Goonellabah vs Old Erowal Bay

Houses cost about the same in both suburbs: the median house price is $760K in Goonellabah and $760K in Old Erowal Bay.

For units, Goonellabah sits at a median of $585K against $620K in Old Erowal Bay, which makes Goonellabah the more affordable unit market and Old Erowal Bay the pricier one.

Over the past year house prices moved +8.7% in Goonellabah and +3.2% in Old Erowal Bay, so recent momentum favours Goonellabah, although both suburbs recorded growth.

Rental vacancy is 0.8% in Goonellabah and 2.4% in Old Erowal Bay, so landlords in Goonellabah face less competition for tenants. Anything under 2% is generally read as a tight market where tenants compete for homes.

Goonellabah is the bigger suburb, with a population of 13,351 against 1,080, roughly 12 times the size of Old Erowal Bay; a larger suburb usually means a deeper pool of buyers and tenants.

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