The Instagrammable tree-change town where house prices fell 13 per cent

The Macedon Ranges boast natural beauty, an artisanal food and wine scene and a great lifestyle, and attracted waves of tree-changers out of Melbourne during lockdown.

So how much does it cost to live there in 2025?

House price growth has eased in the Macedon Ranges.Credit: Paul Rovere

The median house price for the Macedon Ranges local government area was $870,000 in the March quarter, the latest Domain House Price Report, released on Thursday, showed.

That’s 6.3 per cent cheaper, or $58,000, than a year earlier, but 22.5 per cent higher than in the March quarter of 2020.

With some of the state’s most Instagrammable locations, from Hanging Rock to native forests, the Macedon Ranges local government area between Melbourne and Bendigo once fielded an influx of tree-changers escaping Melbourne’s lockdowns. The ABS considers the Macedon Ranges LGA to straddle the boundary of Greater Melbourne.

This wave of new arrivals pushed up house prices, said Domain’s chief of research and economics, Dr Nicola Powell.

“The charm of regional living was like a vacuum,” she said.

During this period, Powell said that prices peaked in the March quarter of 2022 when the median house price was $1 million.

The March quarter 2025 median of $870,000 is 13 per cent less.

“The median house price in March 2020 was $710,000, so what we saw was quite high rates of growth during that time,” she said.

The Macedon area is known for its natural beauty.Credit: Bound Real Estate

Along with the “small town charm”, Powell said another key factor made the Macedon Ranges LGA so popular: its commutability.

“The tree change was a drawcard for people looking for a different lifestyle, but it is also still a commutable distance from Melbourne,” she said.

Once lockdown was over and many returned to the office, selling their tree-change homes in the process, Powell said property prices fell accordingly.

“What we saw was a correction of price because we saw such a high rate of growth during that time.”

Price growth has moderated for some individual postcodes in the area. Gisborne’s median house price was $955,000 in the March quarter, down 4.5 per cent in a year but up 25 per cent from five years ago.

Woodend’s median house price of $930,000 fell 6.1 per cent in the past year, but is 20.8 per cent higher than in March 2020. Riddells Creek fell further, down 14.7 per cent in a year to $930,000, but 26.5 per cent up over five years.

Kyneton bucked the trend, up 3.1 per cent to a median $825,000, and 26 per cent higher than five years ago.

And Romsey offers a slightly cheaper price point, at a median $795,000, up just 1.3 per cent in a year, and up 33.1 per cent in five years.

Bradley Best, director and auctioneer from Woodards Gisborne, agrees that prices have eased.

“The market has stabilised after a slight correction in prices, making the area more affordable once again,” said Best.

This affordability and value for money is a big drawcard of the area, allowing buyers to purchase a lifestyle property at a much more affordable price than they could in much of Melbourne.

“Entry-level homes start at low $700,000s, going to about $1,000,000 for a modest family home and then up to $5,000,000 for the top-end property,” Best said.

“Similar regions that can boast the same options are generally much more expensive.”

The size of the land is particularly appealing for families who comprise a large proportion of buyers in the area.

“Many younger families are making the shift from Melbourne to provide a better lifestyle for their children, raising them away from the congestion,” said Best.

Elona Jaeschke, director of TCC Real Estate in Macedon Ranges, agreed.

“Affordability remains a key factor, with towns like Romsey and Lancefield offering larger blocks and greater value than Melbourne’s inner and middle-ring suburbs. Demand for these affordable properties has been strong in 2025,” she said.

This is appealing to other types of buyers as well.

“The types of buyers moving to Macedon Ranges are seeking more space and locals [are] making lifestyle changes, whether upsizing, downsizing, or relocating within the region,” she said.

The amenities and community feel of the region are also drivers.

“Families are particularly drawn to the area for its excellent schools, welcoming community, and outdoor lifestyle, from hiking and cycling to equestrian pursuits and vibrant local markets,” said Jaeschke.

Helen Sankey, director of Connect Real Estate Gisborne, said the accessibility and commutability of the Macedon Ranges also remain among its biggest drawcards, allowing residents to enjoy a semi-rural lifestyle without losing connectivity.

“The Macedon Ranges is the first regional LGA outside of Melbourne and located off the Calder Highway with public transport services connecting it to Bendigo and Melbourne, making the region very convenient to commute from,” she said.