There's a lot of talk regarding house prices soaring in our Metropolitan cities and the flow on effects now reaching regional markets so how realistic is it to own and buy your first home, compared with 20 years ago?

My parents paint an all too familiar story shared by many baby boomers. They were high school sweethearts. Dad, two years older than mum, finished year 12 and went on to save money by working three jobs.

My mother left school in year 10 and went straight into the workforce as an administration assistant in a typing pool. They both started saving for a home the day they left school. They sacrificed quality time together and material possessions in place of working to get ahead and saving money. It was patience and commitment and if they didn't have the money for something, they didn't buy it. Pretty simple.

On a combined wage of just $550 per week (which was good money back in 70's) my folks had enough money to purchase their first home ($28,000) by the time they were in their early 20's in a suburb on the outskirts of Sydney.

My own situation was somewhat different. I'm a self-confessed Gen-X and while I was taught the importance of saving and home ownership, my main focus after school (like many my age) was social life and travelling. I was after experiences. I spent every dollar I earned and lived week to week and shudder now to think of what I wasted it on.

By the time I even thought about buying my first home I had been in the work force 9 years and had nothing to show for it but material possessions that I still owed money on. The 'Buy NOW and Pay Later' revolution had made it possible for many like me, with no patience or money, to get the latest whitegoods and electronics and worry about paying for it later.

And in more ways than one I did pay for it later. These high interest loans had a lot to answer for. Many I knew, including myself, now had the capacity to buy the latest car, plasma TV, and leather furniture without saving for it first. But a lot of the time the loan had more longevity than the purchase.

When it came time to buying my first home I had a few of these high interest loans and had to pull my socks up and start saving. Something I'd never done before. It was a reality check that took me 3 years to scrape together $20,000 for the deposit needed for my first home and it was hard work.

So how difficult will it be for the next generation? We already know that with technology has come the age of information, and while today's youth are more informed than ever before are perhaps even more impatient than the Gen Y & X's before them. How does this affect their ability to save?

Even with property prices on the increase there is still opportunity and hope for young people to realise their dream of home ownership especially in regional areas where it's more affordable. Many lenders now offer ways to help First Home Owners reach that goal. Sometimes it's just a matter of talking to the right lender who understands your needs.