Trashcan, "the more you look at it one realises what a materially bad investment this property was."
I am not convinced it was a bad investment. It is my choice to sell now. The fact the sale price has only dropped 2% from the peak amongst all the steve keens 30-60% drop shows it is in a good area and a quality property. I could have possibly sold for more if it was not tennanted. I could have perhaps sold for more if I listed higher and was prepared to wait. Instead I wanted a "quick sale" and met the market-proved by contract within 7 days-by an investor. Property is not a get rich quick fix and it should be viewed as a longer term investment. I did not plan to sell within 2 years of purchase.
As for your other comments-what rubbish! I would love to know how many Mum and Dad investors have been burnt by Telstra, I am convinced more Mum and Dad investors have lost more in telstra shares than property. My appitite for risk to reward is greater than parking my money in the bank. With true investors they all lose money as well as make money. It is knowing when to cut your losses and when to take your profits. The loss I take on this property is a pittence compared to other investments and the gains they are carrying. I would not care for your measly 5% earn't in the bank, if that was the best I could do, I would give up now, realising I would be one of the many that will now work until 70.
