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Nestled just 12km north of Melbourne’s CBD, Reservoir offers a winning combination of affordability, convenience, and community spirit. Well-connected by trams and buses, it provides easy access to the city centre and surrounding suburbs. Major freeways like CityLink offer quick connections to other parts of Melbourne.
The suburb boasts a youthful and energetic vibe, with the average age hovering between 20 and 39. This translates to a vibrant atmosphere with a growing number of trendy cafes and restaurants popping up alongside established shops and eateries.
Family-Friendly Haven
Predominantly single-storey homes with generous block sizes create a sense of space for families. Parks like Edwardes Lake Park and John Cain Reserve provide ample opportunities for outdoor play and relaxation. Additionally, Reservoir offers a diverse range of schools catering to various educational needs, making it an attractive option for parents.
Multicultural Tapestry:
A rich mix of cultures defines Reservoir, reflected in the vibrant shops, restaurants, and cafes along Edwardes Street. This allows residents to experience a kaleidoscope of cuisines and traditions, fostering a welcoming and inclusive atmosphere.
Up-and-Coming Energy:
Recent infrastructure developments and growing investment are revitalising the area. Established shopping precincts are seeing an influx of trendy cafes and restaurants, injecting a dynamic and evolving character into Reservoir. This makes it a great choice for young professionals and families seeking a vibrant and modern lifestyle.
Budget-Conscious Living:
Compared to inner-city suburbs, Reservoir offers a more budget-friendly option for buying a house or renting an apartment. The median house price sits around $1 million, while unit prices are more accessible, particularly for smaller configurations. Whether you’re a first-time buyer, young professional, or growing family, Reservoir presents a financially attractive option.
Demographics
- Population: 50,465
- Average Age: 20 to 39 – A youthful and energetic community.
- Occupancy:
- Owner: 62% – A high rate of ownership fosters a sense of stability and investment in the area.
- Renter: 38% – Still caters to those seeking flexibility or affordability.
- Household:
- Family: 44% – A strong family-friendly atmosphere with plenty of parks and schools.
- Single: 56% – Appealing to young professionals and students.
Unwind and Explore
- Edwardes Lake Park: Explore this scenic spot for picnics, walks, and bike rides.
- Edwardes Street: Immerse yourself in the multicultural atmosphere, bustling with shops, cafes, and restaurants.
- Preston City Oval: Catch a game at this historic sporting ground.
- Royal Melbourne Showgrounds: Visit a hub for major events and exhibitions.
Investment Potential
With its affordability, growing popularity, and ongoing development, Reservoir suggests promising potential for capital growth. Investors may find opportunities in the established housing market or newer apartment developments.
Additional Information:
- Reservoir’s size: Approximately 18.9 square kilometres.
- Green spaces: 45 parks covering nearly 8.8% of the total area – Ample opportunities for outdoor activities.
- Population growth: From 47,636 in 2011 to 50,465 in 2016 (5.9% increase) – A growing and dynamic suburb.
Property Market Snapshot (as of July 2024):
- Median house price: $899,000 – More affordable compared to inner-city suburbs.
- Annual capital growth: 2.74% – Potential for property value increase.
- Rental yield for houses: 2.97% – Attractive proposition for investors.
- Average median rent: $500 per week – Budget-friendly option for renters.
Explore handpicked properties around Reservoir
Overall, Reservoir presents a compelling proposition for a variety of demographics.
Young families, professionals, and singles can all find their place in this vibrant and growing suburb. With its affordability, strong sense of community, and convenient location, Reservoir is definitely a place to watch.
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