Hi
Any thoughts you have to help me think through whether to hold or sell are very much appreciated. I have had mixed feedback from local agents.Property Details
2bd apartment ground apartment with balcony St Leonards Rd Ascot Vale Victoria – basic renos (carpets / walls, but maintain older kitchen etc.
Bought 2007 Jan 222K, current, 380-400K
Mortgage 300K (refinanced 2012)
70s style brown brick, tin roof, block of 10 with basic improvements to property
near good school, 5 min walkt to union shops
Rent 1300 approx monthOur situation
– We are considering selling now to pay off our PPR mortgage (85k). Though we don’t ‘need’ to sell for any financial stress reasons.
– If we dont sell now, we dont need to for 9 years (to pay for schools:). Is Ascot Valea worthwhile location to keep an investment property for this period?
– I am uncertain as there are numerous multi apartment development proposals for 1- 2 bd apartments in ascot vale and flemington. Will this oversupply and slow growth in the area in the coming 9 years, or is it a different investor / buyer market?Much appreciated – Alex
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