Lake Heights vs Mirrabooka

Houses cost about the same in both suburbs: the median house price is $925K in Lake Heights and $925K in Mirrabooka.

For units, Lake Heights sits at a median of $790K against $585K in Mirrabooka, which makes Mirrabooka the more affordable unit market and Lake Heights the pricier one.

On cash flow, Lake Heights leads: houses there return a gross rental yield of 3.84%, compared with 3.58% in Mirrabooka, a gap of 0.26 percentage points.

Over the past year house prices moved +4.7% in Lake Heights and +5.6% in Mirrabooka, so recent momentum favours Mirrabooka, although both suburbs recorded growth.

Looking back three years, Lake Heights houses are +20.0% and Mirrabooka houses +16.9%, so Lake Heights has compounded faster than Mirrabooka over the longer window.

Rental vacancy is 1.2% in Mirrabooka and 2.0% in Lake Heights, so landlords in Mirrabooka face less competition for tenants. Anything under 2% is generally read as a tight market where tenants compete for homes.

Lake Heights is the bigger suburb, with a population of 4,105 against 809, roughly 5 times the size of Mirrabooka; a larger suburb usually means a deeper pool of buyers and tenants.

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