Bang for buck: Top Victorian tree-change houses on a Melbourne budget
Home buyers with a Melbourne budget can get a lot more bang for their buck if they look further afield and move to regional Victoria.
The capital city’s median house price is $1,024,243, based on Domain data. But with that money, buyers willing to consider a tree change could find a different lifestyle, with scenery, land and perhaps near the water.
Coomoora
The township of Coomoora is less than 90 minutes from Melbourne and only a short drive from Daylesford, the heart of Victoria’s spa country.
The idyllic ‘Wando Cottage’ at 319 Daylesford Malmsbury Road was purchased for $890,000 in September, well below Melbourne’s median house price.
The buyers were relocating from Tasmania and looking for a regional change in Victoria, said Kim McQueen, director of McQueen Real Estate.
Situated on about an acre, the cottage has a north-facing verandah and crisp white façade, open-plan interiors with large box bay windows that let natural light in and original timber flooring.
“I would say that at least 90 per cent of our buyers are from Melbourne,” McQueen said.
Coomoora, and surrounding townships like Daylesford, are popular due to the area’s offerings, which include the food scene, price point and proximity to Melbourne, she said.
“$1 million in inner Melbourne really only buys you an apartment or a home in need of a lot of renovation. In regional Victoria, $1 million can buy you a well-renovated property with out-buildings and acreage.”
Wodonga
Along the banks of the Murray River are the border towns of Albury (NSW) and Wodonga (Victoria).
Purchased in June for $1.1 million, just over the Melbourne median house price, was this double-level, five-bedroom family residence at 3 All Saints Court.
Positioned on a 1600-square-metre block with a large inground pool, the property was popular during its campaign, said Narelle Robinson from Ray White Wodonga. It was snagged by a local who was upsizing.
“The standout feature of 3 All Saints Court was the location, one of the most sought-after areas in prestigious Wodonga Estates. The property sits high above the trees and captures the beautiful sky and sunset overlooking Wodonga,” she said.
In the lockdown years, Robinson said that Wodonga had an increase in interest from Melburnians looking for a tree or river change, but this has since dropped off, as has interest from locals.
“Wodonga still offers affordability and general allotment sizes [but] we have witnessed a lack of land, tradespeople and building products. Clients are doing their due diligence when it comes to purchasing or building. Stamp duty plays a big part in their decision,” Robinson said.
Buninyong
A 90-minute drive from Melbourne, just outside Ballarat, you’ll find the popular township of Buninyong.
The storybook house at 15 Yuille Street traded in July for $915,000, under Melbourne’s median house price. Ballarat Real Estate’s Dominic Morrison said the popular property was purchased by local buyers moving in from a farm.
The four-bedroom house on about 1008 square metres has spacious living areas and modern features, including a chef’s kitchen with views of the surrounding area.
Morrison said that over the last three to four months the Buninyong and Ballarat market has had a lot more buyer activity coming from Melbourne and interstate.
“Undoubtedly, a buyer will be able to pick up a higher quality home on more land in Buninyong compared with Melbourne. Buninyong buyers will also benefit from close proximity to schools, shopping and healthcare. Also, less traffic goes hand-in-hand with beautiful quiet streets like Yuille Street.”
Wangaratta
In the north-east of Victoria, on the junction of the Ovens and King Rivers, is the rural city of Wangaratta.
Located in a sought-after estate, the six-bedroom residence at 14 Yale Court was purchased for $990,000 in July by a local family looking for more space.
The home includes underfloor heating, an in-ground pool, a large games room and an undercover outdoor entertaining area – all of which were drawcards to the many local and out-of-town enquiries on the listing said Angelo Pomponio, principal at Insite Real Estate Wangaratta.
“We are still seeing families, retirees, and investors purchasing properties in Wangaratta,” he said. “The rental market in Wangaratta is also still very solid.”
With a median house price of just over $500,000, Pomponio said that the area provides many opportunities such as schools, health care, and community for those wanting to sell up in Melbourne and move to Wangaratta with money still in the bank.
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