Thanks for your comments…
I'm pretty much from the school of "dont sell property if you dont need to", but i dont want to narrow my options down by not looking at other areas/methods to invest, thus my post here to hear other points of view.
Selling my current apartment which is my PPoR wont incur any CGT costs, only selling costs. How would holding the property and using the equity towards other investments work with claims/tax issues later on? Equity and the tax system is a bit of a grey area for me. I've never used "equity" for other investments.
The theory behind me selling and renting a place is that i will save on strata fees $2400pa, council rates $880, and water/sewerage costs roughly $500pa. Growth looks to be minimal so holding it and having 470K tied up in it, doesnt seem to be a profitable strategy.
Personally, as i have stated, I eventually want to move out of apartment living, so selling it now as a PPoR wont incur CGT, and being on my own i could comfortably find a rental in the 320-350 range to suit my needs. I'd eventually look to buy another place initially as an IP (for initial tax benefits) with a view to becoming my PPoR.
I suppose that is why i'd rather sell now…but selling and renting is out of my comfort zone…but something that may just be the right move for me. 

I suppose i'd like to be convinced that selling is a good idea, because most people (myself included) think HOLDING property is the best course of action.