A friend of mine is in an interesting position. He currently has a house in glen iris in melbourne. The property has a lot owing on it (mortgage). He wants to buy, buoyed by success of his glen iris ip which has done good growth with the Melbourne boom of recent. Should he buy (using glen iris equity) ? he is seeking something similar in melbourne. I am not sure if he should...he has a fair amount owing to the bank and i dont think any of his real estate ideas will be return more than just paying off the mortgage. I recommend pay off some bank debt (mortgage) on glen iris and relook after a few years in melbourne when the market is more favorable to buyers. He is not interested in investing interstate in more cg potential markets as he wants to be close and keep tabs on the RE. Thoughts?