Where to find Melbourne’s biggest property savings just one train stop along each line

Home hunters across the city could save up to seven figures by moving just a few more minutes along their train line. Search your line and find how much cheaper it could be.

Dan Warne and partner Samara Gomez Lopez recently bought a house in Reservoir after being priced out of the Preston market. Picture: Mark Stewart

Melbourne homebuyers could save up to seven figures by moving just a few more minutes down their train line.

House hunters can shave off hundreds of thousands of dollars on all sides of the city by starting their commute a stop earlier, exclusive Real Estate Institute of Victoria data shows.

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Buyers priced out of blue-chip Brighton, where the median house price sits at $3.5m, could save $1.35m by staying on the Sandringham train line for an extra three minutes and alighting at Hampton, according to the research based on March quarter REIV median prices.

In Hampton, where buyers could save more than $1 million compared to Brighton, 13A Kanowna St is for sale with a 2.45m-$2.6m price guide.

And in Glen Iris, where more million-dollar savings could be had, 17 Leopold St is up for $1.35m-$1.45m.

More million-dollar savings could be had in Glen Iris, where the median house price is $1.335m less than nearby Malvern, or Surrey Hills where a two-minute longer train journey could save buyers $1.129m in comparison to living in Canterbury.

In the north, savings of $600,000 could be made by moving from Strathmore to Pascoe Vale, or $322,500 from Preston to Reservoir.

There was a $734,500 difference between Altona, with a median price of $1.4m, and Laverton — only two minutes further on the Werribee line, with a median price of $665,500.

REIV president Richard Simpson said most of the neighbouring or “bridesmaid” suburbs had access to the same amenities.

“Most homebuyers have an ideal suburb in mind when they start to consider entering the market … this could be for various different reasons such as access to travel, schools, work proximity, or perhaps they have family ties in the area,” Mr Simpson said.

“If they are priced out of their first-choice suburb, then consideration should be given to the neighbouring suburbs … the surrounding areas will benefit from their hotspot neighbours, as more buyers and renters see the value in the suburb next door.”

Surrey Hills proved to be far more affordable than nearby Canterbury, with 38 Wandsworth Rd for sale with a $1.35m-$1.45m price guide.

Buying Laverton could also save buyers hundreds of thousands of dollars compared to buying in Altona. 6 Cropley Crescent up for $690,000-$730,000.

Hocking Stuart Preston principal director Joe Ledda said Preston was “a bit more on the map now due to infrastructure” and popular with young families, which flowed into Reservoir.

“Basically you get bigger homes for the same money, or a better home for a cheaper price, and the infrastructure is all there in Reservoir,” he said.

Amy Lunardi buyer’s advocate Monique Verga said buyers had increasingly been priced out of their preferred suburbs over the past 10 years.

“The further you get from the CBD, the more your dollar will stretch, which is largely a result of longer commute times to the city,” Ms Verga said.

“When we look at specific suburbs, such as Preston … it has become a lifestyle suburb, which has driven its popularity in recent years.

“As demand increases, so do prices and therefore buyers are forced to cast their net a little wider.”

RESERVOIR A SMART CHOICE

Dan Warne and partner Samara Gomez Lopez at their new Reservoir home. Picture: Mark Stewart

Dan Warne and his partner Samara Gomez Lopez recently purchased their first home in Reservoir after being priced out of the Preston market.

The couple had looked in both suburbs for a few months, but initially preferred Preston as it was “a little bit closer to the city”.

“Reservoir is a big suburb and you have to pick where you buy,” Mr Warne said.

“If you live on the outskirts it’s a bit further of a drive, but other areas are pretty much in Preston anyway.”

The couple paid $1.305m for their four-bedroom home, after almost buying a smaller, three-bedroom pad in Preston, which sold for $1.35m.

The stylish interior at the couple’s $1.305m home.

There’s only a three-minute distance in travel time between Preston train station and Reservoir’s Regent station, but a huge $322,500 difference in median house price between the suburbs.

Mr Warne, having grown up and currently renting in Hawthorn, said they decided to move to the city’s inner north as houses were more affordable for first-home buyers than in the “leafy eastern suburbs”.

“The northern corridor is some of the best real estate value in Melbourne at the moment,” he said.

“You can get into the city quite quickly because there’s a good train line, but you can live out a bit further and get better value for money.”

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