Knowledge distillation (KD) compresses deep neural networks by transferring task-related knowledge from cumbersome pre-trained teacher models to more compact student models. However, vanilla KD for image super-resolution (SR) networks yields only limited improvements due to the inherent nature of SR tasks, where the outputs of teacher models are noisy approximations of high-quality label images. In this work, we show that the potential of vanilla KD has been underestimated and demonstrate that the ingenious application of data augmentation methods can close the gap between it and more complex, well-designed methods. Unlike conventional training processes typically applying image augmentations simultaneously to both low-quality inputs and high-quality labels, we propose AugKD utilizing unpaired data augmentations to 1) generate auxiliary distillation samples and 2) impose label consistency regularization. Comprehensive experiments show that the AugKD significantly outperforms existing state-of-the-art KD methods across a range of SR tasks.