Melbourne vs Sydney vs Brisbane vs Perth rental yields

The four biggest capitals sit in very different places on the yield map. Sydney and Melbourne trade yield for growth; Brisbane and Perth offer more income. Here they are side by side — indicative yields, plus the live ABS demand data behind each.

10 min read

The four-city matchup

These four capitals cover most Australian investor decisions, and they line up almost perfectly along the yield-versus-growth spectrum: Sydney at the low-yield, high-price end; Perth at the high-yield end; Melbourne and Brisbane in between. Knowing where each sits tells you what kind of return you are really buying.

Yields side by side

Indicative gross rental yields, houses and units, for the big four:

Indicative gross rental yields for Sydney, Melbourne, Brisbane and Perth.
Capital city	Houses (gross)	Units (gross)
Sydney	2.6–3.0%	3.8–4.3%
Melbourne	2.9–3.3%	4.2–4.8%
Brisbane	3.6–4.0%	4.8–5.3%
Perth	4.0–4.5%	5.4–6.2%

About these yield figures

Rental yield percentages on this page are indicative market estimates summarising public reporting (as at early 2026) — the ABS does not publish rents, prices or yields. Demographic, tenure and dwelling figures are live from the ABS. Treat the yield ranges as direction, not a quote: the real figure for any specific property depends on its price and rent, which our calculators work out exactly.

The four profiles (ABS)

Yield is only half a city. The other half is the demand and demographics underneath it — and that is live ABS data. Here is how the four compare on the fundamentals that keep a rental occupied.

Population, renter share, unit share and median income for the four capitals, from ABS data.
Capital city	Population	Renting	Units	Median income
Greater Sydney	5.28M	35.7%	26.6%	$112,937
Greater Melbourne	5.44M	29.4%	11.5%	$100,396
Greater Brisbane	3.20M	34.8%	13.3%	$99,000
Greater Perth	2.14M	25.9%	5.8%	$97,638

A bigger, more renter-heavy city gives a yield more tenants to fall back on. Sydney and Melbourne have the deepest rental pools; Perth's higher yield comes with a smaller, more cyclical market.

Which city for which investor

No city is “best” — each suits a different plan:

Sydney. Lowest yields, highest prices — a growth and prestige market where income takes a back seat.
Melbourne. Low house yields, deep unit market — a growth market with volume for unit-focused, yield-minded buyers.
Brisbane. The middle ground — healthier yields than the southern capitals with a strong growth story.
Perth. Highest yields of the four — strong rents on a lower price base, historically more cyclical.

The city sets the range; the property sets the number. Once you have a specific listing, the rental yield calculator and cash flow calculator give you the real figure — and the yield-based purchase price calculator tells you what to pay for a target yield in any of them.

Try the calculators

Rental yield calculator

The real gross and net yield for a specific property in any city.

Open calculator

Yield-based purchase price calculator

What to pay in Sydney, Melbourne, Brisbane or Perth for a target yield.

Open calculator

Related guides

Houses vs units

Why the unit column beats the house column in every city.

Read the guide

Where are yields highest?