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VIC Sell house in Box Hill or keep?

Discussion in 'Where to Buy' started by digster, 21st Jul, 2016.

  1. digster

    digster New Member

    Joined:
    21st Jul, 2016
    Posts:
    1
    Location:
    Melbourne
    Hi everyone,

    I have been a longtime follower of this forum but am only now a first-time poster.

    I would like to get some opinions on my situation. I bought my first home in Box Hill in 2012. Since then it has jumped up very high in it's value (over 40%). For work-related reasons I need to move and I intend to purchase a new PPR in the new location (still in Vic but other side of town). I can either sell the house and use the cash to purchase the new house or I can hold onto the Box Hill place, rent it out and buy a smaller place (probably a unit) in the new location. I do not know what to do. This is the only asset I currently have so I want to make sure I make the right decision.:confused:

    Is now a good time to sell or would I be better off waiting? It would be very unlikely that in the future I would be able to purchase an investment property, particularly the way house prices are in Melbourne at the moment. But then I also worry about whether or not renting the place out will be stressful - finding tenants, repairs, maintenance etc. Any thoughts would be greatly appreciated!! :)
     
  2. Property Hoarder

    Property Hoarder Active Member

    Joined:
    24th Jun, 2015
    Posts:
    40
    Location:
    Melbourne
    What are your plans for the future? Would you want to come back east at some point?

    The yield on your box hill house is not going to be great but I would be worried if you want to come back you might not be able to get back in.

    East and west can be different markets.