I would personally get rid of it ASAP and look at higher growth areas like the western corridor of South East Qld out to Gatton and the greater ipswich area where the Qld government has invested 16.9 billion dollars in infrastructure,a super max jail, universities,highways, all to be completed by 2011 to 2013, you can now leverage off your super to buy a proeprty in a self managed super fund, but speka to a super investment property company who understand the new legislation that came in Sept 2007, something like this could help you speed up the recovery process and you can always look at a negative geared property as a seperate investment. I would personally steer clear from strata fees and I look at hgh rent retruns with good infrastructure as well as a place that is suitable to more than one demographic, IE. I would never buy a one bedroom unit, I stick to 3-4 bedroom houses close to schools,amenities and in an area that there is growth based on the infrastructure going in to the area.
Good luck and do your own homework by keeping up with what different governments are doing to create urban sprawl.If I were you, I will sell it ASAP. As you do not live in it, it is just pure investment. Iif you lose $26K every year, why you should keep it? The longer you keep, the more you lose the money and the longer you will be depressed, the less chance you can afford to look at other investment properties. That is for sure at this moment. Well, it may go up in value but it may go down. As many family do not want to buy a apartment for living, the potential appreciation for apartment is limited.
Check out this guy he can assist you with the right property advise, I know he’s a pretty successful investor himself http://www.wealthwithproperty.net/?mode=default&cmd=movie
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