Reservoir's mix of original homes, townhouses and accessible price points keeps it one of the more active northern markets this month. First home buyers and investors are drawn by the value and the improving amenity around the station precincts.
The market is measured. Buyers are doing their due diligence and making considered offers in line with recent sales, so realistic pricing converts interest into results. Original homes on good blocks and new townhouses are both seeing interest.
Owners who present their homes well and price to recent comparable sales are achieving results. In a considered market, the well-prepared home finds its buyer.
Median sale price for houses in Reservoir is $855,888, up 5.3% from last year.
Median sale price for units in Reservoir is $627,500, up 2.1% from last year.
Properties sold for houses in Reservoir is 832, up 1.7% from last year.
Properties sold for units in Reservoir is 311, down 11.1% from last year.
Auction clearance for houses in Reservoir is 67.1%, up 6.7% from last year.
Auction clearance for units in Reservoir is 72.5%, up 5.5% from last year.
Av days on market for houses in Reservoir is 45, down 16.7% from last year.
Av days on market for units in Reservoir is 27, down 27.0% from last year.
Wondering what homes are actually selling for locally? Browse recently sold properties in the area
Good property management should remove uncertainty, not create more of it.
If you're considering engaging a property manager, one of the first questions you're likely to ask is: how much does property management actually cost?
Owning an investment property and owning a good investment property are not necessarily the same thing. It’s an important distinction, and one that property investors should revisit regularly.
The Reserve Bank's decision to leave the cash rate on hold at 4.35 per cent is welcome news for buyers, sellers and businesses alike. While it's not a silver bullet for Melbourne's property market, it should provide some reassurance that the aggressive phase of the interest rate tightening cycle may be easing.
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