Tom Arciuli, 36, recently bought a home in Leichhardt. Picture: Monique Harmer

Millennials are discovering buying property is more achievable than they initially thought, with many buyers under the age of 40 getting into the market in half the time they expected.

Close to a third polled in an ING survey predicted it would take over 10 years to scale the property ladder, while others expected they would never be able to save enough for a home purchase.

In reality, it took the majority of buyers about five years to save enough for a 20 per cent deposit — partly due to lower interest rates and a two-year drop in prices, according to the bank research.

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Millennials who successfully purchased also admitted getting into the market became easier once they made compromises: just over half said they gave up on their home ideals in some way.

This included settling for a property that wouldn’t be their “forever home”, changing location preferences or compromising on storage space.

Tom Arciuli, 36, and wife Calli, 32, recently purchased a home in Leichhardt and said it was easier than they expected.

“We thought it would be a very long process and we’d have problems getting honest prices from agents, but our experience was really positive,” Mr Arciuli said, adding their search took a year.

“Once we became realistic about our location we found it was easier to get a good sense of what we should be paying. In the end, the people we bought (the home) off were very open, they even left us a nice present.”

The couple were helped by keeping a strict saving plan. “I lived with my parents to save on rent until I was 29, so that gave me a good deposit to start with.”

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Infinity Group money mentor Graeme Holm said Millennials were often discovering simple lifestyle changes could rapidly improve their ownership prospects.

“There’s a perception that young buyers are (locked) out the market, but once you get a budget and stick to it’s a lot easier,” Mr Holm said. “We live in a society of instant gratification and even simple lifestyle changes make a difference.”

ING head of retail banking Melanie Evans said the main challenge for home buyers was coming up with a 20 per cent deposit, but those who took a flexible approach would get ahead.

“While many millennial Aussies believe home ownership is a far off dream, our research found the reality of owning a home is far closer than they think,” Ms Evans said.

“You just need to be willing to make small sacrifices in the first instance to save for that deposit, and compromise on the type of home you’re willing to take on to kick off your home ownership journey.”