Prospective first-home buyers are squirrelling away more than last year to put towards a deposit despite soaring rents and sky-high consumer prices.
Comparison site Canstar analysis shows thrifty households have managed to bank about 13 per cent more each month than last year, or $188 a month, to put towards their first home.
The extra savings have shaved almost a year off the time it takes a couple to save a 20 per cent deposit for the median house price.
Despite the savings, it would still take a substantial four years and two months.
Nearly 90 per cent of wannabe home buyers reported feeling at least a little stressed about putting enough away for a deposit.
Canstar money commentator Effie Zahos said first-home buyers were aiming to save more during a cost of living crisis, suggesting they are determined to get out of the highly competitive rental market.
"Property prices are continuing to rise but rents are also rising to historic highs," she said.
"Renters are no doubt feeling the pressure to get a foot on the property ladder."
The strong labour market may also be playing a role, with jobs readily available to those that want them.
The research also found nine in every 10 potential first-home buyers were prepared to make compromises to save more, with many slashing their spending to get ahead.
Separate National Australia Bank research revealed Australians are ditching subscriptions and saving more than $600 each year.
Many Australians are also cutting private health insurance, with Finder research revealing nearly one-third of those surveyed planned to switch or cut their plan.
