The idea of young Aussies being reckless with their money has been smashed with research showing more than half are willing to go without the little luxuries, like weekend brunches, to afford a house.

The results were revealed in a national survey from Bankwest, which showed millennials still believe in the Great Australian Dream of home ownership and are willing to make big sacrifices to achieve it.

In a blow to the 'smashed avocado' trope - made famous by renowned demographer Bernard Salt - over half (57.7%) of millennials said they would be happy to go without the little luxuries in life such as coffees, weekend breakfasts and streaming subscriptions, while 56% said they were willing to sacrifice holidays to save for a house deposit.

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Important Information and Comparison Rate Warning

Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of . View disclaimer.

Just over half (55.3%) said they would be prepared to go without big ticket items like new appliances or a car while saving. 

A quarter said they would be prepared to delay their dreams of starting a family, move back in with their parents, and even cut back on necessities like groceries, meals, clothes and heating/cooling costs to save. 

Despite increasing house prices and the rising cost of living, it appears the Great Australian Dream is still alive and well for millennials. Nearly half of millennials (46.6%) said they still believe in the Great Aussie Dream of owning a home, compared with 36.5% of Gen X's and 43% of Baby Boomers.

Interestingly, over half (55.2%) of Baby Boomers said they don't believe home ownership will ever be achievable for them compared with less than a quarter of millennials. It comes after data from the National Housing and Investment Corporation (NHFIC) found that 11% of applicants for the First Home Loan Deposit Scheme were between the ages of 40-59.

Bankwest General Manager Personal and Third-Party Banking Donna Dalby said the results smash the stereotype that millennials are frittering away their money.

"These results are really promising and paint a very different picture of young Australians to the one we usually hear," she said.

"This is not a bunch of carefree kids ignoring the future for an indulgent moment; this is a group of people who have financial goals they want to achieve and are willing to sacrifice big to do that."

However, only one-in-five (19.9%) of millennials said they knew exactly how much they needed for a deposit, while a similar number (20.1%) said they made a savings plan but failed to stick to it. 

More than two in five millennials (41.3%) said they made a savings plan and were able to stick with it, while 58.4% admitted to having a rough idea of how much they would need for a house deposit.

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