was made in Sydney by surfing pioneer Barry Bennett. Midget Farrelly also promoted skateboards.