Recent research has revealed that having a place for pets is more important to first-home buyers than closeness to family.

CommBank research found 38% of first home buyers believed that having space for their pets was extremely important in regard to purchasing their first property, while 23% ranked proximity to family as extremely important.

Property price (69%), location (57%), type (52%), size (41%) and pet space (38%) were the top priorities for FHBs.

To decrease the time it takes to save up for a property deposit, 81% of FHBs plan to forego social outings, 40% are willing to give up buying gifts around Christmas time, 79% are prepared to cut back on non-essential items and 71% will consider following a strict budget.

An additional 58% said they would consider accessing government schemes, with only 9% considering buying with a friend.

Executive manager home buying at the Commonwealth Bank, Michael Baumann, highlighted that FHBs have a property “wish list” but are willing to compromise certain things to gain property ownership sooner.

Owning a home is still a strong aspiration for young Aussies, with almost three quarters agreeing that this is one of their biggest financial goals, and they’re willing to make sacrifices to achieve it.