Millbank vs Railway Estate

Houses cost about the same in both suburbs: the median house price is $630K in Millbank and $630K in Railway Estate.

On cash flow, Millbank leads: houses there return a gross rental yield of 4.88%, compared with 4.80% in Railway Estate, a gap of 0.08 percentage points.

Over the past year house prices moved +16.4% in Millbank and +14.9% in Railway Estate, so recent momentum favours Millbank, although both suburbs recorded growth.

Looking back three years, Millbank houses are +67.3% and Railway Estate houses +54.4%, so Millbank has compounded faster than Railway Estate over the longer window.

Rental vacancy is 0.8% in Railway Estate and 1.9% in Millbank, so landlords in Railway Estate face less competition for tenants. Anything under 2% is generally read as a tight market where tenants compete for homes.

Railway Estate is the bigger suburb, with a population of 2,871 against 2,499, larger than Millbank; a larger suburb usually means a deeper pool of buyers and tenants.

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