Why millennials are choosing shares over home ownership
Chris Brycki founded Stockspot, an investment firm that focuses on millennials who have chosen to skip home ownership in favour of shares, in 2013. “Between 5 and 10 per cent I’d say of our clients are specifically investing to save up for a house deposit,” he said. “The rest either have decided they either don’t need to save up for that or they’ve chosen that that’s not what they’re saving up for.” Mr Brycki said according to the firm’s research renters who invest in shares are likely to be better off than property owners over the next seven years. That matches up with the Reserve Bank’s analysis that Australian property is 19 per cent overvalued. “Now after two years our average client has around $60,000 invested with us, which is starting to get a lot closer to what you’d need for a house deposit,” Mr Brycki said.
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