How much you can save buying one more stop down the train line in Melbourne: PropTrack research

Buying one more stop down the train line could save you $100,000s. See the median house and unit price around every station — and the top 30 biggest savings one stop further out.

Listings like 19 Staughton Rd, Glen Iris, near Gardiner Station could save buyers a whopping $547,500 compared to homes near neighbouring Tooronga Station.

Buying a home one stop further along the train line will add an extra few minutes to your daily commute — but it could also save you hundreds of thousands of dollars.

Househunters who are priced out of their dream pocket should look into properties near neighbouring train stations, with many of Melbourne’s suburbs offering the same lifestyle and amenities for far less, according to exclusive PropTrack research.

The data group determined the median price of houses near the train stations by identifying all suburbs that had more than half their dwellings within 1.5km of the station, and calculating a new median based on the properties in those suburbs.

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254 Mont Albert Rd, Surrey Hills, is listed with $1.82m-$2m price hopes near Chatham Station.

It revealed the biggest saving of $605,750 was up for grabs for buyers willing to purchase a house near Surrey Hills’ Chatham Station instead of Canterbury.

Houses near the stop were priced at a median of $2,499,250.

Meanwhile, the two-minute train ride between Gardiner Station in Glen Iris and Malvern’s pricier Tooranga Station saved buyers a staggering $605,750.

In the west, Laverton Station’s $582,000 median house price was more than half a million dollars cheaper than nearby Westona — despite being just a four-minute train ride apart.

102 Alma Ave, Laverton, had the upper hand in affordability over homes closer to Westona Staion.

Similar price gaps were recorded for Strathmore compared to Essendon’s Glenbervie Station ($432,500 difference), and Nunawading to Blackburn ($405,000 difference).

PropTrack economist Paul Ryan said searching one stop further along a train line was a savvy tactic for buyers on a budget who still needed good access to the CBD.

“There will be a whole lot more people looking further afield, given the price growth we’ve seen in the past year and a half,” Mr Ryan said.

“A lot of suburbs have certain reputations based on historical reasons. There are a lot of unearthed suburbs that potentially have just as much benefit to buyers, in terms of proximity to work, parks and school zones, that are a bit cheaper because they’re less popular.”

Jewell Station was one of a few stations Brunswick locals could use. Pictures: Angie Basdekis

Mr Ryan expected a return to regular rail commutes in Melbourne next year, but noted Covid may have changed people’s “optimal commute time”, which had been considered 45 minutes.

“If people are working from home part-time and only have to go to the office a few days a week, maybe that’s the ticket to moving a few stops further out to get more land,” he said.

“If they’re used to working remotely, they can even work on the train when they’re coming in.”

The research revealed an extra two minutes on the Upfield line between Royal Park and Brunswick’s Jewell Station can save homeowner hopefuls a significant $490,000.

And the same time period was worth about $447,500 if they opted for Box Hill over Mont Albert.

403 Brunswick Road, Brunswick, has been marked under offer for $1.2m-$1.3m.

But Wakelin Property Advisory director Jarrod McCabe said people needed to ensure all their needs were still being met before moving down the line.

“It’s (a great idea) because one stop doesn’t make that much difference to someone’s commute,” Mr McCabe said.

“As long as it doesn’t change the fundamentals of the suburbs themselves. You need to consider if you’re still going to be able to get the style of property you want.

“If you go from Coburg to Batman, you’re not getting the single-fronted period homes anymore, but going from Prahran to Windsor is a good example where you will get a similar type of property.”

383 Middleborough Rd, Box Hill, with a $900,000-$990,000 quoted range will go under the hammer on December 4.

The frequency of trains, number of lines that passed through the station and whether these included express trains were other important considerations, he said.

“Some of them may actually be closer to things like the beach and it might be more desirable for that reason, too,” Mr McCabe added.

On the Frankston line, buyers can score a $180,000 saving if they bought in seaside Mordialloc over Parkdale, or $172,500 if they opted for Armadale over prestigious Toorak.

Ray White Cheltenham’s Trevor Bowen said many southeastern suburbs like Cheltenham had “pockets within pockets near the stations”, meaning “you can save $100,000 based on a few 100m”.

“Often it’s just because the stations that are named after a suburb stand out, but others are just better kept secrets,” Mr Bowen said.

NEW STATION AN ADDED BONUS

Brian, Anna and their two sons have made great use of both Cheltenham and Southland train stations ahead of listing their home at 6 Tomar Court. Picture: Mark Stewart

Brian and Anna have loved their Cheltenham home’s convenient position near Cheltenham station for 14 years.

But the addition of the Southland Station in 2017 has been an “added bonus”.

“It gave us two options and now Southland is slightly closer,” Brian said.

Its location could also appeal to budget-weary buyers eyeing the Frankston line’s more expensive suburbs, as the family listed their three-bedroom pad with $1.2m-$1.25m price hopes.

PropTrack research reveals it offers a $217,000 saving compared to neighbouring Highett as the next railway stop.

“It’s not like the one extra stop has been a factor for us,” Brian added. “Access to a train is absolutely something we needed.”

Inside the charming family pad.

It will go to auction on December 16.

The family are selling the 6 Tomar Court residence with an indoor-outdoor living zone in order to move closer to family, and the beach.

Listing agent Ray White Cheltenham’s Trevor Bowen said it was ideal for families who wanted great access to the Westfield Shopping Centre and to Cheltenham’s express trains to the CBD.

“Each couple of kilometres from the city out, it is generally a bit cheaper, but often how long it takes to walk to the station is the main thing,” Mr Bowen said.

Their home will go to auction on December 16.

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