Suburb Profile Report for Somerset TAS (7322)

Somerset House: Median price $242,500, Annual capital growth 3.46%, Number of sales 64, Weekly median advertised rent $260

Somerset Unit: Median price $205,000, Annual capital growth 8.07%, Number of sales 13, Weekly median advertised rent N/A

  • House
  • Unit
Source: CoreLogic RP Data
  • Median price
  • Number of sales

Source: CoreLogic

  • House Report
  • Unit Report

TAS has seen average median house prices change by 4.21% which means that Somerset, 7322 has done well for property investors by showing a capital gain of 9.23% over the last year

Over the longer term, Somerset has seen property prices show investors a 6.95% return over the last 3 years. This is an improvement over the last 12 months

Sellers are offering property buyers an average discount of -7.62% to buyers in Somerset at the moment, which is less than average for the rest of TAS.

At number 2939 in a list of fastest selling suburbs, Somerset is in the bottom 30% of suburbs in Australia with an average of days on market 110.77 for properties listed there.

Situated 235.46km from the CBD, Somerset is one of Waratah/Wynyard localities in the postcode 7322.

If you compare the increase in value of investment property in Somerset, 7322 to the rest of Australia, it performed poorly. The median increase in value, or capital gain property investors experienced for this TAS suburb was -25.05%.

When looking at the potential capital gains offered to property investors over the last 3 years, Somerset comes in at number 50th in TAS.

Metrics i HOUSE UNIT
$242,500 $205,000
2.65% -3.07%
9.23% -25.05%
3.46% 8.07%
$260 N/A
64 13
5.58% N/A
110.77 N/A

Source: CoreLogic

DSR Score for property investment : Good (H), Balanced (U)
Find a mortgage broker in Somerset TAS
Demographics
Total population 3974
Median household income ($/weekly) 796
Median age of persons 42
Median housing loan repayment ($/monthly) 1185
Average household size 2.4
  • Census Count Percent(%)
    5-14 years 494 12.4
    35-44 years 475 12.0
    45-54 years 574 14.4
    55-64 years 534 13.4
    65-74 years 425 10.7
    Others 1472 37.0
    Age Group
    Census Count Percent(%)
    Registered Married 1397 48.8
    Not Married 1153 40.3
    Defacto Relationship 313 10.9
    Social Marital Status
  • Census Count Percent(%)
    Australia 3503 92.7
    New Zealand 16 0.4
    Papua New Guinea 24 0.6
    United Kingdom 149 3.9
    Other 27 0.7
    Others 59 1.6
    Country of Birth
    Census Count Percent(%)
    Christianity 2341 65.8
    No Religion 1191 33.5
    Buddhism 16 0.4
    Other Religious Groups 12 0.3
    Hinduism 0 0.0
    Others 0 0.0
    Religious Affiliation
  • Census Count Percent(%)
    $300-$399 187 13.4
    $400-$599 219 15.6
    $600-$799 187 13.4
    $800-$999 138 9.9
    $1,500-$1,999 142 10.1
    Others 527 37.6
    Gross Household Income (Weekly)
    Census Count Percent(%)
    Not in the labour force 1355 43.6
    Employed, worked full-time 1000 32.2
    Employed, worked part-time 512 16.5
    Unemployed, looking for work 126 4.1
    Employed, away from work 113 3.6
    Person Characteristics
  • Census Count Percent(%)
    Professionals 221 13.6
    Technicians & trades workers 308 19.0
    Community & personal service workers 189 11.7
    Clerical & administrative workers 209 12.9
    Labourers 205 12.6
    Others 490 30.2
    Occupation
    Census Count Percent(%)
    Pre-school 22 2.8
    Infants/Primary 325 41.7
    Secondary 243 31.2
    Technical or Further Educational Institution 113 14.5
    University or other Tertiary Institutions 72 9.2
    Others 5 0.6
    Type of Educational Institution Attending
  • Census Count Percent(%)
    Separate house 3333 90.9
    Flat, unit or apartment 193 5.3
    Semi-detached, row or terrace house, townhouse 83 2.3
    Caravan, cabin, houseboat 51 1.4
    House or flat attached to a shop, office 5 0.1
    Others 0 0.0
    Dwelling Structure
    Census Count Percent(%)
    Fully owned 629 41.0
    Being purchased 490 31.9
    Rented 406 26.4
    Other tenure type 11 0.7
    Tenure Type
Census 2011, ABS
Chart Table
Recent sales & rentals