Reservoir is nestled on the fringe of the inner city, possesses a unique and captivating charm. This suburb is currently undergoing remarkable growth, characterized by a plethora of new developments. Amidst this growth, you’ll discover a wealth of exquisite period homes, ranging from Art Deco to classic Australian weatherboard styles, many of which feature expansive gardens and stunning interior renovations. In addition to these period homes, you’ll also find a variety of 1960s-style units and spacious family residences situated on sizable plots, alongside newly established modern townhouses and units with sleek geometric designs.
The demographic makeup of Reservoir is a harmonious blend of long-standing resident families, as well as a growing population of young, independent individuals who are drawn to the suburb’s convenient location and its reputation for offering a relatively affordable inner-city lifestyle.
Reservoir boasts a range of amenities to cater to its residents, including the Northland Shopping Centre, Preston Market, the High Street Food Quarter, Sydney Road’s vibrant shops and restaurants, and even one of Melbourne’s last remaining drive-in cinemas, the Village in Coburg.
Convenience is a central theme in Reservoir, with four railway stations conveniently located along the Mernda Railway line: Reservoir, Regent, Keon Park, and Ruthven. Furthermore, there’s exciting news on the horizon, as the Victorian Government has plans to construct a suburban rail loop that will incorporate a station in Reservoir.
Access to major roadways is also a breeze, thanks to the suburb’s proximity to the Northern/Western Ring Road, Hume Highway/Freeway, Tullamarine and Calder Freeways, and the Eastern Freeway.
What is the estimated value of my Reservoir home?
As of January 23, 2023, the median price for a house in Reservoir stands at $918,000, while the median price for a unit is $618,000. Over the past year, 442 houses and 398 units have been sold in this area. Houses have experienced an average annual capital growth rate of 3.33%, whereas units have seen a growth rate of 4.23%. In the last 12 months, houses have seen a capital growth of 3.01%, while units have remained steady at 0.00%.
The Demand to Supply Ratio (DSR) for homes and units is rated as above average, indicating that demand slightly surpasses supply in this market. This presents a favorable opportunity for those seeking to enhance property value, as buyers can sometimes make lower offers and sellers often achieve their desired prices. Growth in this market is expected to be slightly higher than the national average. On average, it takes 28 days to sell a house and 31 days to sell a unit in Reservoir.
RESERVOIR – AMENITIES
- Tram (86)
- Regent Station
- Reservoir Station
- Ruthven Station
- Bus (552, 553, 555, 556, 558, 561)
Beauty / Leisure
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