Gross yield = (weekly rent * 52) / (purchase price+purchase costs+Reno costs)
Net yield = (weekly rent * 52 - expenses) / (purchase price +purchase costs+Reno costs)
Expenses include rates, maintenance, insurance, management fees etc. (but dont include interest payments)
The house may be vacant for about 2 weeks per year. So it is better to multiply weekly rent by 50 instead of 52.
(purchase price+purchase costs+Reno costs) may be irrelevant as well. Say the house price has doubled and there is no point using purchase price. If so, "Current market value" should be used.