Allenby Gardens vs Reynella

For units, Allenby Gardens sits at a median of $920K against $655K in Reynella, which makes Reynella the more affordable unit market and Allenby Gardens the pricier one.

On cash flow, Reynella 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 +13.7% in Reynella, so recent momentum favours Reynella, although both suburbs recorded growth.

Looking back three years, Allenby Gardens houses are +33.1% and Reynella houses +44.1%, so Reynella has compounded faster than Allenby Gardens over the longer window.

Rental vacancy is 0.3% in Allenby Gardens and 1.9% in 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.

Reynella is the bigger suburb, with a population of 4,836 against 2,045, roughly 2.4 times the size of Allenby Gardens; a larger suburb usually means a deeper pool of buyers and tenants.

In short: Reynella for rental income, 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.