There are a hundred ways we could be looking at this. But one good thing to acknowledge is to date, negative gearing is here to stay.
The market has played positive growth over recent years and yields have been relatively sound across the board in most capital cities. This does not however dictate future forecasts. So no matter your strategy if negative gearing serves your purpose typically the trade-off here is sound capital growth and reaping growth with steady consistent results. Otherwise the value of just saving tax wouldn’t be enough.
On the other hand positive cash flow is vital but again unless this cashflow is growing significantly, and if there isn’t sustainable capital growth this strategy too can fall below the waist.
Every strategy and property serves many benefits, its true value falls within the balance of capital growth, purpose, and cash flow benefits. Ideally the value of a property positive in its right cash flow, but still provide some tax benefits and enjoy capital growth typically proves a winner on all counterparts.