Reservoir, Melbourne has received a lot of attention lately from the property industry. As Melbourne’s northern suburbs continue to boom, all eyes are currently on Reservoir. Its old-world charm has traditionally only been known among the locals; its allure has been shy from the spotlight. Until now.
This relaxed suburb of luscious parks and greenery is becoming notorious for its convenient, inner-city lifestyle and laidback flare that locals know and love.
These days, a Melbourne suburb like this is a rare find. Particularly one only 12km from Melbourne’s CBD. Here’s why this established, traditionally familial suburb has captured the hearts and minds of Melbourne buyers.
Reservoir, Melbourne is one of the city’s most affordable suburbs. Its affordability is, perhaps, one of the primary drivers for property purchasers. Its price point provides opportunity for first home buyers and young families to enter the Melbourne property market.
Despite this suburb residing only 12km from Melbourne’s CBD, Reservoir prices have not yet experienced the boom of other northside suburbs. However, as demand for Reservoir properties increases, the immense growth that was seen in neighbouring suburbs Preston, Thornbury and Northcote is inevitable. As such, the in-the-know investors are looking to Reservoir as a suburb of great financial opportunity.
At the time of writing (May 2020), median house prices in Reservoir sits at $760,000, with rent being $400 per week. For units, the median price is $560,000, with rent being $370 per week (realestate.com.au).
Reservoir Melbourne offers different housing types to suit every lifestyle. The traditional family homes, with large driveways and garages, still remain. Yet, there are also an increasing number of modern units, townhomes and apartments perfect for young couples, independents and downsides.
Reservoir’s inner-city convenience
There is no doubt that Reservoir’s allure can be largely attributed to its convenience. With wide arterial roads providing ample access to neighbouring and city suburbs, and its abundance of public transport options, getting around is easy.
Reservoir, Melbourne has not one, but three train stations – Regent, Reservoir and Ruthven railway station. There are a multitude of tram and bus routes that make travel painless. If you prefer to bike around, there are options for you, too. Many streets have bike lanes; with bike trails also available.
Within Reservoir itself, there is the Reservoir Leisure Centre and Reservoir Library. There are ample shops, cafes and old-school bakeries on Edwards Street, Spring Street, Regent Street and Broadway, for those wanting to keep it local. And let’s not forget, Preston Market is only a stone throw away. So too, is Northland Shopping Centre, offering over 300 speciality stores.
Schools and educational facilities are also aplenty. There are nine primary schools, Reservoir High School and the Northern School for Autism. LaTrobe University and RMIT Bundoora campuses are in the neighbouring suburbs, easily accessible via public transport. And of course, the CBD, a mere 12km from Reservoir, is only a train-ride away.
Reservoir’s laidback lifestyle
Wander through the streets of Reservoir, Melbourne and you will feel the relaxed energy in the air. Flanked by Darebin and Merri creeks, Reservoir is rich with gardens and parks. There is no denying this is a neighbourhood of immense leisure and abundant ease.
Reservoir, Melbourne was a suburb traditionally popular with families. While there are an increasing number of independent singles, young couples and downsizers relocating there, the wholesome, family vibe of the neighbourhood is still very prominent.
Its laidback feel can also be attributed to Reservoir’s spaciousness. Reservoir is Melbourne’s largest suburb by area. It was named after the three reservoirs that were built to supply fresh water to Melbourne’s inner north in 1863. It is often considered to be two suburbs in one, divided by the train line that runs through the middle. Its allotments are large; the streets are wide. With the vast array of parks and reserves, you don’t feel like you are living in a concrete jungle.
Whether it’s because of Reservoir’s affordability, convenience, relaxed lifestyle or luscious parks, there is no denying this suburb is in-demand. Reservoir is the suburb Melbourne’s property industry cannot stop talking about. With it’s popularity only bound to increase, the smart buyers are acting now.
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