2024 | Suburbs with the highest rental yield in Australia revealed

Top 10 suburbs with the best rental yield in Canberra 

The suburb of Denman Prospect, located approximately 10 kilometres west of the Canberra CBD, has the highest rental yield for houses at 4.6%. The median sale price for a Denman Prospect house is $1,370,000 and median weekly rent is $998.

 At 6.1%, Gungahlin is the Canberra suburb with the highest rental yield for units. A unit in Gungahlin has a median sale price of $451,000 and the median weekly rent is $530.

Top 10 suburbs with the best rental yield in Sydney

The Sydney suburb with the highest rental yield for houses is South Windsor, at 4.2%. Located in the Hawkesbury Area, houses in South Windsor have a median sale price of $780,000 and median weekly rent of $535.

Auburn, in Sydney’s Western suburbs, has the highest rental yield for units at 6.0%. The median sale price for units is $555,000 and the median weekly rent is $500.

Top 10 suburbs with the best rental yield in regional NSW

The far west town of Broken Hill tops the list for best rental yield for houses in regional NSW, sitting at 9.9%. The median sale price for a house in Broken Hill is $216,500 and the median weekly rent is $320.

For units, Muswellbrook in the northern Hunter region has the highest yield at 6.6%. The median sale price for a unit is $317,500 and the median weekly rent is $360.

Top 10 suburbs with the best rental yield in Brisbane

Located in the City of Redland, Russell Island is a short water taxi ride from Redland Bay, 35 kilometres south-east of Brisbane. At 5.9%, Russell Island has the highest rental yield for houses with a median sale price of $360,500 and a median weekly rent of $390.

Woodridge in Logan tops the list for units with a rental yield of 7.4%. The median sale price of a unit is $255,000 with a median weekly rent of $340.

Top 10 suburbs with the best rental yield in regional QLD 

Collinsville, a small rural town in the Whitsunday Region heads the list for highest rental yield in regional Queensland at 11.5%. The median sale price of a house is $162,500 and median weekly rent is $330.

Moranbah is a coal mining town in the Isaac Region of central Queensland. Moranbah has the highest rental yield for units at 10.2% with a median sale price of $244,000 and median weekly rent of $530. 

Top 10 suburbs with the best rental yield in Adelaide 

A northern suburb of Adelaide, Elizabeth North has the highest rental yield for houses with a yield of 6.6%. The median sale price for a house is $336,000 and the median weekly rent is $370.

Salisbury, about 25 kilometres north of the Adelaide CBD, has the highest rental yield for units at 6.5%. The median sale price for a unit in Salisbury is $360,000 with a median weekly rent of $320.

Top 10 suburbs with the best rental yield in regional SA

Port Augusta West is a suburb of Port Augusta, renowned for being at the crossroads of the Eyre, Stuart and Augusta Highways. At 8.0%, Port Augusta West tops the list for highest rental yield for houses with a median sale price of $282,500 and median weekly rent of $340.

Murray Bridge, a city 77 kilometres east of Adelaide, has the highest rental yield for units at 6.9%. Units in Murray Bridge have a median sale price of $340,000 and median weekly rent of $330.  

Learn more about the Adelaide property market. 

Top 10 suburbs with the best rental yield in Melbourne

One of the largest suburbs of Geelong, Corio has the highest rental yield for houses in Melbourne at 4.4%. Median house sale price in Corio is $488,000 and the median weekly rent is $380.

At the heart of the city, Melbourne CBD units have the highest median rental yield with a return of 7.3%. Units in Melbourne have a median sale price of $470,000 and median weekly rent of $600. 

Top 10 suburbs with the best rental yield in regional VIC

The town of Kerang in northern Victoria has the highest rental yield for houses in regional VIC at 6.1%. The median sale price for a house is $270,000 and the median weekly rent is $270.

Sale, a city in the Gippsland region, has the best rental yields for units at 5.8%. The median sale price for units in Sale is $340,000 and the median weekly rent is $350.

Top 10 suburbs with the best rental yield in Perth 

Located 30 kilometres from the Perth CBD, Armadale has the highest house rental yield at 6.9%. A house in Armadale sells for a median of $370,000 and the median weekly rent is $430.

Orelia, a southern suburb of Perth, tops the list for the highest unit rental yield at 10.0%. The median sale price for a unit in Orelia is $205,000 and the median weekly rent is $345.

Top 10 suburbs with the best rental yield in regional WA

Located in the Goldfields-Esperance region, the small town of Kambalda West has the highest rental yield for regional WA houses at 14.2%. Median sale price for Kambalda West houses is $165,000 and the median weekly rent is $350.

The data puts South Hedland, a suburb in the second largest town in the Pilbara region of Western Australia, at the top of the list for unit yields at 14.1%. The median unit sale price is $320,000 and the median weekly rent is $650.

Top 10 suburbs with the best rental yield in NT 

An inner-city suburb of Palmerston, Gray is located about 23 kilometres southeast of the Darwin CBD and has the NT’s highest rental yield for houses at 7.0%. Houses in Gray have a median sale price of $400,000 and median weekly rent of $500.

Nearby Rosebery is an outer southern suburb of Palmerston and tops the list for best unit rental yields at 8.0%. Units in Rosebery sell for a median price of $377,500 and the median weekly rent is $498. 

Top 10 suburbs with the best rental yield in TAS

Queenstown, located in the West Coast region, has Tasmania’s highest rental yield for houses at 7.6%. The median sale price for a house in Queenstown is $213,125 and the median weekly rent is $280.

The Hobart suburb of Glenorchy tops the list for highest unit rental yield at 5.5%. Glenorchy units have a median sale price of $462,500 and median weekly rent of $450.

The average gross rental yield in Sydney for houses is around 2.6% and 3.9% for units, so any yield above 4% is considered very good.

Melbourne has an average gross rental yield of 2.95% for houses and 4.38% for units, so a yield of 5% or above is considered good.

This depends on a range of factors, including the location of your property and whether there is a high demand for similar properties in the area. Properties in great school zones, close to amenities, or even in regional locations that experienced a positive uplift in migration due to covid will generally yield higher returns.

Real estate yield refers to the measurement of the future income of a property. It is usually calculated as an annual percentage, based on the property’s cost or market value. There are two types of yield: gross rental yield, which is income on an investment prior to any expenses being deducted, and net rental yield, which is after expenses have been deducted.

With an average gross rental yield of 4.02%, any rental yield above 5% is considered good in Brisbane.