Hi, I am currently in a very lucky but also tricky financial position. I am 31 years of age and I currently have 2 investment properties - one in Robina, QLD and one in The Ponds, NSW. The property in The Ponds is positively geared and my tenants have recently just moved out. I am now at the cross roads as to whether I sell it and reinvest elsewhere or have tenants in it again. I did see the Sydney market is about to plummet and I don't see myself living in it in the future, therefore I would like to get as much for it as I can. I currently rent an apartment with my partner as we are not yet ready to buy something and unsure as to where we would like to live. The NSW property is worth about $900K and QLD is $450K. Thanks!
Hi Sutters, welcome to PC Unfortunately the best time to sell in Sydney has gone past us and I think you may have problem selling it at this point for your ideal price. A quick search shows there are over 100 listings of house available at The Ponds, so buyers got plenty to choose from and plenty of negotiating power. Plus we're going into festive season so it's probably not the right time to put the property on market too. My suggestion for now would be to try get a tenant in asap if you don't want it to be vacant over X'mas. In the meantime have a look online for recent sold records to find similar properties and get an understanding on how much yours may potentially sell for, if you really want to go down that path. Cheers, David
I have a slightly different view to David - if you truly believe the market is about to plummet, put it on the market. No-one rings a bell at the top of the market, and what you can get now may be better than you'll get for the forseeable future IF things go the way you anticipate. Bear in mind CGT and so on - do your numbers to be sure you're making the best decision for the long term, in line with your goals and plans. Realising gains can be an excellent way to buy a home with minimal debt down the track, as borrowing against equity for this is not ideal.
Not a sellers market I have a couple of clients looking to offload stock, but they have been sold a listing rather than a sale ta rolf
Buy Property Interstate WITHOUT Buyers Agents! Buy Property Interstate WITHOUT Dropping $15k On Buyers Agents Each Time! Helping People Achieve PASSIVE INCOME Using Our Unique Data-Driven System, So You Can Confidently Buy Top 5% Growth & Cashflow Property, Anywhere In Australia » Learn HOW Now!