Should I Sell (Bendigo)? Advice appreciated.

Greetings all. I'll try and keep this short and sweet.

December 2012 I bought my first (and only) investment property.
It's a 3 bedroom, 1 bath, divided block in Quarry Hill, Bendigo (I live in Melbourne)
Purchase price was $272,000 (house is located on the front half of the block)
Was rented out for $300p/w for a while. Then dropped to $270p/w the last few years.
Only vacant for a month or so after some dodgy tenants.

I lost interest in investing to be honest.
Attempting to minimise my lifestyle and responsibilities etc. etc...

So I am considering selling up and giving the money to my sister/niece so they can at least have a deposit for their own house.

I haven't kept up with any market information, trends, expectations or anything else.
I know nothing.

I mentioned selling to my property manager and was referred to their sales team.
They have estimated sale value around $350k and have said the market is quite busy right now, in terms of sales. Obviously keen for me to act quickly.

I would really genuinely appreciate some experienced and unbiased advice on how/if to best proceed.

Thank you for your time everyone, much appreciated.

 

Welcome!

Are you asking us whehter
- you should sell now, timingwise?
- you should sell at all, investmentwise?
- how to get your investment mojo back?

 

Apologies, I should have been clearer.

I would like to sell it. But would like advice on whether or not now is a good time, or if it would be wiser to hold it longer.

It hasn't done a great deal for me as you can see.
It doesn't take much of my time, money or effort to hold it. But I am still leaning towards selling it and moving onto whatever is next for me.

 

I'm going to be in touch with the agent on Wednesday. Any advice before then would be great.
Cheers.

 

I think that choice is really yours to make. You said that it doesn't cost much for you to hold onto but it also sounds like the interest isn't there to grow a portfolio.

Will you be happy with what you will walk away with after all selling costs are deducted? Vs maintaining the property and the costs involved to hold onto it?

 

No one can predict what it will do short term. Long term it is more likely to go up but you dont want to hold. Sounds like you dont want to be in property anymore.

You just want someone to confirm a decision youve already made.

 

Firstly if you do sell, don’t make the mistake of just signing up with your current management team. Shop around for the best agent/commission price.

Secondly, without getting personal, are you that financially comfortable that you want to sell an easy hold IP and give away money to your sister/niece?

Do you know what you want to do with the profit and have you worked out what it will be after fees, CG tax etc ?

 

Hi Mate
I feel for you. However, you have been in a much better position than people who invest a fortune and loose it all.

Property is a long term game. The location you have invested will take a bit long to grow but i believe you should hold it. You also mentioned that house is in front. I assume it has potential to build at the back which gives you an option to increase your income in future.

This cycle Ballarat is going pretty strong and i am sure next cycle (say approx. 10 years from now), you would be having a laugh. You have also bought just before victoria boom started and buying in urban vic (or within 60 K's) would have almost doubled your money by now.

I dont know your personal circumstances but unless you have better options to move into, I would suggest you to hold.

There are different reasons i would sell:

1. I have better opportunities and see new options with stronger growth or cash flow than the one i am planning to sell.
2. In need of money.
3. Circumstances or financial hardship.

Other than these, If i am comfortably able to hold and can manage to invest further, I would never be selling.

I hope you evaluate all options before taking any decision.

Regards

 

Many thanks for the feedback and advice.
I will put some more thought into it and consider my options.

I appreciate everyones time.

 

Long term Ibsee Bendigo as a great buy and hold for the long term. Growth has been good for me and I have an excellent property manager. Both my properties are in Strathdale, but Quarry hill is an excellent suburb and I can only see it going up,. Bendigo is going through a growth in prices lately and Quarry hill will also benefit from the new government services thing they are going to build soon near the cbd. Rentals are in hot demand in the while of Bendigo at present with a current vacancy rate sitting around 0.9%.
Feel free to PM me any more questions mate

 

I'll leave it to you to decide what to do..

But I'll share some thouggts on the question of, should I sell now or soon (within the next 2 years)?

I live in Bendigo, and I don't think it's a hot market at the moment for sales. The rental market is strong at the moment though.

No clue what's going to happen in the next 2 years. But I doubt it will go backwards from where it is at the moment

Put a fast train service in and the town will grow well. Might be 20yrs away though.