First home buyers may have to think outside the box to get on to the property ladder.

Australian data shows by the time they're 65, Australians who own their own home are 20 times wealthier than renters.

Corelogic head of research Nick Goodall told Kate Hawkesby the results would be similar here.

He says prospective home owners need to consider other investment options like managed funds, Sharesies and Hatch.

"Also they need to consider options on adjusting their expectations to get into the housing market, if that's the route for them."

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