Held property Sept 2006 - Dec 2009. Sold and realised around a 35% tax free gain (PPOR). Now happily renting.
Invested the proceeds of sale into precious metals sector in late 2009/early 2010 (already had significant exposure from late 2008 buying as well) and have since doubled my capital.
My wife and I are only on modest incomes but now in the position of having better than 50% deposit for our dream house and if prices continue to fall as well as our investments continuing to do well (as I suspect they will) then by the time we buy it might just be outright for cash.
Personally I have lightened up a lot in the market over the last couple of months. Think the end of QE2 will bring around a buying opportunity.
