Suburb Profile Report for Somerset TAS (7322)

Somerset House: Median price $249,000, Annual capital growth 1.60%, Number of sales 59, Weekly median advertised rent $280

Somerset Unit: Median price $227,500, Annual capital growth -0.79%, Number of sales 12, Weekly median advertised rent $220

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

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

  • House Report
  • Unit Report

At number 1269th in the list of Australian suburbs ordered by increase in median house value over the last year, Somerset, 7322 is in the top 40% with a property value increase of 2.68% recorded in median house prices.

Comparing Somerset,7322 ‘s 5year and quarterly average capital gain offered to property investors, it performed less well across the longer period

Vendor discounting in Somerset is giving property investors an average Vendor Discount of around -5.76%. This puts suburb at number 47th in TAS when ranking the most discounted suburbs.

The TAS suburb of Somerset, 7322 is in the Waratah/Wynyard (M) local government area.

At number 1349th in the list of Australian suburbs ordered by increase in median house value over the last year, Somerset, 7322 is in the BOTTOM 10% with a property value increase of -14.79% recorded in median house prices.

Data for the last quarter indicates that, in the short term at least, the capital value growth rate for property investors in Somerset has fallen somewhat when compared to the 5 year average annual rate.

Advertised rents are around the $220 mark per week – giving a return of 5.03% based on the median price in Suburb

Metrics i HOUSE UNIT
$249,000 $227,500
1.63% 2.48%
2.68% -14.79%
1.60% -0.79%
$280 $220
59 12
5.85% 5.03%
90.5 N/A

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

DSR Score for property investment : Very good (H), Above average (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