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Reservoir suburb profile

Reservoir is an inner-northern Melbourne suburb characterised by tree-lined streets and a mix of housing, from interwar cottages and weatherboard villas to pockets of more recent medium-density development. Edwardes Lake Park anchors the suburb, with walking paths, open grass areas and water that shape everyday recreation and provide a green focus for the neighbourhood.

Local life centres on a string of long-established shopping strips, cafés and community and sporting facilities, with parks and reserves scattered through the suburb. Reservoir is linked to the city by Reservoir station on the Mernda line and by a network of main roads, which connect residents to nearby retail and services.

Reservoir property market performance

Current median dwelling price$736,250Past 3 months

Property growth+1.6%Past 12 months

Reservoir's median house price is $875,000, up 4.9% over the last 12 months, a modest rise, while the median unit price is $597,500, down 1.7% over the last 12 months, a slight fall. House values rose while unit values fell, and units moved faster on the market: they had a median days on market of 28 days over the last 12 months.

In Reservoir, unit rents rose moderately, up 4.2% over the last 12 months, while unit values moved in the opposite direction.

HousesUnits
Median price
Past 3 months
$875K$598K
Change in value
Past 12 months
4.9%-1.7%
Sold
Past 3 months
19469
Median days on market
Past 12 months
4528
Average rent
Past 12 months
$600$500
Change in rent
Past 12 months
4.3%4.2%

5 year median price trend for houses and units

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Reservoir demographics

Reservoir's largest family group is couples with children, and most homes are owner-occupied.

The median age is 38 and the median household income is $1,541 a week. At the 2021 Census 51,096 people lived in Reservoir.

Reservoir and Victoria
SuburbVIC
Median age
years
3838
Median household income
weekly
$1,541$1,759
Couples with children
share of families
41.6%45.5%
Couples without children
share of families
38.2%37.6%
One-parent families
share of families
17.5%15.2%
Homes owned outright
share of homes
32.1%33.2%
Homes with a mortgage
share of homes
30.1%37.3%
Homes rented
share of homes
37.8%29.5%
Source: ABS 2021 Census. Shares of homes exclude other and not-stated tenure.

Reservoir infrastructure, key developments and investment opportunities

Reservoir’s High Street level crossing was removed and the rebuilt, elevated Reservoir station opened in December 2019, with the rail carried above the multi-road intersection. The suburb’s former Ruthven Primary School site was adopted as a nature-based park, with the master plan approved in 2020; a new playspace was officially opened in 2022 and the park was signed as Wat Ganbo Park in 2023.

Suburbs near Reservoir

Some popular suburbs near Reservoir include:

  • Kingsbury: Established suburb with leafy streets and several local parks.
  • Preston: Inner-northern suburb with a strong café culture and riverside walking trails.
  • Thomastown: Mostly residential area with large reserves and community facilities.
  • Fawkner: Suburban area with expansive parklands and a diverse multicultural community.
  • Lalor: Residential suburb with broad streets, established housing and neighbourhood shops.

How does Reservoir compare to nearby suburbs?

  • Median house prices: Reservoir’s median house price is 2.9% higher than Kingsbury’s.
  • Median unit prices: Reservoir’s median unit price is 17.7% higher than Preston’s.
  • House price growth: Over the past 12 months, house prices in Reservoir have grown 6.0% higher than in Preston.
  • Unit price growth: Property prices in nearby Kingsbury have risen 14.8% more than in Reservoir over the past year.
  • Selling speed for houses: Properties in Reservoir are selling 8.2% faster than in Preston.
  • Selling speed for units: Properties in Reservoir are selling 45.1% faster than in Kingsbury.
  • Investment considerations: In Reservoir, the rental yield for house is 5.7% lower than the Melbourne average, while the rental yield for units is 16.0% lower.
  • House price growth: Over the past 12 months, house prices in Reservoir have grown 16.2% lower than the average rate of growth across Melbourne.
  • Unit price growth:Over the past 12 months, unit prices in Reservoir have grown 4.7% higher than the average rate of growth for units across Melbourne.

Common questions about Reservoir

  • Is Reservoir a nice place to live?

    Edwardes Lake Park and Reservoir station on the Mernda line are among Reservoir’s most distinctive features.

    Reservoir's largest family group is couples with children, most homes are owner-occupied and the median age is 38. Local life centres on a string of long-established shopping strips, cafés and community and sporting facilities, with parks and reserves providing walking paths, open grass areas and water; the former Ruthven Primary School site was adopted as a nature-based park with a new playspace and is signed as Wat Ganbo Park.

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  • Is it expensive to live in Reservoir?

    On these figures, buying in Reservoir sits well above what a typical local household earned at the last Census. The median house price of $875,000 is about 10.9 times a typical local annual household income, and the median unit price of $597,500 is about 7.5 times that annual income. Renting would also take a sizeable share of local income: an average house rent of $600 a week would be roughly 39% of a typical local household's weekly income, while an average unit rent of $500 a week would be about 32%. For many people weighing up Reservoir, the rent share is the figure that matters if you plan to rent rather than buy.

    Everyone's financial situation is different, so it's important to consider your own circumstances when deciding which suburb is right for you.

    Down Pointer

  • Is Reservoir a good place to invest?

    The data show that over the past 12 months Reservoir's median house values rose a modest 4.9% while median unit values fell a slight 1.7%. House rents climbed a modest 4.3% and unit rents edged up 4.2%.

    For houses, capital growth slightly outpaced rental income (4.9% versus 4.3%). For units, rental income and capital value moved in opposite directions, with rents up 4.2% while unit values fell 1.7%.

    This information has been prepared without taking your objectives, needs and overall financial situation into account. It is not meant to be a substitute for professional financial advice. For this reason, you should consider the appropriateness of the information and, if necessary, seek appropriate professional advice.

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Choose the right real estate agents in Reservoir

Choosing the right real estate agent in Reservoir can have a big impact on your sale. While there are 253 real estate agents working in the suburb, but just 5 of them were responsible for 26.4% of all property sales over the past year, showing a strong footprint and track record in the area.

Commission rates typically range from 1.54% to 2.94%, depending on the agent and what’s included. Comparing both performance and fee structures can help you find someone who's well-suited to your needs, and set them up for a successful result.

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