Suburb Profile Report for Somerset TAS (7322)

Somerset House: Median price $277,000, Annual capital growth 4.70%, Number of sales 62, Weekly median advertised rent $270

Somerset Unit: Median price $182,000, Annual capital growth 5.31%, Number of sales 11, Weekly median advertised rent $205

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

Source: CoreLogic

  • House Report
  • Unit Report

Property value increases in Somerset have tracked higher than the TAS average of 4.95% over the last 12 months.

While Somerset,7322 ranked number 5th in TAS for increase in median house value (annualised) increase, it is ranked 14th over the last 5 years.

State is the 4th most discounted Australian state or territory in this month’s figures with an average Vendor Discount of -7.01% offered to property buyers. Sellers in Somerset itself are offering an average vendor discount of -7.76% to real estate investors.

With the median price for a house in Somerset being $277000 and the advertised rent reaching $270 the gross rental yield for property investors calculates out to be 5.07%

TAS has seen average median house prices change by 4.00% which means that Somerset, 7322 has done well for property investors by showing a capital gain of -29.78% over the last year

If we look at median property appreciation over just the last three months, Somerset has given property investors a paper return of -10.34%. This puts Suburb as 50 on a list of fastest fasting appreciating suburbs in TAS

Property investors should expect to get $205 weekly from the median priced house in this suburb.

Metrics i HOUSE UNIT
$277,000 $182,000
16.02% -10.34%
25.34% -29.78%
4.70% 5.31%
$270 $205
62 11
5.07% 5.86%
106.86 N/A

Source: CoreLogic

DSR Score for property investment : Balanced (U), Above average (H)
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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
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