Although there is extensive literature covering the biomedical applications of superparamagnetic iron oxide nanoparticles (SPIONs), the phase of the iron oxide core used is not often taken into account when cell labelling and tracking studies for regenerative medicine are considered. Here, we use a co-precipitation reaction to synthesise particles of both magnetite- (Fe3O4) and maghemite- (γ-Fe2O3) based cores and consider whether the extra synthesis step to make maghemite based particles is advantageous for cell tracking.