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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 experienced moderate growth over the past 12 months. House values have increased by 7.3%, with the median house price reaching $790,000. Unit values have seen a smaller rise of 2.1%, bringing the median unit price to $620,000. This indicates a steady demand for both property types in the area.

Sales activity has been active, with 31 houses and 11 units sold in the past 12 months. Houses are selling relatively quickly, with a median of 28 days on the market, while units are moving even faster at 20 days, suggesting strong buyer interest in both sectors.

The rental market in Somerville has shown varied trends, with house rents increasing by a modest 0.9%, while unit rents have surged by 13.3% over the last 12 months, reflecting a significant demand for rental units in the area.

Median price - houses$798KPast 3 months

Median price - units$620KPast 3 months

Change in value - houses7.2%12 months

Change in value - units0.7%12 months

Houses sold36Past 3 months

Units sold9Past 3 months

Median DOM - houses29Past 12 months

Median DOM - units23.5Past 12 months

Average rent - houses$580Past 12 months

Average rent - units$530Past 12 months

Change in rent - houses0.9%Past 12 months

Change in rent - units17.8%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 varied trends, with house rents experiencing a modest increase of 0.9% over the past year to $580 per week, while unit rents have surged 13.3% to $510 per week. This indicates a strong demand for units, making Somerville an attractive option for renters and investors focusing on unit properties.

Suburbs near Somerville

Some popular suburbs near Somerville include:

  • Frankston South: Known for its scenic coastal views and affluent residential areas, Frankston South is located to the northwest of Somerville.
  • Langwarrin: Offering a blend of suburban living and natural reserves, Langwarrin is situated to the north of Somerville.
  • Mount Eliza: Renowned for its picturesque landscapes and prestigious schools, Mount Eliza lies to the west of Somerville.
  • Hastings: Known for its maritime heritage and vibrant community, Hastings is located to the southeast of Somerville.
  • Frankston: Featuring a bustling city center and beautiful beaches, Frankston is situated to the northwest of Somerville.

Common questions about Somerville

  • Is Somerville a nice place to live?

    Somerville is a delightful suburb that offers a serene and family-friendly environment, making it a wonderful place to call home. Nestled on the picturesque Mornington Peninsula, it provides a harmonious blend of suburban tranquility and rural charm. The suburb is known for its welcoming community vibe, where families can enjoy a peaceful lifestyle surrounded by nature. With a variety of housing options, from spacious family homes to modern townhouses, Somerville caters to diverse living preferences, ensuring that everyone can find their perfect fit.

    Families will find Somerville particularly appealing due to its excellent local amenities. The suburb boasts a range of schools, parks, and shopping centers, providing convenience and comfort for everyday living. The recent enhancements in local services, such as the new doctors clinic and police station, further contribute to the suburb's safety and livability. While Somerville may not offer the bustling nightlife of a city, its proximity to the scenic attractions of the Mornington Peninsula, including beaches and wineries, offers plenty of opportunities for leisurely weekends and outdoor adventures.

    One of the trade-offs of living in Somerville is its distance from Melbourne's CBD, which might be a consideration for those who commute daily. However, the upcoming completion of the Frankston bypass is set to improve connectivity, making travel to the city more convenient. While the suburb's semi-rural atmosphere means it lacks some of the urban conveniences, it compensates with a strong sense of community and a slower pace of life that many families find appealing. Overall, Somerville is a charming and peaceful suburb that offers a high quality of life, especially for those who value community and access to natural beauty.

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  • Is it expensive to live in Somerville?

    Living in Somerville can be relatively affordable compared to some other suburbs in the Greater Melbourne area. With a current median house price of $790,000 and a median unit price of $620,000, property prices are quite reasonable, especially when compared to Melbourne's inner suburbs. Renting is also fairly priced, with houses averaging $580 per week and units at $510 per week over the last year.

    The average wage in Somerville is approximately $93,000 per year, which is above the national average and higher than the Greater Melbourne average. This higher income level helps offset the cost of living in the area, making it more manageable for residents. With a median total household income of $1,781 per week, the financial demands of living in Somerville are relatively balanced with the income levels of its residents.

    Overall, Somerville offers a good mix of affordability and lifestyle, making it an attractive option for those considering living in the area. With reasonable property prices and rental rates, combined with higher-than-average wages, living in Somerville can be a financially viable choice for many.

    Disclaimer: To assess whether a suburb is considered expensive, we’ve looked at mortgage and rental costs as a proportion of the average local salary. That said, everyone’s financial situation is different, so it's important to consider your own circumstances when deciding which suburb is right for you.
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  • Is Somerville a good place to invest?

    Somerville is shaping up to be an intriguing option for property investors. Over the past year, the suburb has seen a notable 7.3% increase in median house values, indicating a healthy demand for houses. While the growth in unit values has been more modest at 2.1%, the rental market for units has experienced a significant surge, with a 13.3% increase in rent. This suggests a rising interest in unit living, possibly driven by affordability and lifestyle preferences.

    The rental market dynamics in Somerville are particularly interesting. While house rents have only seen a slight increase of 0.9%, the substantial rise in unit rents points to a strong demand for rental properties in this category. This could be appealing for investors looking for properties with good rental yield potential. The suburb's family-friendly environment and accessibility to amenities make it attractive for both renters and buyers, contributing to its steady property market performance.

    Overall, Somerville presents a balanced investment opportunity. The consistent growth in house values and the booming unit rental market offer a mix of capital growth and rental income potential. For investors seeking a suburb with stable growth prospects and a dynamic rental market, Somerville is definitely worth considering.

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