Somerville is a settled mid-to-large suburb in Victoria within the Mornington Peninsula local government area (postcode 3912). With a population of 11,767, the suburb has a settled mid-life population with a median age of 40. Households earn a median income of $93K per year, with an average household size of 2.6 people. Recent annual estimates show population movement staying broadly stable across the broader catchment, with population growth running at +0.8% year-on-year at the LGA level. VIC employment has moved +0.9% year-on-year in the official Jobs and Skills Australia NERO series, which provides the broader jobs backdrop for this suburb. VIC also had 45 Commonwealth-backed major projects under construction, 17 underway, and 27 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 technicians & trades, professionals, clerical & administrative. Employment in the area leans toward construction and healthcare. The top ancestries reported are English, Australian, Scottish.
Somerville has a median house price of $821,000, which has edged higher by 1% year-on-year. Units have a median price of $640,000 (+2.8% YoY). The median weekly rent is $380 (Census 2021). This gives a gross rental yield of approximately 2.4%. The median monthly mortgage repayment is $1,800.
Somerville is served by 4 schools, including 3 primary, 1 secondary. The average ICSEA score is 1004, which is around the national average of 1,000. Public transport access includes 3 rail stations, 22 bus stops. The crime rate in the Mornington Peninsula LGA is moderate at 7,089 incidents per 100,000 population.
Looking at the investment signals, Somerville shows a gross rental yield of approximately 2.4%, rated as low yield. Property prices are near the state median ($821K/$875K). The price-to-income ratio of 8.9x is considered moderate. House prices have moved +1.0% year-on-year. Population growth of +0.8% year-on-year points to stable demand fundamentals. Building approvals have changed +0% year-on-year, indicating steady development activity.