A CAMPAIGN urging first home buyers to take part in a "buyer's strike'' in an effort to drive down property prices is gaining momentum online.

Prosper Australia, a tax reform lobby group, say the property bubble burst is imminent and first home buyers should stand aside because they will be the worst impacted when property prices fall.

Spokesman David Collyer said first home buyers would face financial ruin when their house prices fell below their debt.

"The problem is that prices have got so far that two solid jobs and a good deposit is no longer enough to buy a house in Melbourne,'' he said.

He said the entire property market relied on first home buyers so that sellers could cash out and buy superior properties.

"Without FHBs, second home buyers cannot trade up. The whole juggernaut grids to a halt and if they choose not to buy at these outrageous prices, the market will correct itself,'' he said.

Prosper has been backed by Steve Keens, an associate economics professor at the University of Western Sydney, who said first home buyers would be foolish to take out the huge loans now required to enter the property market.

The campaign is gaining traction online with almost 5000 votes of support in just a few days on community advocacy site GetUp.

It is also the subject of discussion on social networking site Twitter.

Prosper is encouraging first home buyers to visit their campaign on the site and pledge to abstain from the market.

Mr Collyer said real estate prices in the US were still dropping five years after the property bubble burst.

"People should not underestimate the significance of what is about to unfold and we think it will unfold very soon,'' he said.

