On the flip side, many first-time buyers are expressing disappointment at how much help others are getting.

An Australian study reveals the extent to which many parents are prepared to give their children later in life.

Finder's Parenting Report 2023 surveyed a number of Australian parents of children aged 12 and under and found that many planned to give an average gift of up to A$33,278 towards a deposit for a first home.

The survey revealed that Victorian parents were the most generous, ready to save an average of $52,716, followed by South Australian parents at $44,656 and New South Wales at $40,191.

Queensland parents are prepared to put away an average of $36,497, followed by Western Australians at $31,076.

However, not all parents are keen or able to give such a high figure, with 51 per cent saying they would give $1,000 or less.

The average figure of $33,278 is about a third of the 20 per cent deposit needed for a house worth less than $500,000.

Finder funding expert Sarah Megginson said that without the help of their parents, many young people would be pushed out of the property market.

"Many young buyers are struggling to save enough for a deposit following the recent rise in property prices, and rising interest rates are making it tougher to qualify for a loan," she said.

Ms Megginson offers advice to parents in this position to help their children.

"Buying a home also means taking on new responsibilities, such as managing high council and strata fees, paying ongoing maintenance costs and managing your money," she says.

"Any parent considering financial assistance should ask their children to prepare a family budget to ensure they are prepared for this commitment.

"Otherwise, the worrying thing is that those going into the Bank of Mum and Dad may be less able to handle further interest rate rises."

There are other ways parents can help their children, including becoming a guarantor for a home loan, tapping into their home equity or having their adult children live with them while saving for a deposit.

Ms Megginson urged older Australians to think of themselves first.

"The risk is that parents who contribute to their children's home purchase could put themselves in a difficult position, hurt their retirement funds and potentially deplete the funds later in life," she said.

"It's important to consider whether you are financially secure before helping a family member and look for ways to work towards mutual benefits.

"For example, you could commit to a dollar-for-dollar match for your child's family savings - this gets them into the habit and discipline of saving and means you don't have to contribute as much. Also, make sure you look at all the grants, incentives and exemptions available for first-time buyers - these can be worth tens of thousands of dollars.

"The more you give to your kids, the less you'll have later in life."

This follows a report by the Australian Housing and Urban Research Institute Ltd on how young people are saving for housing, which has seen a steady decline in ownership rates over the past 20 years.

AHURI surveyed young people in Sydney and Perth and found that 25-34 year olds were unlikely to save enough for a deposit on their own.

"The ability to access this family support was identified as the single biggest factor supporting entry into homeownership.

The ability to access this family support was identified as the single biggest factor supporting entry into home ownership," the report states.

"In the Sydney cohort, in the context of the most expensive housing market, family support was an important component of the homeownership transition in all cases."