Sorrento (postcode 3943) is a compact suburb in Victoria within the Mornington Peninsula local government area. With a population of 2,013, the suburb has a predominantly older resident base with a median age of 64. Households earn a median income of $86K per year, with an average household size of 2 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 managers, professionals, technicians & trades. Employment in the area leans toward construction and professional services. The top ancestries reported are English, Australian, Irish.
Sorrento has a median house price of $1.6 million, which has fallen sharply by 12.6% year-on-year. The median weekly rent is $462 (Census 2021). This gives a gross rental yield of approximately 1.5%. The median monthly mortgage repayment is $2,167.
Sorrento is served by 2 schools, including 2 primary. The average ICSEA score is 1056, which is above the national average of 1,000. Public transport access includes 1 ferry wharf, 42 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, Sorrento shows a gross rental yield of approximately 1.5%, rated as low yield. Property prices are above the state median ($1.6M/$875K), placing it in the premium segment. The price-to-income ratio of 18.9x is considered stretched. House prices have moved -12.6% 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.