To sell or not to sell

[sammy84]

A property next door in the same block to me just sold for $565,000 (http://www.realestate.com.au/realestate/agent/hocking+stuart+south+yarra/xhssou/105659298). This I find quite an overpriced amount for an unrenovated 2 bedroom apartment on a busy street in Toorak.

It has got me thinking whether I should sell or not? My apartment is renovated, which should fetch a significantly higher price.

Is it better to sell when there is something defiantly overpriced, or appreciate what my current assets is worth and sit on it? I will looking to enter the property market again during september/october regardless of I sell my current place or not. The only difference is that if I sell I would be looking to buy 2 places rather than 1 (this sounds like quite hassle). How are your margins ruined when buying and selling property?

I would love to know what everyone opinions are out there

Sammy

 

[johenmo]

Personally....Toorak is CBD type stuff (or at least within spitting distance). I figure you probably want a lifestyle reason to sell - family, more space, swimming pool, etc etc.
But I don't know your sit. Sell up, go live cheaply in Thailand. BE a trader....LOL

 

[sammy84]

Hey Johenmo

I would have no reason to sell other then I'm thinking like a trader If you could chart the price of my place I'm sure it would be in oversold territory now

 

[robots]

Hey Johenmo

I would have no reason to sell other then I'm thinking like a trader If you could chart the price of my place I'm sure it would be in oversold territory now

hello,

not oversold at all, there is still SOOOOO much value in that style of apartment, even at 565k what you get typically creams anything new on offer,

will write off close to 50k in a sell/new buy transaction, stay put man

you live in the block?

thankyou
robots

 

[sammy84]

Hey Robots,

50k is a heap to lose in transaction costs. And yes I live in the block

Thanks for input

 

[robots]

hello,

yes 50k a lot,

stamp duty on a purchase of 450k is about 20k,

agents fee's in selling your current place say 3.0%, so on a 600k sale price there's another 18k, moving costs etc

it all adds ups and with all the doomheads around people are just staying put, restricting supply,

its interesting we havent had the number of places for sale highlighted on the forum for a while

thankyou
associate professor robots

 

[nunthewiser]

Hey Sammy can i move in with you for a while , as they cracking down on partying at the convent and your place sounds real handy.

 

[johenmo]

Sammy - we moved for work and are in our 5th house. Housing is probably more "time in the market, not timing the market" than stocks. And location IS a big influence. First and last 2 houses we were careful re location & it paid off on house 1 and 4. 2 was OK but needed time (missed the up move) and 3 was wrong location and wrong time (lost $ on house!). If we'd kept the first house or second house and rented as we moved, we'd own them outright and have most of a second one done (25 years).

But sell/buy is a big cost ("commission drag"). People will want to live here you are. Unless you need the dough or can do better then robots thinking is a lot like mine. I would probably keep it, even if I moved away. But that's me, not you. Do the numbers.

And nun will probably pay big $ to live in Toorak as a renter. So there's a bit more cashflow to assist your trading.

 

[michael_selway]

A property next door in the same block to me just sold for $565,000 (http://www.realestate.com.au/realestate/agent/hocking+stuart+south+yarra/xhssou/105659298). This I find quite an overpriced amount for an unrenovated 2 bedroom apartment on a busy street in Toorak.

It has got me thinking whether I should sell or not? My apartment is renovated, which should fetch a significantly higher price.

Is it better to sell when there is something defiantly overpriced, or appreciate what my current assets is worth and sit on it? I will looking to enter the property market again during september/october regardless of I sell my current place or not. The only difference is that if I sell I would be looking to buy 2 places rather than 1 (this sounds like quite hassle). How are your margins ruined when buying and selling property?

I would love to know what everyone opinions are out there

Sammy

Hi are you currently working now or soon to be retired?

Could make a difference

Thanks
MS

 

[tech/a]

Keep it.

Take out some equity (enough to be close or positively geared) and buy another place.
Live where you like. Rent the other.
You wont see interest rates this low again in your lifetime--or mine!

 

[sammy84]

Thanks for the replies everyone. A lot of good advice here. I guess you cant help but think to sell when the price exceeds your expectations. I am young so the responsible decision would be to keep. I never thought practically about how hard it would be to buy and sell property. I will take tech's advice and try and secure another mortgage.

And Nun...a lot of sin has been committed here, not sure your divine standards would approve

Thanks again everyone

Sammy

 

[nomore4s]

Sammy if you're young and with low interest rates I'd be keeping it and trying to get another positively geared prop as Tech suggested - He can be a wise old man sometimes:

And Nun...a lot of sin has been committed here, not sure your divine standards would approve

This would encourage Nun to move in

 

[nunthewiser]

This would encourage Nun to move in

amen

 

[cutz]

Hi Sammy,

I pretty much agree with the sentiment that has been shared here, if it’s the property you’re living in why sell and then be at the mercy of landlords, besides it seems like a nice spot where you are.

 

[wicked]

It also depends on where you work and where would you move to. Take travel/time costs into consideration if you move further out. For 500K you could get yourself a nice house with extra land, in the outer suburbs.

I can't see much change in property values, if anything they will rise. The demand is there especially with the increase in the Melbourne population.