Project Sub Urban
Well established but affordable: Investing in Reservoir
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In an on-going series of suburb profiles, Jeff Grochowski from Accrue Real Estate discusses the lifestyle and property investment potential of Reservoir.
Reservoir is 12kms north of the city. Named for the reservoirs that were built in the area in the late 1800’s and early 1900s, the suburb is established enough to feature both standard brick and weatherboard homes, but its location means it also has an increasing number of new developments.
Reservoir is on the South Morang railway line and has four stations: Reservoir, Regent, Keon Park, and Ruthven. The area is also serviced by many bus routes. As well, there are two tram lines: Route 11 and Route 86 both of which travel to the Docklands. In terms of road transport, Reservoir has easy access to the major freeways, making Tullamarine Airport an easy trip.
Demographically, Reservoir has a good mix of people of all ages and life stages. There are long-term resident families as well as young independent people who are realising the benefit of Reservoir’s proximity to the city and enjoying the changing face of the suburb with improved nightlife and new bars and cafés.
There are lots of good shops to be found around Edwardes Street and Broadway, but for hard-core shopaholics, Reservoir is not far from Northland Shopping Centre and the iconic Preston Market. Reservoir is also home to some good cafés, as well as bakeries that have been around since the 1950s, like Sargent’s.
The area has a good range of schools easily accessible by the public transport system, or car if going a little further afield, making the area family-friendly. The Bundoora campus of La Trobe University is also not far away.
Those looking for a fitness lifestyle can make use of the Merri Creek Trail and Darebin Creek Trail for cycling and walking, as both pass through Reservoir. There are also popular recreation areas and facilities, including Edwardes Lake and the Reservoir Leisure Centre.
Reservoir is architecturally diverse, with an interesting mix of apartments, town houses, 1960s units, old Californian bungalows Art Deco and classic Australian weatherboards. There are also new developments, adding a modern look to the suburb. A 17% increase in median property prices has allowed Reservoir to join the ranks of the best performing suburbs in VIC. The median price for units now sits at $511,000*, which makes Reservoir still an affordable place for investment.
Close to the city and airport, and a suburb on the rise, Reservoir could be the place for your next investment.
Contact Accrue Real Estate to learn more about Reservoir and other Melbourne property investment opportunities.