Should I sell? Ropes Crossing

Hello Gurus, I need a piece of advice in making a decision whether to sell the property or not.
Property Located in Ropes Crossing just few minutes away from St.Marys.
Prop profile:
4B, 2B, 2C
Land size: 512sqmts
Year built - 2014
Purchased in 2014 as FHB (note that I lived in the house for 7months and moved out due to personal circumstances)
Purchase Price $480k, current market price is HIGH $800s approx I think - from the recent sales history in that area
I relocated to ACT few years ago and struggling to get into Canberra market.
I got few questions to make that decision whether to sell the property.
1. what's the capital gain if I were to sell the property and any unknown expenses that I should be aware of excluding agent commission, advertising costs, conveyancer fees.
2. Is it ideal to sell that property and buy a new house in the ACT? Or wait for it grow?
3. How is the growth in that area considering Badgers Creek Intl. Airport in the near future.

Appreciate your thoughts on my idea.
@admin, apologies! If I posted it in wrong location feel free to move or advise.

Thanks again!
Vk

 

Whether you decide to sell the property is a decision for you, and you alone. Only you know what your goals are, and if you are able to buy something else in another area.

Before making that decision, do some research on the area, and decide if it's somewhere you would like to hold onto. Be aware that sometimes if you sell out of Sydney, it can sometimes be difficult to buy back in. Think about if you will be in ACT long term. This could affect your decision.

In very basic terms, your capital gain is calculated at half the gain, added to your income for the year, so if the property has appreciated $300k, you've got $150kCG. If your income is $100k, you will be taxed as if your income is $250k.

 

https://static.htw.com.au/HTW-month-in-review-June-2021-Residential.pdf

HTW June 2021 Property Clock predicts that Sydney is still in a rising market, and Canberra in a peak/declining market. FYI, DYOR, etc.

 

P.S. You won't be taxed for the 7 months you lived there, and the 6 years following, provided it was your PPOR and you have no other PPOR. So, if you sell now, your CGT might be close to $0.

Tax Tip 109: CGT and Being absent from the main residence for more than 6 years

 

The way the move cities around the clock, it should be called a property star and not a clock or may be it's a digital clock.

 

1) The Ropes Crossing area is very family orientated so the sales agent will probably want the property vacated for a quicker sale so I'd take vacancy into consideration
2 and 3) I don't follow the ACT market closely so can't comment on that but I believe we've reached the peak in Sydney. I'd try and hold onto it, in the long term 5+ years and with close proximity to St Marys it will do well.

 

Thanks for the inputs Skater, though my goals are clear it's a daunting situation to make any financial decisions.

 

Thank you!

 

My agent reckons it would sell high 800s or low 900s but for now I am going to hold off with selling, like others are stating it will be difficult to enter sydney market in the future - which is the reality.

 

I need to reach out to an accountant to get to the nitty-gritty on the fine numbers