Somerville suburb profile
Somerville is a charming suburb located on the Mornington Peninsula, approximately 55km southeast of Melbourne's CBD. Known for its semi-rural atmosphere, it offers a peaceful lifestyle with a strong sense of community. The suburb features a mix of residential properties, from spacious family homes to modern townhouses, catering to diverse living preferences. Somerville is well-served by local amenities, including shopping centres, schools, and recreational facilities, making it an ideal location for families. Its proximity to the scenic attractions of the Mornington Peninsula, along with convenient transport links, enhances its appeal as a desirable place to live.
Somerville property market performance
Somerville's property market has shown positive growth over the past 12 months, with house values increasing by 7.4% and unit values rising by 6.7%. The median house price has averaged $800,000, while units have averaged $620,000, indicating a healthy demand for both property types.
Sales activity has been moderate, with 31 houses and 8 units sold in the past 12 months. Houses are selling relatively quickly, with a median of 27 days on the market, compared to 40 days for units, suggesting a stronger demand for houses.
In the rental market, house rents have remained stable over the last 12 months, while unit rents have seen a significant increase of 12%, reflecting a growing demand for rental units in Somerville.
Median price - houses$800KPast 3 months
Median price - units$620KPast 3 months
Change in value - houses7.4%12 months
Change in value - units6.7%12 months
Houses sold31Past 3 months
Units sold8Past 3 months
Median DOM - houses27Past 12 months
Median DOM - units39.5Past 12 months
Average rent - houses$580Past 12 months
Average rent - units$515Past 12 months
Change in rent - housesN/APast 12 months
Change in rent - units12.0%Past 12 months
Somerville demographics
Somerville, located on the Mornington Peninsula in Victoria, is a suburb that offers a blend of suburban tranquility and rural charm. With a population of 11,767, it is a community that appeals to families and those seeking a peaceful lifestyle away from the hustle and bustle of city life. The median age of 40 suggests a mature community, with many residents likely to be established families and professionals who appreciate the suburb's relaxed atmosphere and family-friendly amenities.
The suburb's housing market is characterized by a high rate of home ownership, with 33.7% of properties owned outright and 49.6% owned with a mortgage. This indicates a stable community with a strong sense of investment in the area. Rental properties make up only 16.7% of the housing market, reflecting a preference for long-term residency and home ownership among the residents. The family-oriented nature of Somerville is evident, with 45.5% of households being couple families with children, and 37.4% being couple families without children.
Somerville's community is supported by a range of local amenities, including schools, parks, and shopping centers, making it an ideal location for families. The suburb's proximity to the natural beauty of the Mornington Peninsula offers residents easy access to beaches, wineries, and outdoor recreational activities. With a median total household income of $1781 per week, Somerville provides a comfortable living standard for its residents, balancing affordability with quality of life.
Somerville infrastructure, key developments and investment opportunities
Somerville is experiencing steady growth and development that could positively influence its property market. The recent completion of a new doctors clinic and police station has enhanced local services and safety. Additionally, the Somerville Hotel is undergoing a major renovation, which may attract more visitors and boost the local economy. These improvements, along with new sporting club rooms, are likely to increase the suburb's appeal to families and professionals.
The town's retail sector continues to expand, with multiple supermarkets and a diverse range of local shops catering to residents' needs. Somerville's strategic location as the gateway to the Mornington Peninsula, combined with its proximity to beaches and wineries, adds to its desirability. The upcoming completion of the Frankston bypass is expected to significantly improve connectivity to Melbourne, potentially driving up property values and demand in the area.
Somerville rental market trends
The rental market in Somerville has shown stability for houses, with rents remaining unchanged at $580 per week over the past year. In contrast, unit rents have experienced a significant increase of 12%, reaching $515 per week. This growth in unit rents highlights a rising demand for more affordable living options in the area, making Somerville an attractive choice for renters seeking value and convenience.
Suburbs near Somerville
Some popular suburbs near Somerville include: