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21 July 2010

I'm moving back to Australia, should I rent or sell my apartment here?

Hello, I'm moving back to Australia permanently in a few months time. Should I let out my 2 bedroom apartment in Greenwich (built in 2003), or should I sell it making just over £100,000 and take the money home (bearing in mind the current bad exchange rate of only about 1.7) with me to invest there? I could rent it for about £1,200/mth, with my current capital repayment mortgage payments of around £916 at 4.24% (which I could lower). I am a landlord in Aus. and know that the monthly charge by a rental agency in Aus. is 7% (with a 1.5 weeks letting fee) compared to about 15% here. It's also worth noting that I can negative investment property in Aus.. Any advice would be greatly appreciated. Maybe I could free up equity by re-financing and buy an additional 1 bedroom flat to rent out? Thanks in advance, Marton

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