How has buying a home changed since your parents did it?

A lot has changed since 1988; house prices are through the roof, technology has changed our lives, Brisbane's population alone has increased nearly double its size. And all this change has caused the actual buying process to have changed.

First home buyers in the 80's lived by a different Australian dream to what we see now. They longed for the quarter-acre block in the suburbs, with plenty of space for the kids.

But as our population grows and Australian's fall in love with the city-lifestyle, that dream has evolved to create alternative demand for apartment living and share housing.

Our longer life expectancies and gravitation to the inner-city lifestyle has resulted in highly competitive markets and more expensive properties.

While rising house prices can tend to push millennial buyers out of the city area, commuting quality and options has increased. Which means that outer city investments are a great option for first-time buyers if they desire the extra space.

However, as the inner-city lifestyle continues to entice the younger generations, they may lean towards investing in the properties in the suburbs while continuing to rent a home closer to the city.

Another option for first-home buyers wanting to live nearer the city is to compromise on space, allowing for more affordable living, by purchasing a townhouse or smaller apartment.

Thirty years ago, popular homes for first-home buyers included single-storey, brick or weatherboard, stand-alone homes, with three bedrooms, one bathroom and a single garage.

The ING Millennial Homeownership Report says that the dream hasn't changed much as Millennial buyers still want three-bedroom homes.

However, there is no confirmation on whether they are actually buying three bedroom homes. Experts suggest that today's first-home buyers are looking towards lower-maintenance properties such as townhouses.

Over the past thirty years, house prices have certainly increased. Although, salaries have not kept up the same growth pace. This has resulted in housing affordability throughout Australia to be lower and mortgages to likely take up 30% of their income.

Because of this saving and budgeting have become a key priority for first-home buyers.