Property value increases in Gagebrook have tracked close to the TAS average of 3.72% over the last 12 months.
Gagebrook,7030 has offered an average of 3.85% return per annum in house price rises to property investors over the last three years.
Vendor discounting in Gagebrook is giving property investors an average Vendor Discount of around -8.02%. This puts suburb at number 46th in TAS when ranking the most discounted suburbs.
In the last year 23 properties changed hands in Gagebrook, which puts it as the 117th most active market in TAS when comparing the number of sales per suburb.
Gagebrook’s astonishingly low median house price hints at an opportunity to secure strong rental returns for investors willing to take on a reasonable amount of risk.Full summary
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Gagebrook’s astonishingly low median house price hints at an opportunity to secure strong rental returns for investors willing to take on a reasonable amount of risk.
Despite being one of Hobart’s northern most suburbs, Gagebrook in the town of Brighton, is just 15.8km away from the city centre. Its low median house price is all the more remarkable because of its position between two suburbs with considerably higher price averages. Gagebrook’s nearest neighbours are Bridgewater and increasingly exclusive Old Beach.
“Gagebrook might not be for every investor, but there are opportunities to secure very strong rental yields,” says My Property Hunter principal agent Rob Zubin. “Yield of 7.5 to 8% is achievable there and it might balance out a portfolio where an investor has high capital growth properties and is now looking at getting something with good rental returns.”
One of Gagebrook’s more attractive features is its position on the eastern shore of the picturesque Derwent River. The area is well serviced by both bus and rail via the Brighton town centre and the nearby Midland Highway. The Derwent Highway also dissects the Gagebrook suburb.
Zubin points out that the area is not without its problems. Anyone looking to pick up a Gagebrook investment property would need to recognise the impact of high unemployment in the suburb. However, with this risk might come reward.
“If you look at yield in the suburb – it will be very hard to get that in major centres anywhere on the mainland.”
Renting is a popular option in Gagebrook. According to the Australian Bureau of Statistics, 40% of Gagebrook homes are rented, set against a state average of 25%.