The average dividend yield on the Australian share market is traditionally around 4%.
But investors don't need to settle for that when there are high-yield ASX dividend shares out there to choose from.
For example, the three shares listed below have been named as buys and tipped to offer yields of 5% to 7%. Here's what you need to know about them:
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Accent Group Ltd (ASX: AX1)
Accent Group could be a top ASX dividend share to buy for income investors. It is footwear focused retailer with over 800 stores across brands such as Sneaker Lab, Platypus, Stylerunner, and The Athlete's Foot.
Bell Potter likes the company. It believes it is well-placed thanks to its "growth adjacencies via exclusive partnerships with globally winning brands such as Hoka and growing vertical brand strategy."
The broker expects this to underpin fully franked dividends per share of 13 cents in FY 2024 and then 14.6 cents in FY 2025. Based on the latest Accent share price of $1.91, this represents dividend yields of 6.8% and 7.6%, respectively.
Bell Potter has a buy rating and $2.50 price target on its shares.
IPH Ltd (ASX: IPH)
Another ASX dividend share that could offer larger than average dividend yields is IPH.
It is an intellectual property solutions company offering a wide range of services for the protection, commercialisation, enforcement, and management of intellectual property.
The team at Goldman Sachs thinks it would be a good option for income investors. This is because it believes IPH is "well-placed to deliver consistent and defensive earnings with modest overall organic growth."
Goldman expects this to support fully franked dividends of 34 cents per share in FY 2024 and 37 cents per share in FY 2025. Based on the current IPH share price of $6.15, this represents yields of 5.5% and 6%, respectively.
The broker has a buy rating and $8.70 price target on its shares.
Rural Funds Group (ASX: RFF)
Analysts at Bell Potter are also feeling positive on Rural Funds and see it as an ASX dividend share to buy.
Rural Funds is an agricultural property company that owns assets including almond orchards, macadamia orchards, vineyards, cattle properties, and cropping properties.
Its analysts believe Rural Funds is well-placed to reward its shareholders with dividends per share of 11.7 cents in both FY 2024 and FY 2025. Based on the current Rural Funds share price of $2.03, this will mean yields of 5.75% in both years.
Bell Potter currently has a buy rating and $2.40 price target on its shares.
