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Words: Alasdair Belling | Producer: Issey Gogoll
'Dead money': Why Millennials don’t want houses
Saving for a first home has been a financial rite of passage for millions of Australians, but an increasing number of the younger generation believe the great property dream is dead.
Due to a severely inflated housing market, millennials have been turning to the more flexible stock market to sure up their financial futures in unprecedented numbers.
A Commonwealth Bank survey found since the start of the pandemic, millennials made up more than two-thirds of the one million new customer accounts opened on their CommSec trading app.
*More than four in five of new   customers were under the   age of 44.
83%
83%
said they would choose investment instead of spending their money.
43%
43%
38%
38%
of that 43% opted for the stock market over the traditional path of saving for a property deposit.
83%
If you think about the costs involved with putting together an enormous deposit, shouldering legal costs, stamp duty, the price of housing ends up being well out of reach for so many people.
“
- Bryce Leske,Co-Founder of Equity Mates Media
Mr Leske revealed that clients who had deposits in excess of $100,000 were still unable to secure a home loan, leaving many to look towards the sharemarket to “make their money work”.
For management consultant Ben Spoor, 27, the sting of the additional costs involved with locking in a first home meant investing in shares was a far more appealing option.
I crunched the numbers and owning shares is easier and better for me than an investment in property.
“
- Ben Spoor,Management consultant 
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Original URL: https://www.news.com.au/web-stories/free/news-com-au/millennials-are-ditching-buying-a-house-and-investing-in-shares-instead