We have recently built a new house in Shailer Park, QLD and have moved on from our three bedroom, two bathroom two level townhouse in Springwood(Logan City). We owe $80,000 on the townhouse and it is presently valued at $160,000.
Rental returns are expected to be $180 week.
With the market being extremely strong for sellers in Springwood, especially townhouses, we are wondering if we should cash in and dump the money into our new house mortgage or should we hang in for a few years, as we will definately be getting a positive return. We can comfortably take either course of action, but which will benefit us the most???hi rosscoe,
i don’t have a crystal ball and don’t really know the Qld market but my thoughts are
you may not be able to claim interest costs as a tax deduction on the town house because its your own home check with an accountant.
Generally the logan area i thought would continue to rise with the new freeway from the Gold coast to brisbane. I would think about the big picture where will prices be in 10 yrs. If the property was to remain flat for a few years then grow again and the average increase was 7% (which i would think you could achieve) when the town house would have Doubled in Value by 2013. therefore then it would be worth $320,000.
regards westan
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