It's really tempting to buy expensive stuff and lots of it but there's really no need. When I got the urge I just told myself that if I spent $x that equated to an extra week or so that I could afford to take off as maternity leave and DD would get much more benefit by me staying home longer than having the fanciest cot or pram.

This is what I spent:

$380 on Strider pram with bassinette (brand new but from a discount shop so saved about $140)
$230 on Mali Euro cot - brand new but from Graysonline auctions. Retails for $700 so saved about $500. Didn't bother getting that until DD was 6 months old as she slept in the bassinette till then.
$600 or thereabouts on a car seat (left this decision to DP)
$30 on a change mat that goes on top of a chest of drawers.
$50ish on a high chair from IKEA
$200 on breast pump and steriliser
$30 on baby bath that we haven't used - DD goes in the shower with dad
$0 on lotions and potions. Not necessary IMO.
$300ish on clothes for her first year (obviously not all in one go). Don't spend much on the first few months of clothes as it's not until they hit 6 months and the 0 size that it's really worth spending much. Once they hit 0, they'll be in that for about 6 months so worth spending a bit more then but I get all my stuff end of season sales for the next season and I rarely pay full price for anything.

So about $1800 - nowhere near $5000 - but we didn't spend all that before she was born anyway.