The Australian share market average dividend yield traditionally hovers around the 4% mark.
While this is a good yield, income investors don't have to settle for that.
For example, analysts are forecasting bigger than average yields from the ASX dividend shares listed below. Here's what they expect:
Rural Funds Group (ASX: RFF)
The first ASX dividend share to look at is Rural Funds. It is an agricultural property company with a quality and diverse portfolio of assets. These include almond orchards, macadamia orchards, poultry properties, vineyards, cattle properties, and cropping properties.
Many of these properties are leased by leaders in their industries on long-term agreements with built-in periodic rental increases.
Bell Potter is very positive on the company and is forecasting big yields in the near term. It expects dividends per share of 11.7 cents in both FY 2024 and FY 2025. Based on the current Rural Funds share price of $2.01, this will mean yields of 5.8% for investors.
Bell Potter has a buy rating and $2.40 price target on its shares.
Universal Store Holdings Ltd (ASX: UNI)
Another ASX dividend share that has been tipped to provide above-average dividend yields is Universal Store. It is the youth fashion retailer behind the Universal Store and Thrills store brands.
Morgans is feeling bullish about the company's outlook thanks to its "attractive array of medium-term growth prospects."
It expects this to underpin fully franked dividends per share of 26 cents in FY 2024 and then 29 cents in FY 2025. Based on the current Universal Store share price of $4.10, this will mean yields of 6.3% and 7.1%, respectively.
Morgans has an add rating and $4.55 price target on its shares.
