Victoria Property Spotlight
Reservoir property and home loan guide
Reservoir is a large suburb about 12 km north of Melbourne's CBD, in the City of Darebin. It had 51,096 residents in the 2021 Census and four stations on the Mernda line. Houses make up 63.2% of homes and townhouses or semi-detached homes another 32.5%, much of it from older blocks split into two or three. Time Home Loans is based in Brisbane and works with Reservoir buyers by phone and video. Here townhouses and older houses shape most loan questions.
Information last updated 3 November 2026
Market snapshot
| Houses | Units | Source | |
|---|---|---|---|
| Share of homes | 63.2% separate houses, 32.5% terraces and townhouses | 3.9% flats and apartments | ABS Census 2021 (Reservoir (Vic.)) |
In the 2021 Census, 59.9% of Reservoir homes were owned outright or with a mortgage and 36.4% were rented. The median weekly rent across all homes was $360 (ABS). Rents by bedroom aren't shown for this area. Sale prices will be added once licensed figures are available.
Figures are a guide only and change over time. Past movements in values and rents don't predict future results.
Living in Reservoir
Robert Hoddle first surveyed the land in 1837. The Rose Shamrock Hotel opened on Plenty Road in 1854. Water reservoirs were built here from 1863 and the suburb takes its name from them. The Maroondah Aqueduct, built between 1886 and 1891, carried water to Preston Reservoir.
The station opened as Preston-Reservoir on 8 October 1889 and was renamed Reservoir on 1 December 1909. A post office opened around 1921, when Reservoir became a suburb. Reservoir is now part of the City of Darebin. The Victorian Government plans a Suburban Rail Loop station here.
Transport
- Reservoir, Regent, Keon Park and Ruthven stations are on the Mernda line.
- The High Street level crossing was removed and a new elevated Reservoir station opened on 16 December 2019.
- Trams and a dozen bus routes run through the suburb, including SmartBus 902.
- The Suburban Rail Loop is planned to include a station at Reservoir.
- In the 2021 Census 3.5% of working residents took the train to work.
- Plan trips on the PTV journey planner.
Schools
Reservoir is a large suburb with government and Catholic schools within its boundaries and more in Preston, Bundoora and Thornbury. With more than 51,000 residents, zone boundaries matter here.
Government school zones change, so check findmyschool.vic.gov.au for any address before you buy.
Shopping and dining
Edwardes Street and the Broadway are Reservoir's main shopping strips. Northland Shopping Centre and Preston Market are a short trip south.
Parks and recreation
- Edwardes Lake Park began with 34 acres donated by Thomas Dyer Edwardes in 1914.
- Reservoir Leisure Centre has pools and fitness facilities.
- The Merri Creek Trail and Darebin Creek Trail are shared paths for walkers and cyclists.
Lifestyle
Reservoir suits buyers who want a train line and a larger block for their money closer to the city than outer growth areas. The median age was 38 in 2021. Family households made up 64.0% of homes and 36.4% of homes were rented.
Reservoir
Did you know?
Named after the water
Water reservoirs were first built here in 1863 and the suburb takes its name from them. Together they were known as Preston Reservoir.
Source: Wikipedia: Reservoir, Victoria
A gift of parkland
In 1914 Thomas Dyer Edwardes donated 34 acres to the City of Preston. The land became Edwardes Lake Park and swimming was allowed in the lake from 1919 to 1939.
Source: Wikipedia: Reservoir, Victoria
A station with two names
Reservoir station opened as Preston-Reservoir on 8 October 1889. It took its current name on 1 December 1909.
A two-week rebuild
The old ground-level station closed on 2 December 2019 for demolition. The new elevated station opened on 16 December 2019, removing the High Street level crossing.
Property types
Reservoir is a house and townhouse market.
- Houses make up 63.2% of homes, many of them older brick and weatherboard homes.
- Townhouses and semi-detached homes make up 32.5%, often two or three on a former house block.
- Flats and apartments are 3.9%.
- Size: 43.6% of homes have three bedrooms and 15.3% have four or more.
Check VicPlan for zoning and overlays before you buy, especially if you plan to subdivide.
What lenders look at in Reservoir
Reservoir mixes older houses and newer townhouses. Here's what tends to come up with lenders.
Townhouses and owners corporations
Many Reservoir townhouses share land under an owners corporation. Lenders and valuers look at the plan of subdivision and the condition of shared areas. Read the owners corporation certificate before you sign.
Newly built townhouses
When several new townhouses sell on the same street at once, valuers compare them closely. A valuation can come in below the price, so leave room in your budget.
Knockdown, rebuild and subdivision
Building two or three homes on one block is common here. Construction loans pay out in stages and need a fixed-price building contract and approved plans. Development finance is assessed differently from a home loan, so talk to us early.
Older homes
Many Reservoir houses are decades old. Valuers look at condition and some older homes need work. Budget for a building and pest inspection.
Postcode 3073
Reservoir's postcode 3073 isn't on one LMI provider's lists of excluded or single-industry postcodes.
Lender and LMI policies differ between lenders and change often. This is a general guide based on public lender and LMI information checked 3 November 2026. We can check current policy for the property you're looking at before you apply.
Buying in Reservoir
In Reservoir the choice between an older house and a newer townhouse shapes most purchases. Townhouses bring owners corporation and build quality checks, while older houses need condition checks. Getting your borrowing range confirmed before you make an offer saves time.
First home buyers
Townhouses give many first home buyers a way into Reservoir. Check the owners corporation, the build quality and any defects before you commit. A family guarantor arrangement may help some buyers with the deposit.
Get pre-approval first. Victorian duty concessions and grants follow state rules. See our first home buyer page for current schemes.
Upgraders
Many Reservoir upgraders move from a townhouse into a house on its own block. Some buy an older house to renovate or rebuild. If you're buying before you sell, ask about bridging finance early. Talk to us before you sign with a builder.
Deposit and costs
On top of your deposit, allow for:
- stamp duty (transfer duty) under Victoria rules, with concessions for some first home buyers (see the State Revenue Office Victoria)
- conveyancing and legal fees
- building and pest inspections
- strata or body corporate searches for units and townhouses
- lenders mortgage insurance (LMI) if you borrow more than 80% of the property's value
Our calculators give you a starting figure. Stamp duty rules differ between states, so check the Victoria rules for your purchase.
Investing in Reservoir
In 2021 36.4% of Reservoir homes were rented and the median rent was $360 a week. Four Mernda line stations support rental demand. Lenders assess rental income at a discount and look at your whole position. See our investing page for more.
Lender considerations
Lenders look at your income, your existing debts and the property. In Reservoir that often means a townhouse under an owners corporation or an older house that needs work. Time Home Loans works with Reservoir buyers from Brisbane by phone and video. Checking the property before you sign is one of the simplest ways to avoid a surprise at valuation.
Thinking about buying in Reservoir?
Talk it through with a Brisbane broker before you sign a contract. We can check the property you're looking at against lender policy.
Frequently asked questions
Is Reservoir mostly houses?
Mostly. In the 2021 Census 63.2% of homes were houses and 32.5% were townhouses or semi-detached homes. Apartments were 3.9%.
How many train stations are in Reservoir?
Four: Reservoir, Regent, Keon Park and Ruthven, all on the Mernda line.
What should I check before buying a townhouse in Reservoir?
Check the owners corporation certificate, the plan of subdivision, any building defects and the builder's warranty insurance for a newer build.
Can I subdivide a Reservoir block?
It depends on zoning and the block. Check VicPlan and the City of Darebin planning scheme, then talk to us about how construction finance works.
Can a Brisbane mortgage broker help me buy in Reservoir?
Yes. Time Home Loans is based in Brisbane and works with clients across Australia by phone and video. Lender policy is national, so the same lenders and rules apply in Reservoir. Stamp duty and first home buyer concessions follow Victorian rules. In most cases there's no broker fee to pay. Time Home Loans is paid by commission from the lender.
What costs should I budget for on top of the deposit?
Victorian stamp duty (land transfer duty) unless a concession applies, conveyancing, building and pest inspections and lenders mortgage insurance if you borrow more than 80% of the value. Owners corporation searches apply to most townhouses and apartments. The calculators on our site give you a starting figure.
General information only. This page provides general information and doesn't take into account your objectives, financial situation or needs. Consider whether it's appropriate for you and seek advice before making a decision. Market figures are a guide only and change over time. Past movements in values and rents don't predict future results.
Time Home Loans Pty Ltd ACN 161 695 012, Credit Representative 529395 is authorised under Australian Credit Licence 384324.