According to the latest Bankwest/MFAA Home Finance Index, approximately 48.1% of all first homebuyers agreed that the first homeowners grant helped them buy their first home.
However, 17.6% surveyed said the grant had been counter-productive because it had artificially inflated the market while only one in three respondents (37.2%) said the government was doing enough to support their foray into the housing market.
"Despite the significant cash grants and stamp duty relief, six out of ten respondents think that the government isn't doing enough to help first time buyers," said CEO Phil Naylor.
"While governments are providing cash relief for first time buyers, there are arguably issues relating to housing supply that would be influence this perception," he added.
The survey also found that one in five, or 19.2% of first home buyers are looking to their family to provide the deposit, up from 15.5% in April last year.
"It can be tough getting into the housing market, particularly in expensive capital cities, and first time buyers are exploring a range of options to overcome this," Naylor said.
He added that an increasing number of prospective first time buyers were living with their parents to help them save up for a deposit.
"The stay-at-home option was the favoured strategy of 16.7% of respondents, compared to 13.3% in the previous survey," Naylor said.
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