The Bank of Mum and Dad is supporting young buyers with an average contribution of $40,000 to help their children get into the property market.

New data from Compare the Market shows that about 29% of homeowners with a mortgage received financial help from their parents.

Compare the Market’s Andrew Winter says 63% of first-home buyers are struggling to save a deposit, with some making huge sacrifices to get a foothold, even delaying having children.

“Around one in five people had picked up a side hustle, and 5% had taken on a second job to grow their savings faster,” he says.

“The Bank of Mum and Dad have done some hardcore lending in recent years, with the median amount gifted sitting around $40,000.”

The report shows that more than half of buyers are priced out of where they would like to buy.

Real Estate Buyers Agents Association of Australia president Melinda Jennison says affordability remains a major constraint for young buyers, as prices continue to rise.

“Properties that were selling for $750,000 last month are now selling for close to $800,000,” she says.