VIC IP in Reservoir

Hello Property Chatters,

What areas would you say are the best pockets within Reservoir and which areas would you describe as no go areas.

I've had some insights from locals by asking on the Facebook Community group, but at the same time would like the educated opinion of property investors without the bias that a local can have for their own area. Out of the insights I have created a marked up map and would like your opinions. The area to be considered as good to buy is the one within the blue perimeter.

I am looking to some other suburbs too around different areas of the NW and NE, for ease of getting the comments of those that area knowledgeable in the areas and to have more reach I would create different post for the different areas.

All your advice, knowledge and experienced comments are highly appreciated.

Thanks.

 

I think your advice might be very much off the mark. Oakhill Estate is the fancy part.

 

Hi @Hamish84 I will live in it for one year and then move out and convert it to IP.

Yes I know is the fancy part, and what I am trying to determine is the areas to don't touch. I am of the view that in an ideal word if you could buy the worst property in the fancier part of a suburb you are always going to be better off than buying the best property in the worst part of the suburb.

Would love if you can elaborate a bit more on your comment.

Thanks.

 

Sorry, it really sounds like you’ve not done much research and are relying on others to do your homework.

It also doesn’t sound like you know what you want and are hoping someone will make a decision for you.

 

Posting here and asking for advice and comments is in part doing the homework I think.

But anyways, that's me. Thanks for your contribution, highly appreciated!!

 

Seriously!?
With the same cut and paste comment on each one too!

 

Hi @Truly Exotic I tried to explain the reason why I created different ones. Thought the new community could benefit from it and could get better reach for those with specific are knowledge to comment in one post instead of just scrolling down because they do not know an specific area.

For example @The Y-man could just go to the Epping or mill park post and give us his insights there, and someone with knowledge of Greensborough could go to the other post.

Don't see the need of creating a new whole format for each post if I am actually asking a similar question.

But, anyways, thanks for your contribution!

 

Maybe try one post:

Fawkner, Epping, Reservoir, Lalor etc - got NFI

 

They are neighbors, aren't they? LOL

 

Why not? They're all in Melbourne a small town south of Canberra.

 

I'll for better next time.

 

Amazing! I was looking in the map and What you are saying makes complete sense, apart from that I think you meant South of Grimshaw, west of shopping centre at the end.

Which of those "separate markets" would you consider better? from your experience, are they pretty different in prices?

 

Your highlighted map has literally left out the best part of Reservoir and included the least desirable.
Best part without a doubt is the area north of Tyler street and South of Broadway then east of High Street and west of Bolderwood Pde.

 

My 2c on my own experience:

Looked and studied this area pretty hard back in 2017 (previous peak). I always felt the square which borders Broadway to the North, Northernhay/Rubicon to the South, High St to the West and Bolderwood Parade to the East was what suited me IMHO. This isn't marked within your map though...? So we were keen on this 700m2 block, sold high 800s, we budgeted 700-750 so that was way out of reach. According to estimates today its worth low 900s at best. If you calculate the oncosts required - stamp duty and all, it's roughly $9XXk so a very small loss/gain at best.

Back to the map: Anything North of Edwardes is near a powerline IIRC. North of Broadway is pretty run down and there is a lot of commission housing??

 

I've lived in a few parts of Rezza over the years, here's my thoughts:

• Summerhill obviously nicer part
• North of Broadway around the leisure centre is rough (lived on Evans, found a meth pipe in my front yard and friends had parts stolen off their cars street parked overnight)
• Further north (of McMahon) is nicer, but too far east has limited transport options or walking distance amenities
• East of high I've always found to be nice, but the powerlines are a consideration

My resounding opinion on Rezza though is that its a terrible place to invest for the simple reason that too many townhouses are being built:

• the family character is dead in most parts, and its not a place that comes to mind for many people when they think "where do i want to raise a family?". Expect those types of buyers to be looking towards Bundoora or even Mill Park. People looking to live in Rezza are doing so for price and convenience. For proximity to the city, its the cheapest non-apartment accommodation a renter will find
• Rezza doesnt lend itself to the lifestyle changes people are seeking due to COVID. Rather than spend $600k on a 2 bed townhouse, i expect more buyers will be taking that money to fringe suburbs to get more space
• The rental market has been hammered by townhouse supply. in 2017/18 it was almost impossible to find a rental under $400/week, and if you did it would be old and unrenovated, e.g. this for 390/wk, snapped up in 8 days. Go have a look now at options for that kind of money, and how much longer they're hanging around for...
• Rental listings are still climbing and prices are still falling. I expect that by Autumn there will be newer townhouses going for 350/week

Rezza's value was owning the land at the start of the townhouse boom. IMO its time has come and passed - I dont see any scope to out-perform the market.

 

Amazing insides from everyone. I'll come back to it after work to have a more detailed look of your comments and my map and respond maybe with more questions LOL.

The map was made out of the comments I got from the locals in that group I mentioned and some driving around, however I am far from deep in knowledge in the area, so I take your comments as more informed than what I have considering you have local knowledge of the area.