Suburb Profile Report for Somerville VIC (3912)

Somerville House: Median price $509,000, Annual capital growth 6.41%, Number of sales 182, Weekly median advertised rent $385

Somerville Unit: Median price $358,000, Annual capital growth 5.24%, Number of sales 41, Weekly median advertised rent $320

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

Source: CoreLogic

  • House Report
  • Unit Report

At number 598th in the list of Australian suburbs ordered by increase in median house value over the last year, Somerville, 3912 is in the top 20% with a property value increase of 15.68% recorded in median house prices.

Somerville,3912 has offered an average of 15.68% return per annum in house price rises to property investors over the last three years.

State is the 6th most discounted Australian state or territory in this month’s figures with an average Vendor Discount of -5.80% offered to property buyers. Sellers in Somerville itself are offering an average vendor discount of -2.50% to real estate investors.

Residents and property investors in Somerville have been waiting around 30.09 days to sell a property.

Situated 49.42km from the CBD, Somerville is one of Mornington Peninsula localities in the postcode 3912.

Somerville is in the TOP 20% in VIC when comparing median price capital growth over the last year. Somerville gave property investors a very good capital gain figure when compared to the rest of the state, with 12.05%.

Taking the average capital gain, or increase in median house value, Somerville,3912 has racked up an average of 12.05% over the period. This ranks it number 1340th in the whole country for real estate investors looking at median house price increases.

Property buyers and investors in Somerville 3912 should be seeing an average reduction in asking price of around -4.05% . This means that Somerville is holding prices well when compared to other suburbs in VIC.

Using the current median advertised rental of $320 and the average annual increase in value of a median property of 5.24%, investors should hope to achieve an overall return of 4.65%

Metrics i HOUSE UNIT
$509,000 $358,000
6.60% 8.48%
15.68% 12.05%
6.41% 5.24%
$385 $320
182 41
3.93% 4.65%
30.09 29.76

Source: CoreLogic

DSR Score for property investment : Very good (U), Very good (H)
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Demographics
Total population 10730
Median household income ($/weekly) 1287
Median age of persons 38
Median housing loan repayment ($/monthly) 1606
Average household size 2.7
  • Census Count Percent(%)
    5-14 years 1533 14.3
    25-34 years 1191 11.1
    35-44 years 1446 13.5
    45-54 years 1689 15.7
    55-64 years 1280 11.9
    Others 3591 33.5
    Age Group
    Census Count Percent(%)
    Registered Married 4005 50.6
    Not Married 3092 39.1
    Defacto Relationship 813 10.3
    Social Marital Status
  • Census Count Percent(%)
    Australia 8738 84.3
    New Zealand 70 0.7
    Papua New Guinea 126 1.2
    United Kingdom 1006 9.7
    Other 97 0.9
    Others 327 3.2
    Country of Birth
    Census Count Percent(%)
    Buddhism 59 0.6
    Christianity 6374 65.2
    Judaism 12 0.1
    Other Religious Groups 40 0.4
    No Religion 3271 33.5
    Others 16 0.2
    Religious Affiliation
  • Census Count Percent(%)
    $400-$599 351 10.3
    $600-$799 311 9.2
    $1,250-$1,499 348 10.3
    $1,500-$1,999 506 14.9
    $2,000-$2,499 371 10.9
    Others 1505 44.4
    Gross Household Income (Weekly)
    Census Count Percent(%)
    Employed, worked full-time 3271 39.8
    Not in the labour force 2474 30.1
    Employed, worked part-time 1835 22.3
    Employed, away from work 413 5.0
    Unemployed, looking for work 233 2.8
    Person Characteristics
  • Census Count Percent(%)
    Managers 602 10.9
    Professionals 763 13.8
    Technicians & trades workers 1152 20.9
    Clerical & administrative workers 792 14.3
    Sales 626 11.3
    Others 1586 28.7
    Occupation
    Census Count Percent(%)
    Pre-school 186 7.0
    Infants/Primary 999 37.7
    Secondary 822 31.0
    Technical or Further Educational Institution 287 10.8
    University or other Tertiary Institutions 265 10.0
    Others 93 3.5
    Type of Educational Institution Attending
  • Census Count Percent(%)
    Separate house 9260 90.4
    Semi-detached, row or terrace house, townhouse 573 5.6
    Flat, unit or apartment 349 3.4
    Caravan, cabin, houseboat 56 0.5
    Improvised home, tent, sleepers out 0 0.0
    Others 0 0.0
    Dwelling Structure
    Census Count Percent(%)
    Being purchased 1896 51.3
    Fully owned 1087 29.4
    Rented 635 17.2
    Other tenure type 79 2.1
    Tenure Type
Census 2011, ABS
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Recent sales & rentals