Real Estate

Reservoir one of Melbourne’s top selling suburbs in 2018

Reservoir one of Melbourne’s top selling suburbs in 2018
Written by The ReReport
As seen in the Source link, written by on 2019-01-04 12:12:55

A renovated unit at 3/55 Pickett St, Reservoir sold in October.

Reservoir was one of Melbourne’s most popular suburbs for property action last year, ranking as a top selling pocket during 2018.

The sprawling suburb had 746 house and unit sales to November, making it the city’s sixth highest selling ‘burb, according to CoreLogic.

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Reservoir notched the highest number of sales for Darebin in 2018.

Units were popular with first-home buyers.

More properties changed hands in Reservoir than anywhere else in Darebin last year, pushing past popular haunts like Preston and Northcote.

Love & Co agent Kannan Subramanian said Reservoir remained one of the more affordable pockets of Melbourne which also offered an easy commute to the city.

“You can still get a well-sized unit in Reservoir for under $500,000, which is a major drawcard,” he said.

“You’re also within 12km of the CBD and there is great public transport from here.”

41 Queen St, Reservoir sold for $1.355 million.

495 houses sold in Reservoir to September, according to CoreLogic.

CoreLogic shows there were 495 houses and 248 units sold in Reservoir to September 2018.

It outperformed Preston, which was Darebin’s second highest seller, where 297 houses and 215 units changed hands.

Northcote followed with 259 houses and 142 units selling in the 12 months to September last year.

41 Queen St is in the Oakhill estate pocket of Reservoir.

Nelson Alexander’s Adriano Persichetti said family homes in prestige areas with good public transport, shopping and schools performed well.

A California bungalow at 41 Queen St was a standout sale for the suburb in April. Mr Persichetti said buyers were drawn in by its top location in the Oakhill estate pocket of Reservoir.

A three-bedroom unit at 7/173A Spring St, Reservoir also sold at auction for $740,000 after multiple bidders vied for the keys, he added.

7/173A Spring Street Reservoir sold for $740,000 at auction.

A renovated unit at 3/55 Pickett St, Reservoir sold more than $60,000 past the top end of its price guide for $551,500 at auction.

“First-home buyers, young professionals and people upsizing were the most frequent buyers looking at purchasing last year,” Mr Persichetti said.

Reservoir’s median house price is $790,000, according to CoreLogic.

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