Property investors who have had real estate in Somerville, 3912 should be ok with this VIC suburb’s performance compared to the rest of the country. Over the last year it has seen median house prices increase in value by 1.67%
Across a shorter period, Somerville, 3912 has seen a median price increase of 1.67% over the last quarter.
The most recent median price for Somerville is $610000, with sellers offering an average of -8.67% off the asking price.
At number 859 in a list of fastest selling suburbs, Somerville is in the TOP 30% of suburbs in Australia with an average of days on market 60.1881 for properties listed there.
Somerville is 238th on a list of best yielding suburbs for rents in VIC with a 3.75% return
At number 609th in the list of Australian suburbs ordered by increase in median house value over the last year, Somerville, 3912 is in the top 40% with a property value increase of 2.27% recorded in median house prices.
Taking the average capital gain, or increase in median house value, Somerville,3912 has racked up an average of 2.27% over the period. This ranks it number 113th in the whole country for real estate investors looking at median house price increases.
On average over the past year, suburb has had 2.42 sales per month, which equates to 29 per year.
With the median price for a house in Somerville being $450000 and the advertised rent reaching $375 the gross rental yield for property investors calculates out to be 4.33%
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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.