Allenby Gardens vs Old Reynella

On cash flow, Old Reynella leads: houses there return a gross rental yield of 3.90%, compared with 3.28% in Allenby Gardens, a gap of 0.62 percentage points.

Over the past year house prices moved +8.0% in Allenby Gardens and +12.9% in Old Reynella, so recent momentum favours Old Reynella, although both suburbs recorded growth.

Looking back three years, Allenby Gardens houses are +33.1% and Old Reynella houses +50.4%, so Old Reynella has compounded faster than Allenby Gardens over the longer window.

Rental vacancy is 0.3% in Allenby Gardens and 0.7% in Old Reynella, so landlords in Allenby Gardens face less competition for tenants. Anything under 2% is generally read as a tight market where tenants compete for homes.

Old Reynella is the bigger suburb, with a population of 3,458 against 2,045, larger than Allenby Gardens; a larger suburb usually means a deeper pool of buyers and tenants.

In short: Old Reynella for rental income, Old Reynella for recent price momentum, Allenby Gardens for the tighter rental market. Which matters more depends on whether the investor is buying for cash flow, capital growth or affordability.