FOR SALE
SALE $800,000 - $880,000

213 Spring Street
Reservoir VIC 3073

Bedrooms: 3
Bathrooms: 2
Car spaces: 4
Land area: 636m2
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Exceptional Investment Opportunity

Unlock the potential of this prime property at 213 Spring St, Reservoir. This charming 3-bedroom, 2-bathroom home is not only a comfortable residence but also an outstanding investment opportunity, already generating rental income with approved permits for two large 4-bedroom townhouses.
• Charming Existing Home: The current residence offers three spacious bedrooms, a well-appointed bathroom, and a welcoming living area. It's perfect for tenants or as a cozy family home.
• Rental Income: Benefit from immediate rental yield, making this property a smart choice for investors seeking steady income while planning for future development.
• Approved Permits: This property comes with approved permits for two expansive 4-bedroom townhouses. Save time and start building your investment portfolio with ready-to-go development plans.
• Versatile Townhouse Design: Both townhouses feature a convenient downstairs bedroom, broadening your buyer pool to include downsizers, multi-generational families, and those seeking flexible living arrangements. This design maximizes resale value by catering to a wider market.
• Prime Location: Located in the heart of Reservoir, this property is within easy reach of local schools, parks, shopping centres, and public transport. Enjoy the convenience and lifestyle benefits of this sought-after neighbourhood.
• Development Potential: The approved townhouses promise substantial future returns. Capitalize on the growing demand for quality housing in Reservoir by developing these spacious, modern residences.
• Investment Appeal: The combination of immediate rental income and long-term development potential makes this an ideal investment for astute buyers looking to secure their financial future.
Additional Features:
• Current Home: Offers a cozy living environment with ample natural light and comfortable living spaces.
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Property Details for 213 Spring St, Reservoir

213 Spring St, Reservoir is a 3 bedroom, 2 bathroom House with 4 parking spaces. The property has a land size of 636m2. The place is currently for sale with Ray White Preston.

Building Type
House
Land Size
636m2

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About Reservoir 3073

The size of Reservoir is approximately 18.9 square kilometres. It has 45 parks covering nearly 8.8% of total area. The population of Reservoir in 2011 was 47,636 people. By 2016 the population was 50,455 showing a population growth of 5.9% in the area during that time. The predominant age group in Reservoir is 30-39 years. Households in Reservoir are primarily couples with children and are likely to be repaying $1800 - $2399 per month on mortgage repayments. In general, people in Reservoir work in a professional occupation. In 2011, 62.5% of the homes in Reservoir were owner-occupied compared with 59.3% in 2016.

Reservoir has 28,603 properties. Over the last 5 years, Houses in Reservoir have seen a 18.33% increase in median value, while Units have seen a 18.50% increase. As at 31 October 2024:

  • The median value for Houses in Reservoir is $914,960 while the median value for Units is $603,893.
  • Houses have a median rent of $530 while Units have a median rent of $500.
There are currently 187 properties listed for sale, and 63 properties listed for rent in Reservoir on OnTheHouse. According to CoreLogic's data, 1039 properties were sold in the past 12 months in Reservoir.

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Ian Dempsey
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Rose Martin
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Ray White Preston
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