Hi team, we bought a semi detached house in Bronte, Sydney in April 2020 just when Covid first started for a good price compared to todays prices. Paid just over 2m. We have added another 150k in Reno’s and had it valued at 3.2m to 3.4 approximately… crazy! Either way my question is do we cash in and sell or hold on ? We love the area but fearing the correction. I hear that the market may drop 20% back to our purchase price in Sydney, if rates go up. If we sold we could buy in a market such as Perth that’s on the way up and ride that cycle up ?
Potentially move to Perth as I can work remotely as can my wife & could be a great opportunity for a sea change but only if house prices were dropping in Sydney. Which we can’t necessarily predict
I would only do this if you were 100% you wouldn't want to move back here. Would be tough to get back in the market/area at that price! Cash out equity and buy in Perth? Doubt areas like Bronte will suffer in the long term.. anywhere in Syd for that matter!
Also faced with selling our Sydney address In reality if you sell out it will be very hard to buy back in years down the track (unless your income increases or other investments do very well). We chose not to sell and rent out out old PPOR instead
one of uncles sold in Sydney about 20 years ago and bought in a major region town. He told told me he would like to move back now, but has no hope as even a smaller property would be 3x the price of his.
