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While owning a home remains beyond reach for millions of Australians, those who manage to crack the market may increasingly be getting in over their heads.

More than a third (37 per cent) end up exceeding their budget, according to Finder's latest First Home Buyer Report.

The comparison site's survey of more than a thousand first-time buyers - 372 of whom had already completed their purchase - found eight per cent paid more than $100,000 over budget and another eight per cent went at least $50,000 over.

Only 20 per cent of those who took part in the research managed to buy for less than what they believed they could afford.

Part of the reason for the blowouts was to do with underquoted property prices, Finder money expert Sarah Megginson says.

"Underquoting is where a property is listed at a price lower than what it's worth to bait buyers," she said.

"It's illegal but it does happen, particularly in the case of auctions, where underquoted prices can attract more buyers and lead to a bidding war."

Everything being equal, agents are responsible for proving properties are worth their listed price and informing buyers if estimates change.

NSW led the way when it came to buyers exceeding limits, with 41 per cent of respondents doing so.

Queenslanders were hot on their heels, with 40 per cent overspending.

So did 31 per cent of Victorian buyers who were polled.

Data from property price predictor REALas indicates some NSW and Victorian agents underquote by as much as 20-30 per cent. However Ms Megginson says that's not the only reason buyers overextend.

"We're in a market where prices have skyrocketed and wages can't keep up with that level of growth," she said.

"Many have been forced to spend more than they hoped. Unfortunately this will have consequences down the track on buyers' ability to service their loans."

The average Australian home loan in April was $615,304, according to Australian Bureau of Statistics data.

Meanwhile, credit reporting agency Equifax says mortgage arrears rates have already started trending up, with first-time buyers more than twice as likely than other mortgage holders to be 90 or more days delinquent.

Finder's research shows those with higher budgets are more inclined to blow initial limits.

More than half of buyers with a budget above a million dollars exceeded it, including 28 per cent who spent more than $100,000 extra.

That's compared with 37 per cent of those with $500,000-$1,000,000 to spend and 29 per cent who had less than $500,000.

© AAP 2022

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One of Australia's showcase brewing competitions has introduced a series of awards for low and non-alcoholic drink options as they boom in popularity.

The 2022 edition of the Sydney Royal Beer and Cider Show will welcome reduced and no alcohol categories for both products.

New chair of judges Ian Kingham - aka "that beer bloke" - says he's keen for exhibitors to explore what is a growing market and use the show to find their place in it.

"I am delighted to introduce new classes for best ultra low alcohol exhibits in both beer and cider this year," Mr Kingham said.

"Fast becoming one of the leading categories in the Australian and global market, I strongly encourage exhibitors to consider entering this class and develop their products."

With low and non-alcoholic drinks expected to exceed 30 per cent of sales world-wide by 2024, market analyst IWSR predicts their volume share in Australia will grow by 16 per cent in the same period.

This year's beer and cider show welcomes 44 classes in total with seven champion trophies up for grabs across packaged, draught and specialty beers, and both regular cider and bottle-conditioned perry or cider.

Products in each of the categories are judged on appearance, aroma, flavour, style, technical merit and their overall impression.

As well as providing opportunities for exhibitors to refine their offerings, the show aims to promote the use of Australian-grown grain, apples and pears, as well as ingredients for additional beer flavour, Mr Kingham says.

Sydney husband and wife team Alex and Yvonne Jarman scooped the main awards at the 2021 show, winning high acclaim for their European-inspired craft beer Threefold Belgian Tripel.

Judging of this year's entries happens on Monday, with the winners to be announced on August 6 at the NSW Royal Agriculture Society's Grape, Grain and Graze Festival.

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Unflappable as ever and looking unstoppable, Cameron Smith is embracing the tension and pressure after seizing command of the milestone 150th British Open with a second round for the ages.

Smith etched his name in golf's history books after signing for a nerveless, bogey-free, eight-under-par 64 to snare a two-stroke lead on Friday.

The world No.6's 13-under halfway total broke the St Andrews 36-hole Open scoring record - previously shared by Greg Norman, Nick Faldo and Louis Oosthuizen.

Smith, though, will have a swag of the sport's biggest names - including Open favourite Rory McIlroy, Dustin Johnson, world No.1 Scottie Scheffler and inspired countryman Adam Scott - hunting him down in a mouth-watering weekend shootout at golf's spiritual home.

But after further fuelling hopes of a first Australian winner of the famous Claret Jug since Norman at Royal St George's in 1993, Smith said he'd never felt more ready to finally break through for his elusive first major.

"It's just exciting to be leading the Open after a couple of days," he said.

"That experience tomorrow is going to be really cool. There's a lot of Aussies in the crowd, it seems like. Had a lot of support the first couple of days and really can't wait for the next couple.

"It's obviously a really good spot to be in. I feel like I've been in this spot a lot over the past couple of years, and things just haven't quite gone my way yet.

"I've just got to be really patient over the weekend. I think the golf course is going to get a lot harder and a lot faster, so just be patient and make good putts."

As he did all day Friday.

The scrambling wizard mixed some majestic iron play with a series of masterful long-range two-putts to amass six birdies and a rip-roaring eagle three on the par-five 14th where he rolled in a curving 64-footer to place the field on notice.

At that point, Smith threatened to equal the lowest round in men's major history - Branden Grace's 62 at the Royal Birkdale Open in 2017.

But not even missing out on only the third-ever 63 at St Andrews could wipe the smile off Smith's face as the 28-year-old ended his magical round with a two-shot buffer over American first-round leader Cameron Young (69).

"That was pretty cool out there," Smith said. "A lot of things went right but to do it here was awesome."

Pre-Open favourite McIlroy (68) is three back in a tie for third with Viktor Hovland, who holed out for a spectacular eagle two on the 15th to jump the leaderboard with his round of 66.

Two-time major winner Johnson (67) is outright fifth at nine under, with Scheffler (68) and Englishman Tyrrell Hatton (66) a further stroke behind in a tie for sixth.

Scott was another stroke behind at seven under after himself shooting the best Open round of his career, a birdie-filled, bogey-free 65 in the breathless morning conditions.

On a star-stacked leaderboard, American trio Patrick Cantlay (67), Talor Gooch (69) and Sahith Theegala (68) share eighth place with Scott.

Rounding out a memorable day for Australian golf, Min Woo Lee (69) and Lucas Herbert (68) also remained in contention at six under in a tie for 12th with England's US Open champion Matthew Fitzpatrick (66).

But it's Smith everyone must catch as the Queenslander bids to become the first Australian since Norman claimed the Claret Jug, golf's oldest and most prestigious championship, for a second time 29 years ago.

Ominously for the chasing pack, Smith's 67-64 start bettered Oosthuizen's 65-67 opening to the 2010 Open at the home of golf when the South African converted his 12-under halfway total into a memorable seven-shot triumph on Nelson Mandela's 92nd birthday.

Faldo won by five after also starting with 65-67 at St Andrews in 1990, with Norman consigned to a share of sixth following his opening pair of 66s that year.

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An unknown Australian soldier believed to have fought in Belgium in World War I has been laid to rest.

The remains of the digger were discovered in 2017 before archaeologists identified them as Australian.

A group of Australian Army soldiers were present at the ceremony on Friday to honour the unknown man.

Chief of Army Lieutenant General Simon Stewart said it was a "genuine and rare honour" for serving troops to lay an unknown soldier to rest.

"Army's commitment to identifying our fallen soldiers is an important duty," he said.

"And our ongoing work continues to identify unknown World War I soldiers and bring peace to their families."

The ceremony was conducted at the Commonwealth War Graves Commission's Tyne Cot Cemetery in Zonnebeke, Belgium.

The man is believed to have fought in the Battle of Menin Road in 1917, alongside British and South African troops, where Australian forces sustained some 5100 casualties.

It was essentially a frontal assault on entrenched German positions, with the battle noted for the intense nature of British artillery support.

The battle was successful, giving Allies more ground on the war's Western Front.

World War I was one of Australia's costliest wars, the Australian War Memorial says.

Of nearly half a million enlisted men, 60,000 were killed and 156,000 wounded or taking prisoner.

© AAP 2022