38 Yarra Avenue, Reservoir, VIC 3073 | House for sale | OnTheHouse
 
FOR SALE
SALE $900,000 - $990,000

38 Yarra Avenue
Reservoir VIC 3073

Bedrooms: 3
Bathrooms: 1
Car spaces: 3
Land area: 640m2
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Renovated Family Living with Space, Sun and Views

Set in a quiet, family-friendly pocket of Reservoir with shops at the end of the street and schools, parks and transport all close by, this renovated three-bedroom home on approximately 640 square metres proves that the real story is often behind the front door.
Step through and the home opens up into a light, contemporary space that has been thoughtfully updated for modern living. The tiled open-plan living and dining zone is the heart of the home, relaxed and connected, and easy to live in whether it's a busy weeknight or a slow weekend morning.
The kitchen anchors the living area and is built for everyday life. Stone benchtops and a generous island give you real bench space for prep, while keeping the cook part of the conversation. It's a kitchen made for families who gather around it.
All three bedrooms are well proportioned and fitted with built-in robes, keeping storage sorted and rooms uncluttered. They share a stylish renovated bathroom with a fully tiled walk-in shower, a clean, modern finish that feels fresh and easy to maintain.
Outside is where this home really wins. A large covered deck captures northern sun and sweeping views, making it the natural spot for summer barbecues, morning coffees and hosting friends in any weather. It overlooks a huge backyard with room for kids to run, pets to play and gardeners to get creative. That kind of outdoor space is increasingly hard to find, and with a wide 15.3 metre frontage, the block also offers genuine scope for the future (STCA).
Practicality is well covered too. Ducted heating and evaporative cooling keeps the home comfortable year round, gas heating adds extra warmth to the living area, and substantial storage beneath the house and deck gives you room for bikes, tools and everything else that needs a home.
For investors, this property presents a compelling opportunity. The renovation has already been done, so there is no immediate spend required, and the home's low-maintenance finishes help keep ongoing costs down. Three robed bedrooms, ducted heating and evaporative cooling, and a huge backyard are exactly what quality tenants look for, while the school zoning, public transport and close proximity to La Trobe University drive consistent rental demand from families, professionals and students alike.
With an established rental history, the home is ready to deliver returns from day one. Beyond the income, the approximately 640 square metre block with its wide 15.3 metre frontage offers strong land value in a growing suburb, along with the flexibility to extend, redevelop or subdivide in the future (STCA). It is a rare combination of immediate yield and long-term upside.
The location makes everyday life easy. Local shops sit right on the corner, trams, buses and Reservoir Station keep the CBD within easy reach, while La Trobe University is close by. The home is also zoned for Reservoir High School and Reservoir East Primary School, which is a real drawcard for families.
A renovated, move-in ready home with the land, outdoor space and views to match, equally suited to families and investors, in a location that ticks every box.
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Property Details for 38 Yarra Ave, Reservoir

38 Yarra Ave, Reservoir is a 3 bedroom, 1 bathroom House with 3 parking spaces. The property has a land size of 640m2. The place is currently for sale with Ray White Preston.

Building Type
House
Land Size
640m2
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About Reservoir 3073

The size of Reservoir is approximately 18.9 square kilometres. There are 45 parks, covering nearly 8.8% of the total area. The population of Reservoir in 2016 was 50474 people. By 2021 the population was 51096 showing a population growth of 1.2% 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 2021, 59.90% of the homes in Reservoir were owner-occupied compared with 59.30% in 2016.

Reservoir has 29,137 properties. Over the last 5 years, Houses in Reservoir have seen a -3.25% decrease in median value, while Units have seen a 9.27% increase. As at 31 August 2026:

  • The median value for Houses in Reservoir is $936,038 while the median value for Units is $652,602.
  • Houses have a median rent of $600 while Units have a median rent of $540.
There are currently 115 properties listed for sale, and 90 properties listed for rent in Reservoir on OnTheHouse. According to Cotality's data, 1143 properties were sold in the past 12 months in Reservoir.

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Ian Dempsey
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Anthony Pasinetti
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Ray White Preston
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