Top 20 Highest Rental Yield Suburbs In Australia 2023
A wide range of suburbs featured on the list. Image: Canva.
  • Yields were driven by scarcity in some Australian city centres
  • Other desirable family locations also saw higher yields
  • Sleepy outposts also saw high yields, potentially suggesting a seachange trend in the area

The suburbs with the highest rental yields may surprise you, including a veritable mix of CBD locations and suburbia, through to Australian cittaslows.

Strong demand and low vacancy rates are all factors that feed into creating high rental yield suburbs, with other factors including infrastructure development, supply restrictions, and rental market growth.

An economic downturn can push rental yields the other way, with other factors including an oversupplied market, rising interest rates, and more.

Top 20 highest rental yield suburbs in Australia

Rank Postcode Suburb Yield 1 year ago 3 years ago
1 0800 Darwin 7.70% 9.60% 5.50%
2 0822 Woolaning 7.40% 4.80% 4.50%
3 4006 Fortitude Valley 6.60% 4.40% 4.80%
4 2601 Canberra City 6.50% 6.50% 3.80%
5 0830 Driver 6.50% 6.50% 4.80%
6 5256 Point Sturt 6.50% 4.30% 4.60%
7 4106 Rocklea 6.40% 3.40% 4.10%
8 6064 Marangaroo 6.20% 5.40% 4.80%
9 5211 Victor Harbour 6.20% 7.40% 4.70%
10 2900 Greenway 6.20% 4.50% 3.70%
11 6123 Whitby 6.20% 8.70% 5.30%
12 6031 Banksia Grove 6.20% 5.90% 5.40%
13 6109 Maddington 6.10% 5.10% 4.90%
14 6061 Westminster 6.00% 5.60% 5.00%
15 5355 Ebenezer 5.90% 4.40% 4.70%
16 6170 Wellard 5.90% 5.70% 4.90%
17 5012 Woodville North 5.90% 4.80% 5.00%
18 5168 Old Noarlunga 5.90% 4.90% 5.70%
19 5214 Goolwa 5.90% 5.40% 4.20%
20 6066 Ballajura 5.90% 7.00% 4.90%

Source: SQM Research. N.B. This list uses SQM Research data for rental yields, filtered for capital cities only.

What is rental yield?

In a nutshell, rental yield is the comparison between rental income compared to the cost of investment, property value, or purchase price (the words are sometimes used interchangeably). The rental yield is typically expressed as a percentage of the property value.


The best rental yield in Australia, at the time of writing, is in Darwin, 0800. While it is down from last year, the Northern Territory capital has Australia’s highest rental yield at 7.70%.

Since 2022, weekly asking rents in the suburb have displayed noticeable fluctuations. In 2021, rents escalated from approximately $500 to $600 per week to over $850 per week during the latter half of 2022, according to SQM data.

Following a brief period of stability, rents plummeted to below $700 and have oscillated between these extremes ever since. Currently, the latest recorded rent stands at $662 per week.

Rental yields for 0800


Located about 1.5 hours out of Darwin, the locality has seen yields nearly double from previous years.

Rental yields for 0822

Fortitude Valley

Barely three kilometres out of the Brisbane CBD, Fortitude Valley is located northeast of the city’s heart.

The area is renowned for its nightlife and is home to several cultural institutions.

According to, median rents in the area are $520 per week for houses and $490 per week for units. House rents have dropped over 30% over the past twelve months, while unit rents have risen almost 13%.

Rental yields for 4006

Canberra City

The heart of Australia’s capital predominantly comprises renters, with Domain data showing 69% of the suburb is home to renters.

Median rental price for units in the suburb is $640 per week, according to, with weekly asking rents (a different measure to median rents) just north of $700, according to SQM data.

Rental yields for 2601


Another Northern Territory location, the suburb is located half an hour east of Darwin.

Rental yields for 0830

Point Sturt

Located 1.5 hours south of Adelaide, the suburb is close to Lake Alexandria.

Rental yields for 5256


Half an hour south of the Brisbane CBD, the suburb is close to Archerfield Airport. According to Domain data, the suburb is largely home to a younger population, with the average age between 20 and 39. It also comprises two-thirds singles, as compared to family, with a little less than half the suburb comprising renters (46%).

Rental yields for 4106


A slice of Perth suburbia, this locale is about half an hour north of the Perth CBD. It has excellent access to both Perth and Joondalup CBDs, with greenspace a stone’s throw north or east, including a Yellagonga Regional Park and Whiteman Park.

Rental yields for 6064

Victor Harbour

Just over an hour south of Adelaide, the suburb is home to the Granite Island Recreation Park and Victor Harbour Horse Drawn Tramway.

Rental yields for 5211


Half an hour south of Canberra, the suburb is close to Lake Tuggeranong, and the border with New South Wales.

According to Domain, the suburb is an almost fifty-fifty split between owners and renters, with singles comprising 55%, and families 45%.

Rental yields for 2900


An hour south of Perth, close to locales such as Rockingham and Jarrahdale, weekly asking rents for the suburb are floating between $400 and $600.

Rental yields for 6123

Banksia Grove

A stone’s throw from Joondalup, the northern suburb of Banksia Grove largely comprises owner-occupiers, with Domain data showing only 23% of the suburb are renters.

Median rental price, according to REIWA, is $550 per week, with rental growth up over 22%.

Rental yields for 6031


Located in Perth’s east, weekly rents in the suburb have been steadily climbing since a market trough around 2018. The latest from SQM shows house rentals around $500 per week, with units close behind at $450 per week.

Rental yields for 6109


Previously part of the suburb of Balga, Westminster weekly rents for both houses and units are floating around the $500 mark, according to SQM data.

Rental yields for 6061


One hour northeast of Adelaide, the asking rents for houses are around $500 per week, according to SQM.

Rental yields for 5355


Asking rents for the suburb are also around the $500 mark, according to SQM.

Rental yields for 6170

Woodville North

Located a stone’s throw from Port Adelaide, weekly rents in the area are between $500 and $600 per week, according to SQM.

Rental yields for 5012


The cittaslow of Goolwa is a sleepy locale south of Adelaide.

Rental yields for 5214


The suburb is some half an hour north of Perth and enjoys excellent amenities, including a local shopping centre, recreational centre with pool, and close proximity to major and arterial roads such as Alexander Drive, Tonkin Highway, Hepburn Avenue, and the upcoming Metronet train line.

Rental yields for 6066


This article seeks to provide general information only. See our Terms of Use. Information may also be skewed as a result of maths, principally driven by smaller stock levels compared to the magnitude of change.

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