31M/32F, 2 kids under 4, HHI $300k, $650k in mortgage redraw, what’s the smartest move?

Long time lurker, first time poster. Looking for a sanity check on our situation.

Household:

Combined income: $300k
Ages 31 and 32, two kids under 4
PPOR: $1.6m value, $200k mortgage remaining, ~$650k sitting in redraw

Assets outside super:

•Shares: $70k (DCA weekly)
•Physical gold: $10k
•Physical silver: $10k
•Silver coins: $5k

The question:

Feels like having $650k sitting in redraw is a waste of an opportunity, it’s barely doing anything beyond offsetting interest. At the same time, with how unpredictable the Victorian property market feels right now, I’m hesitant to put more into property and end up overexposed to one asset class/state.

Trying to figure out the smartest way to mobilise that capital without just stacking more property risk thinking super (need to check carry-forward concessional cap room), scaling up the ETF DCA, or some combination. Open to other ideas too.

Has anyone been in a similar spot big chunk parked in redraw, not wanting to go all-in on property again given the current climate and what did you actually do? Particularly interested in how people thought about redraw vs offset, and super vs ETFs at this stage.