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3 high yield dividend shares to buy this month

The Australian share market may have an average dividend yield of approximately 4.2%, but that doesn’t mean you have to settle for that.

Listed below are three quality dividend shares that currently offer significantly better yields than the market average. Here’s why I think they are worth a look:

Australia and New Zealand Banking Group (ASX: ANZ)

While the banks may not be popular with investors at the moment, it is hard to deny that their shares look attractive. One of the best options in the sector right now in my opinion is ANZ Bank. Due to its high CET1 ratio, generous dividend, and attractive valuation, I think it could be a great option for patient income investors. At present ANZ Bank’s shares offer a trailing fully franked 6.3% yield.

Aventus Retail Property Fund (ASX: AVN)

Aventus is a specialist fund and asset manager of large format retail centres. Last year it delivered a 2.3% increase in funds from operations to $89 million thanks largely to its high occupancy levels. This allowed the board to increase its distribution to 16.3 cents per unit, which equates to a massive trailing unfranked 7.7% yield at present. While this distribution may only grow modestly over the coming years, it certainly could be worth considering.

National Storage REIT (ASX: NSR)

National Storage REIT is a real estate investment trust providing self-storage services across a network of 133 centres throughout Australia and New Zealand. A strong result in FY 2018 allowed the National Storage board to lift its distribution to 9.6 cents per unit, which equates to a trailing 5.9% yield. Pleasingly, with the company recently raising $175 million for acquisitions at a premium to the current share price, I think now could be an opportune time to consider picking up shares in this quality company.

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You might not know this market leader's name, but it's rapidly expanding into a highly profitable niche market here in Australia. Even better, the shares boast a strong, fully franked dividend that should balloon in the years to come. In other words, we're looking at the holy grail of incredible long-term growth potential AND income you can watch accruing in your account in real time!

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended AVENTUS RE UNIT and National Storage REIT. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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