VIC Investing in Reservoir

Hello,

I'm new to this forum. I am considering purchasing my first investment property in Reservoir. Can anyone advise what Rathcown Road is like? I have a budget of $500K and ideally looking for a property where I am NOT paying body corp fees.

Looking forward to your advice, thanks

 

East side of Cheddar Rd is very average. Heaps of government housing accomodation

 

Spend some time driving around Reservoir. Their are some nicer parts but 500k won’t get you a house in the nicer parts, probably looking more at $700k.

Any reason in particular you want to buy in Reservoir?

 

Reservoir is a big suburb mate.
500k will probably get you a two-bedrooms unit.
For bigger bang for your buck, I'd extend my search to Thomastown or Lalor next door, with larger land component.

 

I've lived a few places in Rezza, always east of cheddar. Rathcown is a divider road - south of it is rough as guts, had stuff stolen off cars and found a crack pipe in the garden and generally you can see it in the houses that its not a "family" area. heaps of community housing, generally i would stay clear. North is nicer and livable. more families, people respect their gardens and lots of new developments going in.

If you go too far east you are beyond walking distance to train stations - parking is fast becoming a premium as all the houses become 4 unit developments. On that note, i saw stacks of cars over the years get side-swiped in the narrow roads so parking on the street is a risk.

There is also a massive influx of 2 bed townhouses. 3 years ago finding a rental under $400 per week was actually quite hard. how days the market is full of new townhouses under that price with more coming. IMO its saturated, so dont go expecting rent increases any time soon.

Also for all the hype rezza gets, prices are largely stagnant for the last few years. Back in 2017 i saw houses selling for $900k. these days its exactly the same price. And anyone i know who lives there didnt chose to live there, they're doing it because its all they can afford. Lack of desire to be there isnt congenial with capital growth... a few of those people have since moved to Epping where they get a nice newer house for the same money.

 

Amazing suburb if you can buy south of Broadway and Edwards St, the best is yet to come in my opinion.
There are pockets (Oakhill/Regent) where you would be paying 1.2-1.5m for a single family home and 700-800k for townhouse.
You could possibly find a old brick 2bed unit for 500k in this area.

 

Spot on. Reservoir is a very large suburb with about 50,000 people. You really need to do your homework as the price, quality and desirability of the various pockets varies widely. The border at the south east of the suburb to its north west boundary spans about 10 kilometres. This area is comprised of at least 5 wards that could be seperate suburbs on their own and would each be as large or larger than the surrounding postcodes, based on both area and population.

The median price of a house in Oakhill/Regent would be at least $1.2m. The stock off Cheddar Road is not remotely comparable in terms of price or target demographic.

 

Very easy to get caught out if your from interstate or buying without doing ‘boots on ground’ research. Sounds like you know the area quite well, have you any favourite streets in Oakhill?

 

how about properties on broadway
would they have the same appeal

 

From a development perspective, yes.
In a great spot however still a main road.
My opinion only, others may love it

 

Different appeal. The streets directly to the south of Broadway are nicer than the areas to the north. Houses on Broadway are zoned GRZ3 and for most it would only be suitable if you are developing or looking to obtain a DA and on-sell. The last sale was a 650 sqm corner block that went for $1.5m. It would accommodate at least 5 townhouses.

215 Broadway, Reservoir, Vic 3073

 

King William Street
Mason Street
Jeffrey Street
Queen Street
Walsal Avenue