Hi Guys
I’m new to investing and looking to buy a property in Reservoir. I’m looking for a house on a large block approx 700sm. What should I pay for this and is it a good area.
Thanks
I think its a good area for an IP. Large blocks are getting scarcer there so it might be a good spot for sub division or knock down and rebuild. I would not be paying more that the median price though for the suburb. Reservoir has a broad mix of good and bad bits though. You would get a feel for it pretty quickly by driving around the surrounding streets and having a look at the level of 'civic pride' displayed..
regards
Mark
It has good public transport by train and by tram from west preston.
I did a quick valuation using pricefinder and for a block of 799sqm with a 3×1 weather board home un-renovated on Oconner St, Price finder estimates a price of 454k with a probable range of 391k to 517k. All the comparable sales looked very similar so I think 450k would be a fairly close estimate.
I dont know the area at all but I can see that Oconner St is about 4 streets away from the train station.
Thanks Guys. Does anyone know the suburb. Is going through change?
Yes, and yes.
What’s it like. What sort of change is it going through. Can’t see much for 450K with the block size of 700sm.
Been having a closer look at the suburb of Reservoir and it seems to be a hot little suburb. Looks like the sellers have caught on to the fact that there are developments popping up everywhere. Not many properties on the market at or below the median!
Did find this one though. You have probably already seen it but seems to be the cheapest getting around.
http://www.domain.com.au/Property/For-Sale/House/VIC/Reservoir/?adid=2008559897
Because I am not from the area I dont know the zoning laws but have you had a look at some of the surrounding suburbs like watsonia and bundoora?
Corie
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