Reservoir Suburb Profile – Why it’s a great place to live and invest

Are you considering buying or investing in the bustling inner northern suburbs of Melbourne? Reservoir should be a strong consideration. This guide covers everything you need to know about Reservoir, from property prices and market predictions to location, population, culture, local amenities and transport.
 

Where is Reservoir?

Located only 12 km north of Melbourne’s Central Business District, Reservoir is one of the largest suburbs by land area of Melbourne, home to a population of 51,096 people at the 2021 Census.

Nestled between Preston, Fawkner, Thomastown and Bundoora, the established suburb is gaining popularity among homeowners and astute investors for its location, vibe and easy access to public transport and major freeways, including CityLink.
 

Living in Reservoir

Local shopping strips flanked by greenery, open spaces and waterways give Reservoir a laid-back but convenient feel, ideal for families, couples and anyone seeking more breathing room with less inner-city bustle.

While Reservoir boasts plenty of local amenities, residents are only a short car or bus ride from Preston Market, a Melbourne institution for fresh produce, and Northland Shopping Centre and Homemaker Centre, for household brand retail shopping
 

Reservoir Homes

Reservoir is a community-minded neighbourhood where modern homes and townhouses share space with older, well-constructed homes. The suburb offers predominantly single-storey homes and leafy streets, where block sizes tend to be generous. Most houses boast a double car garage and driveway plus room to garden, relax and play. These features give the area a sense of spaciousness lacking in some of the neighbouring suburbs.
 

Reservoir Property Prices

Despite falling property prices in many cities across Australia, house prices in Reservoir maintained their value, and property remains more affordable than in other suburbs within 15 km of Melbourne.

The median sale price of houses in the area between Dec 2021 and Nov 2022 stands at $918,000, with annual capital growth of 0.3% in the past 12 months.

The median rental price per week between Dec 2021 and Nov 2022 was only $430, up 4.9% in twelve months.

Demand for houses and units remains strong, thanks to people seeking to buy or invest close to the city at an affordable price point.
 

Is Reservoir a Good Investment?

The suburb of Reservoir is a popular choice for investors and home buyers because it ticks many boxes.

• Accessible transport services and stations
• Local private and public school options
• Shopping centres, strips and community centres
• An abundance of parks and open spaces
• A local business and warehousing hub

 

Median Property Prices

According to Real Estate data, the median house price in Reservoir has risen by more than $100,000 or 14.75% over the last five years, putting it in the top 20% for growth in Melbourne. This is due, in part, to factors including its proximity to Melbourne’s CBD and affordability compared with other suburbs in Melbourne’s northwest, like Epping or Thomastown.

The suburb’s capital gain of 3.01% for the past year is lower than average compared to its 17.81% growth within a five-year period,* a figure that highlights Reservoir as one of the best-performing suburbs in Australia in terms of capital gains.

“Reservoir presents a solid investment opportunity for buyers and investors. Distance-wise, it is better situated to the city than similar suburbs to the east and west and has welcomed major infrastructure upgrades and strong government investment in the community. Families flock to the area because the suburb caters to their needs.”
– Michael Love, Director at Love & Co

Overall, Reservoir offers a direct and affordable entry point into the northern suburbs market, with a good capital growth potential over time. If you’d like to discuss the Reservoir property market, feel free to give our Reservoir office a call.
 

Who Lives in Reservoir?

Reservoir is a melting pot of culture and diversity, home to generations of Italians, Greeks and other migrant families who settled in the area following World War II.

Today, the suburb is home to young families, professionals and singles of all ethnicities, aged primarily 25-39 years.
 

Reservoir Living

Local Shops

At the heart of Reservoir sits Reservoir Village, a longstanding community shopping strip offering essential services, everyday items, fresh produce, beauty, healthcare, clothing and much more.

Other local shopping spots include Summerhill Shopping Centre and Broadway.
 

Primary & Secondary Schools

There are a number of local primary schools in and around Reservoir, catering to public, private, religious, non-denominational and special needs students.

 

• Reservoir Primary School, Government
• Maharishi School, Independent
• St Joseph The Worker Primary School, Catholic
• Reservoir Views Primary School, Government
• St Stephens Catholic Primary School, Catholic
• Reservoir West Primary School, Government
• St Gabriels Primary School, Catholic
• Holy Name Primary School, Catholic
• William Ruthven Primary School, Government

And for secondary students there is the public school Reservoir High School. For parents looking for a private option, Parade College is located close by in Bundoora.
 

Daycare Centres

Reservoir offers over 30 registered childcare services, providing a mix of family day care, occasional care, long daycare and kindergarten. Like most suburbs, demand is often high, so it pays to get your child down on the waitlist where possible.
 

Healthcare

Several general practitioners and government healthcare services are dotted across Reservoir, offering reliable and accessible care. The Northern Hospital, John Fawkner Hospital, Northpark Private Hospital and Latrobe Private Hospital are within driving distance and accessible by public transport.
 

Restaurants and Cafes

Dining out in Reservoir is always exciting. Culture and convenience converge to offer a range of restaurants and cafes serving melt-in-your-mouth Australian, Mediterranean, Middle Easter and Asian cuisine. Not to mention, you’re only a hop and skip away from popular eateries in Preston, Thornbury, Northcote and Coburg.
 

Parks and Green Spaces

Ask anyone what they love about Reservoir (aside from the food), and they’ll tell you it’s the open space. Reservoir is home (or close by) to many recreational facilities, including:

• Edwards Lake Park
• The Darebin Creek Trail
• Coburg Lake.
• Cedar Park
• Central Reserve

 

Sporting Clubs

Reservoir is an excellent base for those who enjoy sports, with many local clubs and sports based in the region, including Aussie Rules, netball, cricket, soccer, athletics, tennis and martial arts.

JE Moore Park is home to the West Preston FC playing in the Northern Football League.

CT Barling Reserve is home to the Reservoir Cobras Cricket Club.

The Preston Reservoir Little Athletics Club is home to Edwardes Lake Park. The park is a hub of activity in Reservoir with other sports facilities including a basketball half court, skate ramps, a bowling club, tennis club, and a yacht club.
 

Reservoir Leisure Centre

The Reservoir Leisure Centre in Darebin, Victoria, Australia offers a wide range of recreational activities for people of all ages. The facility includes a 25-meter indoor pool, a leisure pool with a water slide, a gym, and a group fitness studio.

Additionally, the centre offers a variety of classes such as aqua aerobics and yoga, as well as programs like learn to swim and squad training. The centre also has a creche service for parents who want to bring their young children with them.

 
The Reservoir Leisure Centre is operated by the Darebin City Council and is open seven days a week.
 

Public Transport

Four train stations, including the redeveloped Reservoir Train Station, make it easy to commute by train, with access to trams and buses from dedicated areas. Other stations include Ruthven Station, Regent Station, and Keon Park.

Melbourne city is a short, 21-minute train ride away, while the tram and bus take a bit longer. Prefer to take the car? The Metropolitan Ring Road and CityLink will get you there in around 45 minutes, traffic permitting.
 

Bottom Line

With everything you need, including affordable housing, Reservoir is a great place to raise a family, get your foot in the market, renovate, develop or build your investment portfolio.

Get in touch with Love & Co Reservoir to discuss your needs and explore local market opportunities.