At number 2027th in the list of Australian suburbs ordered by increase in median house value over the last year, Gagebrook, 7030 is in the top half with a property value increase of 10.42% recorded in median house prices.
Gagebrook,7030 was ranked 3762 in Australia by increase in median property value over the quarter.
Renters in Suburb are facing rents around $17420 per annum or $335 every week.
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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%.