Lately there have been a lot of 1-2 bedroom properties (older units or apartments) going up for sale that are in close proximity to Ruthven Station in Reservoir, VIC. A lot of these properties are priced low and located within a 200m radius of the railway line. It looks like homeowners in this area are scrambling to sell. What’s going on here?
The level crossing project only affects Reservoir station and not Ruthven station. Not sure why the sale of apartments around there.
The recent boom cycle saw huge amounts of 2 bed townhouses built. a standard block would warrant 4 of them, and over the past 12 months a lot have come to market. The biggest tell is rental prices. 2 years ago i helped a friend get a rental in the area. With a 400/week budget the best they could do was an old run down 2 bed house on the front of a block with rear developed, it was literally the only thing at that price point. a year later they got a nicer house, still old and a bit run down with no garden for 360/week and there was the odd new townhouse coming on below 400. Now have a look - the 2 bed market in Rezza is absolutely flooded, someone looking for a place for under 400/week is spoiled for choice. Walk down any street and you're bound to see another 4 townhouses being developed. People who would have rented those crappy older 2 bedders for 350-400/wk are now getting brand new 2 storey places with lockup garages. Older places are being pushed into the low 300s. The rental slide will most likely continue because the pipeline coming to market for this product is just huge.
Yes I noticed that is an explosion of 2 bedroom townhouses. That's why I insisted to buy a 3 bedroom TH when my BA recommended me to buy 2 bedroom version 2 years ago. Why are they building so many 2 bedders instead of 3 bedders version? Is it because of the cost or state policies?
Cost, parking provisions/allocated car parks per town house, etc Reservoir is a massive suburb, there's plenty of development going on, the rail crossing is at reservoir station as mentioned but it's affecting those in Ruthven too with construction works and parking etc. My opinion, you can still do far worse then Reservoir.
High Street level crossing removed and new Reservoir Station open | Level Crossing Removal Project These photos make the place actually look attractive! I never liked the grungy/unsafe feel of Reservoir Stn, but this might really change the area. I've been around Noble Park stn of late, and find the area quite pleasant. Apparently it used to be a druggie/drunk haven, but the new skyrail their has opened up the area and reduced places for undesirables to hang out. Hopefully, it does the same for Res. The Y-man
