Four tree-change towns that are close to Melbourne but much cheaper

Work in Melbourne but can’t afford the property price tag? With the capital city’s median house price reaching $1.11 million in December, the dream of owning a home is out of reach for many.

But looking further afield in Victoria’s regions may offer a solution for those who attend the office only part of the week. They can be a commutable distance with lower median house prices, not to mention a better work-life balance and lifestyle benefits.

Here are four destinations close to Melbourne that all have median house prices below $1 million – all with train options, for when the cost of petrol is too high.

Greater Bendigo

Just over 90 minutes’ drive via the Calder Freeway and a similar train commute time, the local government area of Greater Bendigo offers a median house price of $620,000.

Brad Hinton, principal at PH Property Bendigo, said that while commuting to Melbourne was achievable, those who worked locally have it even better.

“Commuting is so easy – you’re literally 25 minutes from one outer suburb to the other side,” he said.

“There’s no such thing as a traffic jam, and everyone is just minutes from a regional or national park for walks, cycling, fishing or gold detecting.”

Originally a gold rush boom town, Bendigo has a rich history with art galleries and museums, and there are plenty of events and attractions, which Hinton said was a major drawcard for buyers.

“Because we’re a central regional city, there’s always something on every weekend,” Hinton said.

Some of the main buyers in Bendigo are families, a group Hinton has seen more of over the past few years.

“I have noticed plenty of tree-changers coming for well over 12 months now, mostly younger families wanting to establish life away from big cities,” he said.

“I feel affordability is one part. Secondly, a Melbourne commute once or twice a week for work is fine; it is much easier to work anywhere these days with certain careers and technology.”

For a lower-end property, Hinton said buyers would pay about $500,000 to $550,000.

“These are typically three bedrooms, lounge, kitchen-meals space and roughly 500 square metres in land size,” he said.

Mid-range properties are about $620,000.

“You will generally buy a three-bedroom brick veneer home, one or maybe two living areas and a 600-square-metre allotment, probably 10 years or older,” Hinton said.

And for a price tag similar to the Melbourne median house price, you could get “a very nice home with acreage, or something closer to the CBD with multiple living areas, a pool or shed, updated and modern”, said Hinton.

Baw Baw

The LGA of Baw Baw is known for dairy farming and agriculture, while the alpine resort at Mount Baw Baw is a popular tourist attraction.

The LGA includes the towns of Warragul, Trafalgar and Walhalla, and has a median house price of $647,000.

With Melbourne about an hour and a half’s drive from Warragul, and just over an hour and 40 minutes via train, commuting is a possibility.

But it was the lifestyle that attracted most people to Baw Baw, said real estate agent Ben Codling, of Baw Baw Real Estate.

“What’s not to love. You are in a peri-urban shire with suburban life, and now many of the big box stores, V/Line train access to Melbourne and yet country is everywhere you see as well,” he said.

An architecturally designed home sold for $865,000 earlier this month.

An older weatherboard home sold for $495,000.

Ballarat

Another gold rush city, Ballarat, is less than a 90-minute drive from Melbourne’s CBD or about 80 minutes via train. With a median house price of only $570,000, the city is one of the most affordable and convenient regional cities to commute from.

“The main drawcards of living in Ballarat are the ease and accessibility of getting around town,” said Will Munro, director of Ray White Ballarat.

“No matter where you live, you are really only a 10 to 15-minute drive to work, schools, restaurants, recreational facilities, while also only being about one hour, 20 minutes’ drive to Melbourne or just over an hour on the train.

“We also have great schools, and many families move from Melbourne for our education system.”

Munro said that many of Ballarat’s suburbs had a wide range of properties, houses, units and townhouses.

“You can get a three-bedroom period home close to the CBD in Ballarat East for about $600,000 to $650,000, or go out to the likes of Lucas and buy a newer three-to-four-bedroom home on a smaller block,” he said.

“You then have up the upper end, where you go either around Lake Wendouree or the fringe of Ballarat for a lifestyle property.”

Macedon Ranges

With a median house price of $967,500, the Macedon Ranges, which includes the towns of Kyneton, Macedon, and Gisborne, is a picturesque region of Victoria, only a 45-minute drive from Melbourne or a train ride of about an hour.

“It is an enviable location for commuters who work along the Calder corridor,” said Helen Sankey, director of Connect Real Estate.

“The combination of the Calder Freeway and the Melbourne-Bendigo V/Line train service makes travel into the city for work or pleasure an easy proposition.”

What makes the region special is the regional living and magnificent town centres, Sankey said.

“Our community facilities and sports and recreational endeavours for our younger demographic, our native landscapes and wildlife, established estates in the town centre to acreage blocks – we have something for everyone.”

Some recent sales in the Gisborne area show a three-bedroom brick veneer home on 1236 square metres selling for $820,000.

An 1850s Victorian cottage on more than 2000 square metres sold for $750,000 in March.