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Cessnock and Byron Bay are the surprise winners in a new report that reveals which top holiday destinations bring in the highest rental yields.
The report by comparison website finder.com.au ranks Australia’s top 10 destinations according to CBD rental yields. It found that the highest rental yields for CBD houses were in Cessnock (NSW), followed by Byron Bay, Hobart and Darwin.
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Cessnock had the highest yield of 6.31 per cent for houses, although its median house price of $255,000 and median rent of $310 per week were the lowest on the list.
Byron Bay came in at second with a rental yield of 4.94 per cent along with a median house price of $706,000 and a median rent of $670 per week.
Hobart came third showing a yield of 4.83 per cent for houses with a median price of $468,000 and rent per week sitting at $435.
Darwin had a rental yield of 4.32 per cent and a median house price of $904,000 with a $750 per week median rental price.
Next on the list was Brisbane with a 4.18 per cent yield followed by Port Douglas (Qld) at 3.95 per cent, Airlie Beach (Qld) at 3.39 per cent, Melbourne at 3.37 per cent, Sydney at 3.33 per cent and Canberra at 2.41 per cent.
The report showed that while Canberra had the lowest yield on the list, at 2.41 per cent, it also had the highest median CBD house price, at $2.2 million, while the median rent was $995 per week.
For units, the best rental yields were in Port Douglas followed by Darwin, Brisbane, Sydney and Airlie Beach.
Investors who do their research can make “more than twice the amount of yield per year”, according to finder.com.au.
