Located in Tasmania within the Waratah-Wynyard local government area, Somerset is a smaller residential area (postcode 7322). It is home to about 4,067 residents, with a settled, mature resident base and a median age of 48. Households earn a median income of $57K per year, with an average household size of 2.2 people. Recent annual estimates show population movement staying broadly stable across the broader catchment, with population growth running at +0.2% year-on-year at the LGA level. TAS employment has moved -0.3% year-on-year in the official Jobs and Skills Australia NERO series, which provides the broader jobs backdrop for this suburb. TAS also had 19 Commonwealth-backed major projects under construction, 0 underway, and 16 in planning as at 2 October 2024, which is useful as a broader delivery backdrop rather than a suburb-specific project count. The most common occupations are professionals, technicians & trades, labourers. Employment in the area leans toward healthcare and retail trade. The top ancestries reported are Australian, English, Irish.
Somerset has a median house price of $435,000, which has risen modestly by 1.6% year-on-year. Units have a median price of $350,000. The current median weekly rent is $435. This gives a gross rental yield of approximately 5.2%. The median monthly mortgage repayment is $1,192.
Somerset is served by 2 schools, including 1 primary, 1 combined. The average ICSEA score is 952, which is around the national average of 1,000. Public transport access includes 35 bus stops.
From an investment perspective, Somerset shows a gross rental yield of approximately 5.2%, rated as high yield. Property prices sit below the state median ($435K/$750K), which can point to relative value. The price-to-income ratio of 7.6x is considered moderate. House prices have moved +1.6% year-on-year. Population growth of +0.2% year-on-year points to stable demand fundamentals. Building approvals have changed +0% year-on-year, indicating steady development activity.