We propose and analyze a new approach based on parity-time (PT) symmetric microcavities with balanced gain and loss to enhance the performance of cavity-assisted metrology. We identify the conditions under which PT-symmetric microcavities allow us to improve sensitivity beyond what is achievable in loss-only systems. We discuss the application of PT-symmetric microcavities to the detection of mechanical motion, and show that the sensitivity is significantly enhanced near the transition point from unbroken- to broken-PT regimes. Our results open a new direction for PT-symmetric physical systems and it may find use in ultrahigh precision metrology and sensing.