For many people, the negative gearing comes not from the cash flow but from the rental deductions due to depreciation and capital works. That can take a property which is cash flow positive to being a net rental loss for tax pretty quickly.
Depreciation allowances are significantly higher for new buildings, and for townhouse type buildings with a lot of 'house' and not much land. The deduction can be $20 or $25k pretty easily for these properties.
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