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Somerset, TAS 7322

If you’re looking to buy, rent, or invest in property, it’s important to do your research on the suburb first. This includes looking at house prices, real estate rental market data, and other advanced metrics. Here, we’ve compiled that information for Somerset, TAS 7322 to help you make an informed decision about your property choice in this suburb.





Market Snapshot

This page provides an overview of the area’s real estate market. The data in this snapshot illustrates typical price, median rent and gross yield metrics for this suburb. You are able to visualise these 3 key metrics as well as other important indicators in the dashboard section that follows.

Buy 

2BR

3BR

4BR

5BR

Rent 

2BR

3BR

4BR

5BR

Yield 

2BR

3BR

4BR

5BR

Buy 

1BR

2BR

3BR

Rent 

1BR

2BR

3BR

Yield 

1BR

2BR

3BR

Lower Risk RCS™

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Capital Growth RCS™

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Cashflow RCS™

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Essentials
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Yield chart
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GRC chart
Fundamentals
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IRSAD chart
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Renters to owners pie chart
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unit to houses pie charts
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Demand chart
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Inventory chart
Supply

Stock on Market

Inventory

Hold Period

Building Approvals

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SOM chart
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Inventory chart
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Inventory chart
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Hold chart
Demand

Days on Market

Vacancy Rate

Clearance Rate

Search Index

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DOM chart
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Inventory chart
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Index chart
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Auction chart

How was this calculated? Typical Price is a continuous metric calculated via a process called data fitting. Median Rent is weekly advertised rent based on rentals over the preceding 12 months. Gross Yield is Median Rent x 52 x 100 / Typical Price. To discover additional information, click the “i” icon in the top left corner of each graph or visit the Data Dictionary page.

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0 thoughts on “Somerset, TAS 7322”

  1. The total adult population (15 years or older) of Somerset 7322 TAS is 3,413, with a median age of 48. Of those, 44.30% are married, 14.74% are divorced or separated, 32.87% are single and 7.91% are widowed.

    The average household size is 2.2 people per dwelling, and the median household monthly income is estimated to be $5,852. The median monthly mortgage repayment for households in this suburb is $1,192 which is 20.37% of their earnings.

    Source: ABS Census Data (2021)

  2. Located in the vibrant state of Tasmania (TAS), the suburb of Somerset 7322 is an expanding residential area with an estimated 2079 households. As we delve into the property market analysis of Somerset 7322 for Q3 2023, we reveal an insight into the real estate trends of this suburb.

    When analysing the core metrics for Somerset, the most recent typical price for houses stands at AUD 472,095. These houses are attracting a median weekly rent of AUD 380, which indicates a promising indicative yield of 4.19%. This yield suggests a favourable market for cashflow-focused investors, exceeding the minimum market requirement of 3%.

    Highlighting the suburb’s socio-economic conditions, Somerset scored 876 out of a possible 1217 on the Index of Relative Socioeconomic Advantage and Disadvantage (IRSAD). A higher IRSAD score is generally seen as favourable as it denotes a good socio-economic standing of the area’s residents.

    With regard to housing tenure, Somerset features a renter to owner ratio of 27%, indicating a balanced property market that is not oversaturated with rental properties. The suburb also presents a minimal units to houses ratio of 11%, favourably signifying less competition among landlords for tenants and maintaining the possibility of attractive rental yields.

    However, the Affordability Index for houses in Somerset presents a potential hurdle for some buyers, recorded at 32 years. This figure is slightly above the standard 30-year mortgage duration, suggesting reduced affordability in the area.

    Taking a closer look at the supply metrics, Somerset showcases a low stock on market Percentage for houses at only 0.2%, suggesting a short supply of properties. The inventory level backs this up, calculated at 1.09 months which points towards a healthy absorption rate in this low supply market. building approvals Ratio is also at a low 0.5%, indicating a restricted supply of new houses in the prospective.

    On the demand side, while the days on market for houses may seem slightly high at 69 days, the vacancy rate resides comfortably low at 1.94%. This suggests a reasonable demand, with a decent chance of rental spaces staying occupied. However, the buy search index scores a neutral 3, signalling a balanced interest from potential buyers.

    In summary, Somerset’s property market appears promising with high yields and balanced supply and demand. However, it is crucial to note that while some metrics may raise concerns, such as the Affordability Index, the favourable conditions yielded by the other metrics can ameliorate these concerns. It’s essential to consider the Relative Composite Score, developed by HtAG Analytics, which takes into account over 80 metrics to provide a comprehensive balance of the market condition.

    It’s important to note that the above analysis provides a snapshot of current value metrics but doesn’t consider metric trends, which can also significantly influence investment decisions. Moreover, some metrics have greater importance than others based on various factors, a nuance that must be understood for a holistic analysis.

    Join HtAG Analytics to visualise these metrics trends, and gain a deeper understanding of their importance. By becoming part of HtAG Analytics, you will be empowered to make informed decisions, discerning which metrics are more significant in the context of your property investment strategy.

    This content serves to inform and does not constitute investment advice. Property investment involves risks and uncertainties, and professional advice should be sought before making any investment decisions. By leveraging expert guidance, potential investors can ensure a comprehensive understanding of the complex property investment landscape.

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