Benalla vs Happy Valley
Property investment comparison - Benalla, VIC 3672 vs Happy Valley, VIC 3549
Head-to-head across core investment metrics: Benalla wins 1, Happy Valley wins 1. The better choice depends on whether you're optimising for cash flow, growth, affordability, or liquidity, the table below highlights the winner on each metric.
| Metric | Benalla | Happy Valley |
|---|---|---|
| Median house price | $510K | $510K |
| Median unit price | $350K | - |
| Gross rental yield (houses) | 5.07% | 4.45% |
| Gross rental yield (units) | 5.57% | - |
| 1-year house growth | +8.5%estimate | - |
| 3-year house growth | - | - |
| Vacancy rate | 2.3% | 0.1% |
| Population | 10,822 | 162 |
Benalla vs Happy Valley: what the numbers say
Houses cost about the same in both suburbs: the median house price is $510K in Benalla and $510K in Happy Valley.
On cash flow, Benalla leads: houses there return a gross rental yield of 5.07%, compared with 4.45% in Happy Valley, a gap of 0.62 percentage points.
Rental vacancy is 0.1% in Happy Valley and 2.3% in Benalla, so landlords in Happy Valley face less competition for tenants. Anything under 2% is generally read as a tight market where tenants compete for homes.
Benalla is the bigger suburb, with a population of 10,822 against 162, roughly 67 times the size of Happy Valley; a larger suburb usually means a deeper pool of buyers and tenants.
In short: Benalla for rental income, Happy Valley for the tighter rental market. Which matters more depends on whether the investor is buying for cash flow, capital growth or affordability.
Keep exploring
- National investment guide - top suburbs across every metric
- Take the suburb finder quiz - 5 questions to match your goals
- How our investment score works
- Property investment glossary - every term defined
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