VIC has seen average median house prices change by -1.79% which means that Somerville, 3912 has not done well for property investors by showing a capital gain of -1.64% over the last year
A 53.85% growth in median value for property investors in Somerville,3912 puts this suburb at number 258th in terms of best performing suburbs in VIC
At number 223th of VIC’s most discounted properties, Somerville is in the bottom 40% of the state/territory when listing in order of most discounted to least.
On average over the past year, suburb has had 11.58 sales per month, which equates to 139 per year.
Renters in Suburb are facing rents around $22100 per annum or $425 every week.
Investment property in Somerville has done well for investors when compared to the country as a whole over the last 12 months, with an increase in the median house price of 6.78%
Somerville,3912 has offered an average of 6.78% return per annum in house price rises to property investors over the last three years.
The most recent median price for Somerville is $472500, with sellers offering an average of -7.24% off the asking price.
On average over the past year, suburb has had 1.83 sales per month, which equates to 22 per year.
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Western Port suburb clings to upward trend
Median unit price: $442,500
Three-year growth: 39.4%
Rental yield: 4.1%
The suburb of Somerville is part of the urban enclave on Victoria’s Western Port, which also includes suburbs like Hastings, Bittern and Crib Point. While it originally began as an orchard town, Somerville has since undergone significant development as its population swelled.
Residents are served by a local railway station that is a stop on Stony Point Line, as well as a bus service to Frankston. There are many parks and playgrounds for families with children, and coffee lovers will enjoy the award-winning cafes in the area. The Mechanics’ Hall is known for hosting local gigs.
The suburb is holding on to positive growth thus far, although price increases slowed to 1.1% in the 12 months to February 2019.