Buying in: Reservoir (VIC)
Source: realestate.com.au, 2024
Buying in Reservoir: A Complete Guide for Property Buyers
Reservoir, located about 12 kilometers north of Melbourne's CBD, is a suburb that has been steadily gaining popularity among homebuyers and investors. Known for its mix of classic homes, modern developments, and a diverse community, Reservoir offers a suburban feel with the convenience of city access. If you’re considering buying property in Reservoir, this guide will provide you with everything you need to know, including current market trends, the pros and cons of living in the area, and tips for buyers. By the end, you’ll have a solid understanding of whether Reservoir is the right place for you.
Why Reservoir?
1. Affordability
One of the main reasons buyers are drawn to Reservoir is its affordability compared to inner-city suburbs. While prices have been rising in recent years, it remains a relatively budget-friendly option, offering more value for money than its southern neighbors like Preston and Thornbury. For those looking to enter the property market without breaking the bank, Reservoir is an attractive choice.
2. Location and Connectivity
Reservoir’s proximity to Melbourne’s CBD, combined with excellent public transport options, makes it ideal for commuters. The suburb is serviced by the Mernda train line, with Reservoir Station and Ruthven Station providing easy access to the city. Additionally, multiple bus routes and tram routes (including the #86 tram) connect Reservoir to surrounding areas, making travel convenient for residents. Major roads such as Plenty Road, High Street, and Cheddar Road ensure good connectivity by car.
3. Diverse and Welcoming Community
Reservoir is known for its multicultural community, with residents from a wide range of backgrounds. This diversity is reflected in the variety of shops, restaurants, and community events found throughout the suburb. The friendly, inclusive atmosphere makes it a welcoming place for families, young professionals, and retirees alike.
4. Parks and Green Spaces
For those who love the outdoors, Reservoir offers plenty of green spaces and parks. Popular spots include Edwardes Lake Park, Reservoir Leisure Centre, and Bundoora Park, which provide opportunities for walking, cycling, picnics, and sports. The Merri Creek Trail is also nearby, offering a scenic route for jogging, cycling, and connecting with nature. These green spaces make Reservoir a great option for families and individuals who enjoy an active lifestyle.
Reservoir Property Market
1. Property Types
Reservoir offers a wide variety of property types, catering to different preferences and budgets. Buyers will find everything from classic weatherboard houses and brick homes with spacious yards to modern townhouses and apartment complexes. This mix of old and new gives the suburb a unique character and allows buyers to find properties that match their style, whether they prefer period charm or contemporary design.
2. Price Trends
The property market in Reservoir has seen steady growth, driven by increased interest from buyers looking for more affordable options close to the city. Prices have been rising as the suburb undergoes gentrification, but it still remains more accessible than other inner-northern suburbs. The variety of housing options, from larger family homes to smaller units, allows for flexibility in terms of budget.
As of the latest data:
Median House Price: Approximately AUD 800,000 to AUD 900,000
Median Unit Price: Approximately AUD 450,000 to AUD 600,000
While prices vary based on the specific area within Reservoir and the type of property, the overall trend has been upward, reflecting increasing demand and ongoing development.
3. Investment Potential
Reservoir’s strong rental demand, affordable entry point, and proximity to Melbourne’s CBD make it a popular choice for investors. The area has seen significant development, with new apartments and townhouses catering to renters and first-home buyers. For investors, this means opportunities for solid rental yields and capital growth as the suburb continues to develop and attract new residents.
The Pros and Cons of Buying in Reservoir
Pros
Affordable Property Prices:
Compared to neighboring suburbs like Preston, Reservoir offers more affordable property options, making it an ideal choice for first-home buyers and investors seeking value for money.
Excellent Transport Links:
With multiple train stations, bus routes, and tram lines, getting to and from Melbourne’s CBD and other areas is easy. This connectivity is a major plus for those who commute regularly.
Variety of Housing Options:
Reservoir has a mix of property types, from spacious family homes with backyards to modern apartments and townhouses. This variety allows buyers to find properties that suit their lifestyle and budget.
Community Feel:
The suburb’s diverse community creates a warm, friendly atmosphere. Local markets, community events, and cultural festivals help bring residents together, fostering a sense of belonging.
Access to Green Spaces:
With several parks, lakes, and nature reserves, Reservoir offers plenty of options for outdoor activities, making it great for families, pet owners, and those who love the outdoors.
Cons
Ongoing Gentrification:
While gentrification has brought new cafes, shops, and developments to Reservoir, it has also led to rising property prices. This means buyers may need to act quickly to secure properties at competitive prices.
Traffic Congestion:
Parts of Reservoir, particularly around major roads like Plenty Road and High Street, can experience traffic congestion, especially during peak hours. This can be a consideration for those who drive regularly.
Noise and Construction:
With new developments happening across the suburb, certain areas may experience noise from construction. This is important to keep in mind when choosing a location within Reservoir.
Limited High-End Amenities:
While Reservoir has seen an influx of new cafes and shops, it still lacks some of the high-end dining and shopping experiences found in neighboring suburbs like Northcote and Fitzroy. For those seeking a more upscale lifestyle, this may be a downside.
Is Reservoir Right for You?
Who Will Love Living in Reservoir?
First-Home Buyers: Reservoir’s affordability makes it an excellent choice for first-home buyers looking to enter the property market without compromising on location.
Young Families: With its range of family homes, green spaces, and proximity to schools and amenities, Reservoir is well-suited for families looking for a suburban lifestyle close to the city.
Investors: Strong rental demand, gentrification, and ongoing development make Reservoir an attractive option for property investors seeking capital growth and reliable rental income.
Outdoor Enthusiasts: If you enjoy an active lifestyle, Reservoir’s parks, trails, and outdoor spaces offer plenty of opportunities for recreation.
Who Might Not Enjoy Living in Reservoir?
Buyers Looking for a Quieter, Established Suburb: As Reservoir continues to grow and develop, certain areas can feel busy or under construction. Buyers seeking a quiet, fully established neighborhood might prefer other suburbs further from the city.
Those Seeking Upscale Dining and Shopping: While Reservoir has seen improvements in its local amenities, it doesn’t yet match the upscale dining and boutique shopping experiences of more gentrified suburbs. Buyers who prioritize this lifestyle might consider nearby options like Northcote or Brunswick.
Tips for Buyers in Reservoir
1. Research Different Parts of Reservoir
Reservoir is a large suburb, and different parts offer different vibes. Areas near Edwardes Lake and the Reservoir Village tend to have a more established, community feel, while areas near Plenty Road have more modern developments. Spend time exploring to find the part that suits your lifestyle.
2. Understand Future Development Plans
With ongoing development, it's important to be aware of any future projects planned for Reservoir. New infrastructure, such as improved transport links or community facilities, could add to the appeal (and value) of certain areas, but ongoing construction might be a short-term inconvenience.
3. Check for Schools and Family Amenities
For families, being close to good schools, parks, and childcare facilities can be a priority. Reservoir has several well-regarded schools, so look into the options and consider the catchment zones when buying a property.
4. Budget for Potential Renovations
If you’re buying an older home, factor in the costs of potential renovations or upgrades. Many of the older houses in Reservoir have great bones but might need some modern touches to reach their full potential.
5. Attend Auctions to Gauge Market Trends
The property market in Reservoir can be competitive, especially for family homes. Attending a few auctions can give you a sense of how much properties are selling for, what features are most valued, and how to prepare for bidding.
Final Thoughts
Reservoir is a dynamic and evolving suburb that offers a blend of affordability, convenience, and community spirit. Its proximity to Melbourne’s CBD, variety of housing options, and access to green spaces make it a popular choice for first-home buyers, families, and investors. However, ongoing gentrification and development mean that buyers should carefully consider their priorities and research the area thoroughly before making a decision.
If you’re considering buying in Reservoir, be sure to explore the different parts of the suburb, stay informed about market trends, and, if needed, seek the help of a buyer’s agent in Melbourne. With the right approach and preparation, buying in Reservoir can be a rewarding experience, whether you’re looking for a home to live in or a property investment with growth potential.
