Koolewong vs Millfield

Houses cost about the same in both suburbs: the median house price is $1.1M in Koolewong and $1.1M in Millfield.

For units, Koolewong sits at a median of $690K against $465K in Millfield, which makes Millfield the more affordable unit market and Koolewong the pricier one.

On cash flow, Koolewong leads: houses there return a gross rental yield of 3.30%, compared with 2.43% in Millfield, a gap of 0.87 percentage points.

Over the past year house prices moved +8.8% in Koolewong and +10.2% in Millfield (an estimate), so recent momentum favours Millfield, although both suburbs recorded growth.

Rental vacancy is 1.0% in Koolewong and 1.3% in Millfield, so landlords in Koolewong face less competition for tenants. Anything under 2% is generally read as a tight market where tenants compete for homes.

Millfield is the bigger suburb, with a population of 1,282 against 920, larger than Koolewong; a larger suburb usually means a deeper pool of buyers and tenants.

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