Although falling interest rates is disappointing for savers and income investors, it isn't the end of the world as the Australian share market is home to a large number of dividend shares that offer vastly superior yields.
Three high yield dividend shares that I would consider buying this week are listed below. Here's why I like them:
National Storage REIT (ASX: NSR)
One quality option for income investors could be this self-storage focused real estate investment trust. Thanks to a combination of development projects and its growth through acquisition strategy, National Storage has been growing its network at a solid rate over the last few years. Although its network has now reached 168 centres, management continues to see plenty of room for growth. I feel this bodes well for dividend increases in the future. At present the company's shares provide a 5.3% trailing distribution yield.
Scentre Group (ASX: SCG)
Another high yield dividend share to consider buying is Scentre Group. It is the owner of all the Westfield properties in the ANZ region. These properties are arguably the highest quality retail assets in the region and welcome hundreds of millions of visitors through their doors each year. Pleasingly, despite the rise of online shopping, visitor numbers continue to increase and each visitor is spending longer and longer in its centres. This has unsurprisingly led to strong demand for tenancies and underpinned its sky high occupancy rate. In light of this, I continue to believe Scentre is well-placed to continue growing its income and distribution at a steady rate over the next few years. At present its units offer a trailing 5.7% distribution yield.
Westpac Banking Corp (ASX: WBC)
A final high yield dividend share to consider is Westpac. Although the banking giant's shares have just hit a 52-week high, I don't believe it is too late to pick up shares. Especially given the positive signals emerging from the housing market. This could be a sign that the downturn is over and lead to solid mortgage loan growth in the near term. At present Westpac's shares offer a trailing fully franked 6.3% dividend yield.
