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mixedup - Perhaps you should use Excel and run some numbers. Scenario 1 - hold on for X years. Scenario 2 - sell, take the loss and buy again (new transaction costs) a property that you expect to perform better (higher yield, better short term growth). We all know the selling and buying again...

LMI, stamp duty and negative cashflow may have also been capitalised. It'll add up.

I am in a very similar situation with one of my properties - ~680k ish, $420pw rent. It's in inner Melbourne. Right now I am just waiting it out as I can afford to, although it's becoming a real drag - 5 years on. Up on value, but overall down 50k after I account for buying costs and neg CF...