Suburb Profile Report for Summerhill TAS (7250)

Summerhill House: Median price $315,000, Annual capital growth 2.40%, Number of sales 51, Weekly median advertised rent $350

Summerhill Unit: Median price $282,500, Annual capital growth 3.38%, Number of sales 12, Weekly median advertised rent $260

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

Source: Monthly data update for Nov 2019 as supplied by CoreLogic. Data is reported to the period ending Aug 2019. Please note that property sales data is routinely updated, so may change retrospectively.

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  • House Report
  • Unit Report

Investment property in Summerhill has done not badly for investors when compared to the country as a whole over the last 12 months, with an increase in the median house price of 5.00%

While Summerhill,7250 ranked number 94th in TAS for increase in median house value (annualised) increase, it is ranked 135th over the last 5 years.

Vendor discounting in Summerhill is giving property investors an average Vendor Discount of around -3.91%. This puts suburb at number 104th in TAS when ranking the most discounted suburbs.

Using the current median advertised rental of $350 and the average annual increase in value of a median property of 2.40%, investors should hope to achieve an overall return of 5.78%

At number 68th in the list of Australian suburbs ordered by increase in median house value over the last year, Summerhill, 7250 is in the top 10% with a property value increase of 20.73% recorded in median house prices.

If we look at median property appreciation over just the last three months, Summerhill has given property investors a paper return of 0.89%. This puts Suburb as 26 on a list of fastest fasting appreciating suburbs in TAS

The TAS suburb of Summerhill, 7250 is in the Launceston (C) local government area.

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Summerhill is situated 3km to the south of the Launceston CBD. It’s primarily a residential suburb, but is located within each reach of two shopping centres, primary and secondary schooling, medical facilities, parks and public transport. Properties to the north-west of the suburb also overlook the Trevallyn recreational area and the South Esk River.
The suburb is dominated by families, with ABS figures reporting that more than half of its residents are aged between 20 and 60. Weekly family incomes are higher than the Tasmanian average, too, with SQM Research projections pegging salaries at $1,203pw. Twenty-seven per cent of properties are rented, with the remainder either paid off (40%) or under mortgage.
It’s an affordable suburb, with the median house price around $50,000 lower than northern neighbour West Launceston. Rents are comparable to West Launceston too. Herron Todd White’s Andrew Peck reckons that market conditions are contributing to high rental yields.
“With current housing stress, rents have been increasing and this suburb provides affordable family housing,” he says.
Peck adds that properties in the area are typically 1970s three-bedroom, one-bathroom, low set brick homes, and generally low maintenance. The fact that many houses are 1970s properties may also provide opportunities to add value via cosmetic renovation.
Metrics i HOUSE UNIT
$315,000 $282,500
0.80% 0.89%
5.00% 20.73%
2.40% 3.38%
$350 $260
51 12
5.78% 4.79%
48.4146341463415 N/A

Source: Monthly data update for Nov 2019 as supplied by CoreLogic. Data is reported to the period ending Aug 2019. Please note that property sales data is routinely updated, so may change retrospectively.

DSR Score for property investment : Very good (H), Very good (U)
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Demographics
Total population 3160
Median household income ($/weekly) 956
Median age of persons 38
Median housing loan repayment ($/monthly) 1343
Average household size 2.5
  • Census Count Percent(%)
    5-14 years 409 12.9
    25-34 years 413 13.1
    35-44 years 428 13.5
    45-54 years 432 13.7
    55-64 years 380 12.0
    Others 1098 34.7
    Age Group
    Census Count Percent(%)
    Registered Married 1094 47.0
    Not Married 971 41.7
    Defacto Relationship 264 11.3
    Social Marital Status
  • Census Count Percent(%)
    Australia 2788 92.2
    Papua New Guinea 27 0.9
    Philippines 16 0.5
    United Kingdom 91 3.0
    Other 17 0.6
    Others 85 2.8
    Country of Birth
    Census Count Percent(%)
    Buddhism 14 0.5
    Christianity 2095 72.3
    Hinduism 7 0.2
    Other Religious Groups 8 0.3
    No Religion 772 26.6
    Others 3 0.1
    Religious Affiliation
  • Census Count Percent(%)
    $400-$599 158 14.1
    $600-$799 154 13.7
    $1,000-$1,249 118 10.5
    $1,250-$1,499 120 10.7
    $1,500-$1,999 152 13.5
    Others 420 37.4
    Gross Household Income (Weekly)
    Census Count Percent(%)
    Employed, worked full-time 904 37.2
    Not in the labour force 810 33.3
    Employed, worked part-time 529 21.8
    Employed, away from work 107 4.4
    Unemployed, looking for work 79 3.3
    Person Characteristics
  • Census Count Percent(%)
    Professionals 207 13.4
    Technicians & trades workers 285 18.5
    Community & personal service workers 194 12.6
    Clerical & administrative workers 225 14.6
    Sales 208 13.5
    Others 422 27.4
    Occupation
    Census Count Percent(%)
    Pre-school 17 2.5
    Infants/Primary 282 41.6
    Secondary 213 31.4
    Technical or Further Educational Institution 71 10.5
    University or other Tertiary Institutions 82 12.1
    Others 13 1.9
    Type of Educational Institution Attending
  • Census Count Percent(%)
    Separate house 2796 94.0
    Flat, unit or apartment 126 4.2
    Semi-detached, row or terrace house, townhouse 52 1.7
    Caravan, cabin, houseboat 0 0.0
    Improvised home, tent, sleepers out 0 0.0
    Others 0 0.0
    Dwelling Structure
    Census Count Percent(%)
    Being purchased 474 39.3
    Fully owned 388 32.1
    Rented 345 28.6
    Other tenure type 0 0.0
    Tenure Type
Census 2011, ABS
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