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Somerset suburb profile

Somerset is a picturesque coastal suburb located on the north-west coast of Tasmania, just a short drive from Burnie. Known for its stunning beaches and relaxed lifestyle, Somerset offers a peaceful retreat with a strong sense of community. The Cam River provides a scenic backdrop for outdoor activities, while the local shops and cafes cater to residents' everyday needs. Somerset's proximity to the Bass Highway ensures easy access to nearby towns and attractions, making it an ideal location for those seeking a blend of coastal charm and convenience. Its natural beauty and friendly atmosphere make Somerset a desirable place to live and visit.

Somerset property market performance

Somerset’s property market has shown varied performance over the past 12 months. House values have increased by 8.5%, while unit values have remained stable with no change. Despite the lack of median price data, the market activity indicates a balanced demand for both property types.

Sales activity has been modest, with 6 houses and 6 units sold in the past 12 months. Houses are selling slightly faster than units, with a median of 31 days on the market compared to 34 days for units, suggesting a steady interest in both sectors.

The rental market in Somerset has experienced significant growth, with house rents increasing by 12.5% and unit rents by 14.1% over the last 12 months, indicating a strong demand for rental properties in the area.

HousesUnits
Median price
Past 3 months
N/AN/A
Change in value
Past 12 months
11.6%N/A
Sold
Past 3 months
75
Median days on market
Past 12 months
32N/A
Average rent
Past 12 months
$450$340
Change in rent
Past 12 months
12.5%14.1%

5 year median price trend for houses and units

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Somerset demographics

Somerset, located on the picturesque northwest coast of Tasmania, offers a serene lifestyle with its stunning coastal views and close-knit community. With a population of 4,067, Somerset is a charming suburb that appeals to those seeking a quieter pace of life. The median age of 48 indicates a mature population, with many residents enjoying the tranquility and natural beauty of the area. This makes Somerset an attractive destination for retirees and families looking for a peaceful environment.

The suburb's housing landscape is characterized by a significant proportion of properties owned outright, accounting for 41.1% of the total. This suggests a stable community with long-term residents who have established roots in the area. Additionally, 30.7% of properties are owned with a mortgage, while 28.2% are rented, providing a balanced mix of ownership and rental opportunities. The median total household income of $1,100 per week reflects the suburb's affordability, making it accessible for a range of income levels.

Family dynamics in Somerset are diverse, with couple families without children making up 48.7% of the population, followed by couple families with children at 31.2%. One-parent families account for 19.2%, highlighting the suburb's inclusive nature. The community's composition fosters a supportive environment, ideal for raising families and enjoying a relaxed lifestyle. Somerset's appeal lies in its combination of natural beauty, affordability, and a welcoming community, making it a desirable place to call home.

Suburbs near Somerset

Some popular suburbs near Somerset include:

  • Ocean Vista: Known for its stunning coastal views and relaxed atmosphere, Ocean Vista is located to the east of Somerset.
  • Cooee: Featuring a mix of residential and commercial areas with a strong community feel, Cooee is situated just southeast of Somerset.
  • Shorewell Park: Known for its family-friendly environment and local amenities, Shorewell Park lies to the south of Somerset.
  • Park Grove: Offering a blend of natural beauty and suburban living, Park Grove is located to the southeast of Somerset.
  • Parklands: Known for its scenic parks and proximity to the coast, Parklands is situated to the east of Somerset.

How does Somerset compare to nearby suburbs?

  • Median house prices: Somerset’s median house price is 14.5% higher than Shorewell Park’s.
  • House price growth: Property prices in nearby Shorewell Park have risen 28.4% more than in Somerset over the past year.
  • Selling speed for houses: Properties in Somerset are selling 5.9% faster than in Shorewell Park.

Choose the right real estate agents in Somerset

There are 24 real estate agents in Somerset, but they don’t all deliver the same results.

Some agents have a much stronger presence in the suburb, with just 5 agents handling around 51.7% of all sales in the past year.

Commission rates in Somerset typically range from 2.63% to 3.25%. Comparing agents—including what they charge, what’s included, and how they structure their fees—is not only important when choosing an agent, the right structure can help ensure your chosen agent is motivated to achieve the best possible result.

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