Advice needed for Auckland sale

[poperr]

I have a 2 bedroom apartment in Auckland which is in prime location over the road from the Auckland Uni. I owe about 55% on it, and it is paying for itself, the value is about 290k.I bought it for 250k 2 years ago.

In the past I have not had a "buy and hold" strategy if I have made a profit and things seem to be entering a flat period (eg, I just sold in Perth).

Does anyway have any idea of the Auckland market, and is it a good time to sell? Or even if it is flat, if it is paying for itself would you just hold it long term?

Robert

PS: I am based in Indonesia and am looking at buying a food franchise here..

 

[toony]

Why did you buy there 2 years ago?

Surely you must have some idea on how you see the market now?

 

[jym]

Ask your question on www.propertytalk.com

 

[MarkB]

The REINZ have free stats available here.

You can do monthly and quarterly medians either by area (eg. Auckland) or suburb (eg. Mt Eden) and see what the change has been over periods going back past 10 years. The report generated will also tell you the number of sales (per mont / per quarter) and the median time on market (in days).

If a market is hot then it tends to have more sales with fewer days on market (quite aside from any price increases).

And if a market is not, then vice-versa (fewer sales / more days on market).

M

 

[poperr]

OK, thanks for the input and I will follow this up. Auckland was my first property and was fairly naive when purchasing, following along at the end of a lot of hype for the place a couple of years ago.

I suppose I am asking besides the specifics of the Auckland case, in general if there was a flat market would you hold on to a property if it is paying for itself, or sell??

Thanks

Robert

 

[MarkB]

in general if there was a flat market would you hold on to a property if it is paying for itself, or sell??

Unless you have something better to do with the money, then I am one of these people that subscribes to the Winston Churchill theory -

When you're going through hell - keep going.

M