Benalla vs Ullswater
Property investment comparison - Benalla, VIC 3672 vs Ullswater, VIC 3318
Head-to-head across core investment metrics: Benalla wins 2, Ullswater 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 | Ullswater |
|---|---|---|
| Median house price | $510K | $515K |
| Median unit price | $350K | - |
| Gross rental yield (houses) | 5.10% | 3.50% |
| Gross rental yield (units) | 5.42% | - |
| 1-year house growth | +10.4%estimate | - |
| 3-year house growth | - | - |
| Vacancy rate | 3.2% | 0.5% |
| Population | 10,822 | 47 |
Benalla vs Ullswater: what the numbers say
The median house price is $510K in Benalla and $515K in Ullswater, so Benalla is the cheaper entry point, with Ullswater houses about 1% dearer.
On cash flow, Benalla leads: houses there return a gross rental yield of 5.10%, compared with 3.50% in Ullswater, a gap of 1.60 percentage points.
Rental vacancy is 0.5% in Ullswater and 3.2% in Benalla, so landlords in Ullswater 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 47, roughly 230 times the size of Ullswater; a larger suburb usually means a deeper pool of buyers and tenants.
In short: Benalla for rental income, Benalla for a lower purchase price, Ullswater 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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