From $30,000 to $50,000: How much Aussie parents are gifting their kids to buy a home in 2023.

In case you missed it, we're smack bang in the thick of a cost-of-living crisis.

And that cost-of-living crisis is occurring at the centre of an already pretty f**ked housing market. 

Which means many rather annoying things, but one of the biggies is that it is near impossible to grab a hold of a step of this property ladder before it flies further away. In fact, it's been categorised as the hardest time ever in Australia to buy a house. Or apartment. Or a parking space, for that matter.

Watch: 20-somethings talk about the property market. Post continues after video. 

So how are people remedying this s**tshow? Well, by leaning on the Bank of Mum and Dad. And leaning pretty hard.

New research from Finder's Parenting Report 2023 got into the nitty gritty numbers to establish exactly how much parents are shelling out for their kids to heave them onto the property ladder. And the numbers were enormous.

The average family with children under 12 are currently (and probably frantically) saving up in order to hand over $33,278 to their kids.

Parents in Victoria, specifically, seem to be the most 'generous', as they are prepared to throw $52,716 at their bundles of joy. They are swiftly followed by families in South Australia who are aiming for a $44,656 'gift' and parents in New South Wales have a juicy $40,191 in their sights.

The research was obviously tracking the savings that parents are aiming to have ready for their kids, rather than the actual dollars sitting in a bank waiting for auction day. But however large the figure may be, is it really enough to get the next generation on the property ladder?

Let's do some maths.

The average figure of $33,278 is around a third of a 20 per cent deposit required on a house worth just under $500,000. For those living in Sydney or Melbourne, you'll be well aware that a realistic price tag of an apartment (let alone a house) is more like a million bucks. So $33,000, however generous that may be, would still be $167,000 shy of a deposit. 

And, of course, none of this family assistance takes into account the paying off of a mortgage. You know the ones... those loans which have substantial interest rates attached to them. Interest rates which are going up by at least one per cent every couple of months. Those ones.

So even with this extremely generous donation from the Bank of Mum and Dad, are kids getting onto the property market? 

Look, it definitely helps, but it's not solving the problem of avoiding crippling debt and out-of-control mortgage repayments. Plus, there are also a hecktonne of families that don't have the means to shell out substantial wads of cash: Finder reports that 51 per cent of parents surveyed would be able to give less than $1000.

So while it's nice to see families trying their darn hardest to support their kids and help get them towards their goal of owning property, it's a bit of a band-aid over a bullet-hole strategy. 

Sorry. That was brutal. But it's unfortunately a brutal reality. 

Feature Image: Getty.

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