About 4 years ago, I purchased a 2BR unit in Wollongong. Its my PPOR and for the last 3 years its been rented due to my work. As such, I am exempt from CGT.
This property has about $80,000 equity. The property has only increased in value $30,000 since its purchase 4 years ago. Reviewing the history its only increased in value $60,000 in 6 years. The rent covers 75% of the mortgage but not the strata, rates, water or real estate commission. I am considering selling this property, upgrading the size and buying in an area of better capital growth (such as Canberra) to be my PPOR or investment.
Financially, should I sell this property, cut my current losses while I'm just breaking even or hold onto the property and wait for a boom and increase in the property value?
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