If you do a search on Somersoft there are a number of threads on the north which reference reservoir Also check out the suburb on the investment tab on REA
Most of these statistics you will find easily in rp data or similar; buy an Australian Property Investor magazine and use their online database of statistics, it's sortable. For schools in a suburb, use the better education site to see school rankings. You will get much more accurate data by going to source. If you want free statistics, use google "Suburb name" profile. (But the paid statistics are more up-to-date)
It's one of those suburbs on the rise given it's proximity to the CBD. It's also a big suburb so there can be some discrepancy depending on where you purchase. Safety and facilities are not great, but it is gentrifying. I have a few investments there.
- Safety : North West Metro area is much worse for homicide (about double), rape (30% or so more), robbery (much more) than in the Southern or Eastern areas of Melbourne. Police statistics - Vacancy rate: Currently 1.8% Source - Growth record: Houses: Quarterly change 5.4% Source 3 yr average 8.3% 10 yr average 7% 5 yr forecast 1% 8 yr forecast 3% - Stat Source: Residex Suburb Report Units: Quarterly change -1.9% Source 3 yr average 3.3% 10 yr average 5.5% 5 yr forecast 1% 8 yr forecast 2% - Stat Source: Residex Suburb Report - Schools (Ratings): Reservoir Primary School (78%) Reservoir East Primary School (82%) Reservoir Views Primary School (66%) Reservoir West Primary School (72%) St Gabriel's Parish Primary School (88%) Reservoir High School (68%) William Ruthven Secondary College Maharishi School,Reservoir (91%) Great suburb to invest in if your plan is to cut up a block and build a few villas/ townhouses. Not so good if you're looking to buy and hold.
You could really divide the suburb into many mini-suburbs. Best to stick to the areas that are walking distance to Regent or Reservoir stations. Oakhill estate would be the exception.
I grew up in the area. -Oakhill estate would be the premium area (bordered by tyler, plenty, bolderwood, broadway and high st. - 2nd would be West of train line/high st. (bordered by High, Spring Henty Gilbert, The lake, and broadhurst ave. - Third; High St/train line, Hickford, vertical (somewhat zig zagged) line up from New st to Hickford and Broadway. - Probably 5 more sub areas of Reservoir: - Keon Park - North of Hickford - The area around Darebin Bvld and East near Ayr St - Kingsbury - Area East of Plenty Rd (upto Albert St) - Summerhill Estate (east of Albert St)- used to be the cheapest/least desirable area with fibro/asbestos/concrete commission houses. As prices where typically the lowest in this area, they have shown the highest percentage increase. In one part, near the creek end of Tyler St, it looks like there is a very large area that will probably become a large apartment complex. Just about any old house that is purchased in the area is subsequently demolished and turned into townhouses. As a result of the increased housing density, I've seen big issues with parking, in particular on Rathcown Rd, between New and Black sts there is barely 1 free parking spot on the st. In terms of schools, a few have been left out: - St Stephens on Black St - Holy Name Primary School There's a Hospital and 4 train stations. I don't live in the area any more, but do go through the suburb quite frequently (parents still live there), and if anyone has any groundwork/assistance I'd be happy to help out.
Re Oakhill pocket (1). an opportunity at the moment to buy a parcel of land in the rear with planning permit for 1x 4 bed townhouse. 2/13 Acheron Ave. estimate price is 300k. Agent says he could achieve 550k plus once complete. Im interested to buy but will not chase record prices as it is risky. What do you think it's worth?
I can only offer an opinion as someone who lives nearby. Lots of young families, largely folks from the inner east/north settling down. Prices have moved a lot in the last year or so. Lots of townhouse developments going up. JK200SX's hierarchy is spot on. However I personally would avoid the areas near Edwardes Park Lake with the power lines moreso than the Summerhill Estate which is on the improve in the area close to Plenty Road.
With Stamps legals interest, selling agent fees etc added to the that 300K plus the builds assuming it is 170-200K (since you're a builder) would that leave much room for profit?
i think if it is 600K - they better off go to preston as some of the places townhouses there are like 400-600K but yes smaller. And if they had 600K they might as well buy a house with land which would be cheaper.
Developers have jumped into Reservoir and land has continued to soar. I tried to buy a development block about 18 months ago and the competition was fierce. The attraction is proximity to city and zone 1 rail. Prices of townhouses have also soared, if the demand from investors and FHB continues prices will continue to rise, its been going hard for some time now. If I was buying today/now I would be buying in the best location and close proximity to the rail. MTR
thanks for the info.....do you know what this pocket of Preston is like? I was wondering how far south of summerhill I'd need to go to avoid the rough streets.
That whole pocket between Summerhill and Murray Rd was notorious for many years but I've lived around the area my whole life and it's definitely better now. It's filled with developed town house blocks and lots more people walking their dogs around parks and kids still going out to play. I would still say there are your usual junkies here and there just like other suburbs but just be street smart about it and you'll be fine. I've found that most of the developments have been on the west/middle of Summerhill Rd, Nisbett and also Tyler St but there are still some housing commision around the east of these areas as well as closer to murray Rd around Ambon. I would buy here because walking distance to tram lines, summerhill shops and northlands but it's too close to parents. Only downside for me is you have to drive, bus or tram to the train.
Proof in the pudding Look at median house price when this thread started…. Now look at median today Stellar performer
Thanks for the insight, I'm weighing it up with a pocket in reservoir between Edward's lake and reservoir train station. Seems like the reservoir pocket has better rental potential down the line because of the proximity to the train station. If you are familiar with the reservoir pocket-what are your thoughts of how it compares to the Preston pocket?
We also looked around close to the station. We made offers multiple houses in the better pockets but were quickly outbid, they will fetch Preston prices. Best would be West of Reservoir station between Henty St and Gellibrand or south east of Reservoir station near Regent (Oakhill estate). I would generally avoid near east of Reservoir, Ruthven station where Cheddar Rd is on since it's still close to the high density of housing commission. As for Preston area, my mates live there it's really good being close to Northlands but there really isn't any PT there other than buses. The vibes will be very similar to the pocket you shared. I wouldn't have minded buying there but only saw 2 listings and they were on Ambon st, if you just drive around you will see trolleys and trash dumped there. Although the prices are climbing up now so there will be a point where only younger families will live there and prices will climb heaps seeing that Northlands has gotten a lot better. Over the years I've seen government selling many of these public houses as well. Check out Microburbs public housing heat maps, Public Housing Heat Map Sold prices makes lots more sense when you see the proximity they are to public housing.
