Along with WA and Queensland, South Australia has been among the strongest performing property markets in Australia over the past couple of years for capital growth. For an investor looking for a cash flow positive property, these are where the highest rental yields are currently to be found.
South Australia Rental Yields in 2024
Along with WA and Queensland, South Australia has been among the strongest performing property markets in Australia over the past couple of years for capital growth. For an investor looking for a cash flow positive property, these are where the highest rental yields are likely to be found.
Median Prices, Rents, and Yields
| Median Price | Median Asking Rent | Median Rental Yield | |
|---|---|---|---|
| Houses (Adelaide) | $800,000 | $570 | 3.9% |
| Units (Adelaide) | $570,000 | $490 | 4.8% |
| Houses (Rest of SA) | $430,000 | $400 | 4.9% |
| Units (Rest of SA) | $310,000 | $300 | 5.0% |
Source: CoreLogic. Data reported to the period ending August '24. Median values account for sales transactions over three months.
Rental yields for houses in Adelaide are fairly unspectacular - above Sydney, Melbourne, Brisbane and Canberra, but behind Perth, Darwin and Hobart. At a median price of $811,000, houses in Adelaide are relatively expensive compared to the likes of Perth ($770,000) and Hobart ($698,000), which can mean rental yields are comparatively low. For units, Adelaide’s rental yields are above only those of Sydney, Hobart and Melbourne.
Heading out to the regions and again, SA sits around the middle of the pack. Rental yields for both houses and units are pretty similar to regional Queensland, stronger than regional Victoria, NSW and Tasmania, but well behind WA and the NT.
Highest Rental Yields in South Australia
Port Pirie West and Solomontown, both in the Port Pirie LGA, have the highest median rental yields for houses in South Australia at 8.7%. With an 11.1% yield, Roxby Downs had the best performing units.
Houses
| Rank | Suburb (Postcode) | LGA | Median Price | Weekly Median Advertised Rent ($) | Gross Rental Yield |
|---|---|---|---|---|---|
| 1st | Port Pirie West (5540) | Port Pirie | $197,500 | $330 | 8.7% |
| 2nd | Solomontown (5540) | Port Pirie | $204,000 | $340 | 8.7% |
| 3rd | Port Augusta (5700) | Port Augusta | $224,135 | $320 | 7.4% |
| 4th | Roxby Downs (5725) | Roxby Downs | $280,000 | $395 | 7.3% |
| 5th | Bordertown (5268) | Tatiara | $270,000 | $380 | 7.3% |
| 6th | Port Pirie South (5540) | Port Pirie | $270,000 | $380 | 7.3% |
| 7th | Whyalla Norrie (5608) | Whyalla | $217,080 | $300 | 7.2% |
| 8th | Whyalla Stuart (5608) | Whyalla | $210,000 | $280 | 6.9% |
| 9th | Ceduna (5690) | Ceduna | $275,000 | $365 | 6.9% |
| 10th | Port Augusta West (5700) | Port Augusta | $265,000 | $350 | 6.9% |
| 11th | Risdon Park (5540) | Port Pirie | $260,000 | $330 | 6.6% |
| 12th | Stirling North (5710) | Port Augusta | $294,500 | $370 | 6.5% |
| 13th | Whyalla Jenkins (5609) | Whyalla | $357,250 | $420 | 6.1% |
| 14th | Risdon Park South (5540) | Port Pirie | $310,000 | $355 | 6.0% |
| 15th | Waikerie (5330) | Loxton Waikerie | $305,000 | $340 | 5.8% |
| 16th | Tumby Bay (5605) | Tumby Bay | $381,250 | $425 | 5.8% |
| 17th | Whyalla Playford (5600) | Whyalla | $320,000 | $350 | 5.7% |
| 18th | Renmark (5341) | Renmark Paringa | $350,000 | $380 | 5.6% |
| 19th | Kadina (5554) | Copper Coast | $365,250 | $395 | 5.6% |
| 20th | Evanston Gardens (5116) | Gawler | $515,000 | $538 | 5.4% |
| 21st | Mannum (5238) | Mid Murray | $445,000 | $463 | 5.4% |
| 22nd | Berri (5343) | Berri Barmera | $335,000 | $340 | 5.3% |
| 23rd | Port Lincoln (5606) | Port Lincoln | $457,500 | $460 | 5.2% |
| 24th | Elizabeth North (5113) | Playford | $418,000 | $420 | 5.2% |
| 25th | Smithfield Plains (5114) | Playford | $463,056 | $465 | 5.2% |
Source: CoreLogic. Data reported to the period ending August '24. Median values account for sales transactions over 12 months.
As with most states, the areas with the highest rental yields are regional. Only three of the above suburbs (Evanston Gardens, Elizabeth North, and Smithfield Plains) are in the Adelaide statistical division, despite the fact that more than 77% of the SA population live in the capital. Eight of the top ten suburbs by rental yields for houses are in the Northern region, which is effectively outback South Australia. Like the rest of the nation, the population in regional SA is sparse, with little clusters around industry centres. This is generally why rental yields are higher - the demand for property is more transient, with workers coming to and from the area depending on projects.
A good example is Port Pirie, where several of the above suburbs are to be found, including Port Pirie West at number one. Port Pirie is about 230 kms north of Adelaide on the coast. The city’s economy is dominated by one of the world’s largest smelters, producing lead, silver, and zinc. It employs over 1,100 people, including contractors, while the port itself is also the second busiest in SA. These workers need somewhere to live, so there’s demand for housing, but this seemingly does not translate into demand to actually buy property, given the extremely low median prices. The typical house in Port Pirie West, for example, is worth just $197,500 - less than 50% of the median for regional South Australia.
Units
| Rank | Suburb (Postcode) | LGA | Median Price | Weekly Median Advertised Rent ($) | Gross Rental Yield |
|---|---|---|---|---|---|
| 1st | Roxby Downs (5725) | Roxby Downs | $142,000 | $300 | 11.0% |
| 2nd | Whyalla (5600) | Whyalla | $165,000 | $265 | 8.4% |
| 3rd | Keswick (5035) | West Torrens | $342,500 | $450 | 6.8% |
| 4th | New Port (5015) | Port Adelaide Enfield | $391,000 | $485 | 6.5% |
| 5th | Renown Park (5008) | Charles Sturt | $450,000 | $550 | 6.4% |
| 6th | Lightsview (5085) | Port Adelaide Enfield | $475,000 | $580 | 6.3% |
| 7th | Kidman Park (5025) | Charles Sturt | $490,000 | $593 | 6.3% |
| 8th | Adelaide (5000) | Adelaide | $467,878 | $560 | 6.2% |
| 9th | Tonsley (5042) | Marion | $480,000 | $570 | 6.2% |
| 10th | Seaford Meadows (5169) | Onkaparinga | $430,000 | $500 | 6.0% |
| 11th | Salisbury (5108) | Salisbury | $342,250 | $390 | 5.9% |
| 12th | Woodville West (5011) | Charles Sturt | $455,000 | $518 | 5.9% |
| 13th | St Marys (5042) | Mitcham | $355,150 | $390 | 5.7% |
| 14th | Mawson Lakes (5095) | Salisbury | $455,750 | $500 | 5.7% |
| 15th | Port Lincoln (5606) | Port Lincoln | $320,000 | $350 | 5.7% |
| 16th | Andrews Farm (5114) | Playford | $390,000 | $425 | 5.7% |
| 17th | Enfield (5085) | Port Adelaide Enfield | $360,000 | $390 | 5.6% |
| 18th | Walkerville (5081) | Walkerville | $487,500 | $523 | 5.6% |
| 19th | Morphettville (5043) | Marion | $490,000 | $525 | 5.6% |
| 20th | Gawler South (5118) | Gawler | $373,000 | $395 | 5.5% |
| 21st | Brooklyn Park (5032) | West Torrens | $379,500 | $400 | 5.5% |
| 22nd | Paralowie (5108) | Salisbury | $386,000 | $400 | 5.4% |
| 23rd | Blair Athol (5084) | Port Adelaide Enfield | $555,000 | $575 | 5.4% |
| 24th | St Clair (5011) | Charles Sturt | $525,000 | $540 | 5.3% |
| 25th | Campbelltown (5074) | Campbelltown (SA) | $535,000 | $550 | 5.3% |
Source: CoreLogic. Data reported to the period ending August '24. Median values account for sales transactions over 12 months.
Roxby Downs at the summit of this list catches the eye. With a median price of $142,000 and a median rent of $300, that means typical rental yields in Roxby Downs are 11%. Again, this is likely a by-product of the local industry. Roxby Downs is a township that was built in 1986 to support the Olympic Dam mine. It’s remote, about 511 kms from Adelaide, and the population tends to be transient as mining employees come and go.
As for the rest of the list, the capital reigns supreme. Only Roxby Downs, Whyalla, and Port Lincoln are outside of the Adelaide statistical division, which probably says more about the lack of units in regional SA than about strong yields in the city itself. Many of the areas with the highest yields are in the industrial or inner-city areas, where property prices are lower but rental demand is steady.
Highest Rental Yields in Adelaide
Evanston Gardens in Gawler has the highest average rental yield in Adelaide at the moment at 5.4%. For units, the inner-city suburb of Keswick takes the top spot - investors there can expect an average yield of 6.8%.
Houses
| Rank | Suburb (Postcode) | LGA | Median Price | Weekly Median Advertised Rent ($) | Gross Rental Yield |
|---|---|---|---|---|---|
| 1st | Evanston Gardens (5116) | Gawler | $515,000 | $538 | 5.4% |
| 2nd | Elizabeth North (5113) | Playford | $418,000 | $420 | 5.2% |
| 3rd | Smithfield Plains (5114) | Playford | $463,056 | $465 | 5.2% |
| 4th | Eyre (5121) | Playford | $518,250 | $520 | 5.2% |
| 5th | Elizabeth Grove (5112) | Playford | $415,000 | $415 | 5.2% |
| 6th | Davoren Park (5113) | Playford | $450,500 | $450 | 5.2% |
| 7th | Elizabeth Downs (5113) | Playford | $444,500 | $440 | 5.1% |
| 8th | Andrews Farm (5114) | Playford | $535,500 | $530 | 5.1% |
| 9th | Munno Para (5115) | Playford | $527,000 | $520 | 5.1% |
| 10th | Smithfield (5114) | Playford | $490,500 | $470 | 5.0% |
| 11th | Burton (5110) | Salisbury | $576,000 | $550 | 5.0% |
| 12th | Munno Para West (5115) | Playford | $550,000 | $520 | 4.9% |
| 13th | Elizabeth South (5112) | Playford | $445,000 | $420 | 4.9% |
| 14th | Evanston (5116) | Gawler | $492,500 | $460 | 4.9% |
| 15th | Seaford Heights (5169) | Onkaparinga | $637,500 | $595 | 4.9% |
| 16th | St Clair (5011) | Charles Sturt | $620,000 | $575 | 4.8% |
| 17th | Salisbury North (5108) | Salisbury | $510,000 | $470 | 4.8% |
| 18th | Elizabeth Park (5113) | Playford | $490,000 | $450 | 4.8% |
| 19th | Blakeview (5114) | Playford | $551,000 | $505 | 4.8% |
| 20th | Elizabeth East (5112) | Playford | $492,000 | $450 | 4.8% |
| 21st | Craigmore (5114) | Playford | $550,000 | $500 | 4.7% |
| 22nd | Evanston Park (5116) | Gawler | $573,500 | $520 | 4.7% |
| 23rd | Tonsley (5042) | Marion | $657,500 | $595 | 4.7% |
| 24th | Elizabeth Vale (5112) | Playford | $500,000 | $450 | 4.7% |
| 25th | Port Adelaide (5015) | Port Adelaide Enfield | $655,778 | $588 | 4.7% |
Source: CoreLogic. Data reported to the period ending August '24. Median values account for sales transactions over 12 months.
Units
| Rank | Suburb (Postcode) | LGA | Median Price | Weekly Median Advertised Rent ($) | Gross Rental Yield |
|---|---|---|---|---|---|
| 1st | Keswick (5035) | West Torrens | $342,500 | $450 | 6.8% |
| 2nd | New Port (5015) | Port Adelaide Enfield | $391,000 | $485 | 6.5% |
| 3rd | Renown Park (5008) | Charles Sturt | $450,000 | $550 | 6.4% |
| 4th | Lightsview (5085) | Port Adelaide Enfield | $475,000 | $580 | 6.3% |
| 5th | Kidman Park (5025) | Charles Sturt | $490,000 | $593 | 6.3% |
| 6th | Adelaide (5000) | Adelaide | $467,878 | $560 | 6.2% |
| 7th | Tonsley (5042) | Marion | $480,000 | $570 | 6.2% |
| 8th | Seaford Meadows (5169) | Onkaparinga | $430,000 | $500 | 6.0% |
| 9th | Salisbury (5108) | Salisbury | $342,250 | $390 | 5.9% |
| 10th | Woodville West (5011) | Charles Sturt | $455,000 | $518 | 5.9% |
| 11th | St Marys (5042) | Mitcham | $355,150 | $390 | 5.7% |
| 12th | Mawson Lakes (5095) | Salisbury | $455,750 | $500 | 5.7% |
| 13th | Andrews Farm (5114) | Playford | $390,000 | $425 | 5.7% |
| 14th | Enfield (5085) | Port Adelaide Enfield | $360,000 | $390 | 5.6% |
| 15th | Walkerville (5081) | Walkerville | $487,500 | $523 | 5.6% |
| 16th | Morphettville (5043) | Marion | $490,000 | $525 | 5.6% |
| 17th | Gawler South (5118) | Gawler | $373,000 | $395 | 5.5% |
| 18th | Brooklyn Park (5032) | West Torrens | $379,500 | $400 | 5.5% |
| 19th | Paralowie (5108) | Salisbury | $386,000 | $400 | 5.4% |
| 20th | Blair Athol (5084) | Port Adelaide Enfield | $555,000 | $575 | 5.4% |
| 21st | St Clair (5011) | Charles Sturt | $525,000 | $540 | 5.3% |
| 22nd | Campbelltown (5074) | Campbelltown (SA) | $535,000 | $550 | 5.3% |
| 23rd | Torrens Park (5062) | Mitcham | $410,000 | $420 | 5.3% |
| 24th | Westbourne Park (5041) | Mitcham | $410,681 | $415 | 5.3% |
| 25th | Henley Beach South (5022) | Charles Sturt | $430,000 | $430 | 5.2% |
Source: CoreLogic. Data reported to the period ending August '24. Median values account for sales transactions over 12 months.
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First published on July 2024
Picture by Syed Hadi Naqvi
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