I'm really not sure what to do here so hoping for some feedback.
We currently have a $280K mortgage on a $500K unit on the northern beaches in Sydney - its a great unit, fully reno'd with a view of Long Reef Headland, faces east and is quite large at 100sq.
After owning this property for 8 years we are looking to upgrade, thing is, on the Northern Beaches in our new price range there is very limited stock. We are looking for either a unit or if possible a small house in the $650K - $800K range, we probably see something we like come up once every 6 weeks or so.
So, with a good unit knowing we could sell within a reasonable timeframe, is it risky buying our new property first and then flogging the unit? My concern is that if we do sell the unit we could be left high and dry without a suitable upgrade. I am sure anyone who knows the NB's market will know what I mean.
We currently have a $280K mortgage on a $500K unit on the northern beaches in Sydney - its a great unit, fully reno'd with a view of Long Reef Headland, faces east and is quite large at 100sq.
After owning this property for 8 years we are looking to upgrade, thing is, on the Northern Beaches in our new price range there is very limited stock. We are looking for either a unit or if possible a small house in the $650K - $800K range, we probably see something we like come up once every 6 weeks or so.
So, with a good unit knowing we could sell within a reasonable timeframe, is it risky buying our new property first and then flogging the unit? My concern is that if we do sell the unit we could be left high and dry without a suitable upgrade. I am sure anyone who knows the NB's market will know what I mean.