You can use property accessors to declare computed properties. See Vue Class Component. The getter will be triggered as soon as you type in the input.

For example:

<template>
    <div>
        <input type="text" name="Test Value" id="" v-model="text">

        <label>{{label}}</label>
    </div>

</template>

<script lang="ts">
import { Component, Vue, Watch } from "vue-property-decorator";

@Component({})
export default class About extends Vue {
    private text = "test";

    get label() {
        return this.text;
    }
}
</script>

Update for Vue Composition Api

<template>
  <div>
    <input type="text" name="Test Value" id v-model="text" />

    <label>{{label}}</label>
  </div>
</template>

<script lang="ts">
import { defineComponent, ref, computed } from "@vue/composition-api";

export default defineComponent({
  setup() {
    const text = ref("test");

    const label = computed(() => {
      return text.value;
    });

    return {
      text,
      label
    };
  }
});
</script>