Hi All
As we are not good at reading market trends just wondering if anyone can help out.
We purchased an investment property (house) in Brisbane in March 2006. Back then it was valued at 295,000. Up to the end of 2008 it climbed in value to approx 380,000. Since 2009 it has remained flat in value at around that figure. As the house is in the sub 500,000 sector it hasn’t lost too much value.
My 5 year loan ends in a month or two and we are undecided if to sell it. The home we currently live in has only a mortgage of 115,000 left and I was hoping I could sell and be debt free, but alas that is not to be.
So, do I hold on hoping the house climbs in value over the next 2-4yrs or sell it?
I got burnt selling a house in Adelaide early 2002 only to see it skyrise in value after selling so hoping not to make the same mistake.
thanks
Dave
Hi Dave,
Just as I stop looking at technology when I have bought the latest gadget for fear of seeing something better/cheaper I stop tracking prices in the suburbs I have sold property in. Can't do anything about it so need to move on.
For me the key issue is to go back to your original plans with this property and then see if the property has done what you wanted it to. If it has done so – sell up and put your money to better use.
I agree with Derek. Instead of trying to time the market – look at what you want the property to achieve. Why did you buy the property in the first place?
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
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