Noble Park North vs Tullamarine

Houses cost about the same in both suburbs: the median house price is $825K in Noble Park North and $825K in Tullamarine.

For units, Noble Park North sits at a median of $665K against $600K in Tullamarine, which makes Tullamarine the more affordable unit market and Noble Park North the pricier one.

On cash flow, Tullamarine leads: houses there return a gross rental yield of 3.78%, compared with 3.65% in Noble Park North, a gap of 0.13 percentage points.

Over the past year house prices moved +3.3% in Noble Park North and +10.0% in Tullamarine, so recent momentum favours Tullamarine, although both suburbs recorded growth.

Looking back three years, Noble Park North houses are +12.1% and Tullamarine houses +14.2%, so Tullamarine has compounded faster than Noble Park North over the longer window.

Rental vacancy is 1.1% in Tullamarine and 2.3% in Noble Park North, so landlords in Tullamarine face less competition for tenants. Anything under 2% is generally read as a tight market where tenants compete for homes.

Noble Park North is the bigger suburb, with a population of 7,436 against 6,733, larger than Tullamarine; a larger suburb usually means a deeper pool of buyers and tenants.

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