iTunes has (for as long as I can remember - although, I may be going senile) never shown "Purchased" rather than a buy link on my purchased content when I go back to look at an individual item in the store at a later time.
To see your purchased content, when you initially open the iTunes store, you need to look at the list on the right side of the store and click on the "Purchased" link there. You may need to sort by "All" to find the one you're looking for.
There is, also, no place to view "all" your purchased content. You have to go to each individual iTunes store; Music, Movies, TV shows, Books, Apps... and click on that "Purchased" link at the right side of the page and can then view all your purchased content related to each area of the store.