Question 1

Is Somerset a nice place to live?

Accepted Answer

Somerset sits on Tasmania’s north-west coast at the northern edge of Burnie, fronting Bass Strait with a long sandy foreshore and coastal reserve. It has a relaxed beachside feel, with mid-century weatherboard cottages, modest brick homes and pockets of newer housing. A compact shopping strip and community facilities meet everyday needs, while foreshore parks, coastal walking along the North West Coastal Pathway and the nearby Bass Highway keep local recreation and regional connections straightforward. It attracts families, retirees and people who work in Burnie but prefer a seaside address.

Somerset is a community of 4,067 people with a median age of 48 and a median household income of $1,100 a week, roughly $57,200 a year.

Family households are led by couple families without children, which make up 48.7% of families. Couple families with children account for 31.2%, one-parent families 19.2% and other families 0.9%.

Homes in Somerset are predominantly owner-occupied, with 41.1% owned outright and 30.7% owned with a mortgage, together 71.8% of dwellings, while 28.2% are rented.

Question 2

Is it expensive to live in Somerset?

Accepted Answer

Buying in Somerset sits well above local incomes at the last Census. A median house price of $600,000 is about 10.5 times a typical local annual household income at the last Census (weekly household income of about $1,100). Renting also takes a large slice of that income: a house rent of $450 a week is roughly 41% of a typical local household's weekly income at the last Census, while a unit at $330 a week is about 30%.

On these figures, buying is markedly above what a typical household in Somerset earned at the last Census, and renting would take a sizeable to large share of that household income. Which of those numbers matters most depends on whether you plan to rent or buy, and whether they feel expensive depends on your own income and circumstances.

Everyone's financial situation is different, so it's important to consider your own circumstances when deciding which suburb is right for you.

Question 3

Is Somerset a good place to invest?

Accepted Answer

House values in Somerset rose 12.6% over the past year, a strong increase, while house rents grew 7.1% over the same period, a solid gain. For houses that means price growth outpaced rental growth this year, so capital growth was the stronger mover for house investors over the 12 months.

Unit rents climbed 10.0% over the year, a strong increase and faster than house rent growth, so the unit side showed the stronger movement in rental income. Which of these movements matters to you depends on whether you prioritise capital growth or rental income.

This information has been prepared without taking your objectives, needs and overall financial situation into account. It is not meant to be a substitute for professional financial advice. For this reason, you should consider the appropriateness of the information and, if necessary, seek appropriate professional advice.

	Houses	Units
Median price Past 3 months	$600K	N/A
Change in value Past 12 months	12.6%	N/A
Sold Past 3 months	14	4
Median days on market Past 12 months	34	N/A
Average rent Past 12 months	$450	$330
Change in rent Past 12 months	7.1%	10.0%

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