Allenby Gardens vs Reynella East

For units, Allenby Gardens sits at a median of $920K against $730K in Reynella East, which makes Reynella East the more affordable unit market and Allenby Gardens the pricier one.

On cash flow, Reynella East leads: houses there return a gross rental yield of 3.94%, compared with 3.28% in Allenby Gardens, a gap of 0.66 percentage points.

Over the past year house prices moved +8.0% in Allenby Gardens and +12.6% in Reynella East, so recent momentum favours Reynella East, although both suburbs recorded growth.

Looking back three years, Allenby Gardens houses are +33.1% and Reynella East houses +22.9%, so Allenby Gardens has compounded faster than Reynella East over the longer window.

Rental vacancy is 0.3% in Allenby Gardens and 0.8% in Reynella East, 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.

Allenby Gardens is the bigger suburb, with a population of 2,045 against 1,990, larger than Reynella East; a larger suburb usually means a deeper pool of buyers and tenants.

In short: Reynella East for rental income, Reynella East 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.