sell ip sell ppor?????

If it were me, I'd be moving back to a rental in the hometown, rent out the PPoR and keep both properties as IP's.

Of course, whether you could hold the two and service the debts on both as well as pay rent yourselves would depend on your new incomes and what the rent you will be paying will be, and what rent you get from your current PPoR.

If this equation doesn't work, or you simply must have a house in the home town which is yours, then I would sell the current PPoR and use the funds for the new PPoR.

Don't sell the IP. As you said yourself; it basically pays for itself, and there will be good tax deductions to consider as well no doubt.

The stats are something like more than half of the investors only ever get one IP, sell it soon after and never invest again.

I'd sell the existing PPR and buy the new PPR right now, before your income drops. I think I'd be telling the lender that you've figured out that it's a better financial option for you to rent in your current location and own another IP in your home town, and not tell them your plans to move/change jobs. After all, it's only a plan, and plans change. If you've already accepted the new job, however, then be very careful that you don't tell any untruths – I never lie, but one doesn't necessarily have to tell them things that they don't ask, or plans that may or may not eventuate.

After you've settled the new property, well, perhaps you may decide that you'd like to move back to your old home town after all and live in that IP; you may even decide that on the afternoon of settlement day.

And before you change jobs, I'd also be pulling as much equity out of the current IP as I could, too, by way of a redraw or refinance, in case you want to invest further, or even just to have some "buffer". With lower paying jobs and further interest rate rises likely, and perhaps your family enlarging, it always pays to have some cash handy. From what you've told us of your financial situation, I'd be wanting at least $20 or $30K in cash accessible.

When you're in a strong position, arrange as much finance as you possibly can; because if (heaven forbid) you get into trouble, you can't get it anymore. Or as an extremely successful investor that I admire put it: "Whenever somebody offers you money, take it!"