How a slightly longer train trip can pay off for Melbourne homebuyers

Extending the train commute by a few minutes could save Melbourne homebuyers hundreds of thousands of dollars.

The biggest savings are on offer for those willing to househunt one stop further down the Hurstbridge line, new Real Estate Institute of Victoria data shows.

The median house price drops $668,250 from Eaglemont station to Heidelberg station, and also $325,000 from Alphington station to Ivanhoe’s Darebin station, despite these stops being just two minutes apart.

Riding the rails on the Glen Waverley line for two more minutes from Malvern East’s Holmesglen station to Mt Waverley’s Jordanville station means spending $545,000 less on a typical house, and from Tooronga in Malvern to Gardiner in Glen Iris, $417,500 less.

The same goes for the Alamein, Belgrave and Lilydale lines, to the tune of $487,500 between Hawthorn’s Glenferrie and Hawthorn East’s Auburn stations.

The REIV also found big median house price differences on the Craigieburn line between Strathmore and Pascoe Vale stations ($402,500), Sandringham line between Windsor and Balaclava ($395,000), Mernda line between Thornbury and Bell in Preston ($376,500) and Frankston line between Carrum and Seaford ($327,250).

REIV president Robyn Waters said househunting one stop further down a train line could be a smart tactic for those priced out of their target suburb.

“Often these suburbs are on the cusp of emulating their fancier neighbours’ appeal, which generally results in rises in property values,” Ms Waters said.

Jellis Craig Brunswick agent Dylan Francis said while the Melbourne market had “come back” in the past 12-18 months, years of dramatic price growth before that meant many buyers were still unable to land in their desired suburb.

He said searching the next train stop down, or further from the CBD in general, was a tactic worth trying — and one that was bringing buyers to Pascoe Vale.

“Previously, people didn’t want to move this side of Bell St,” Mr Francis said.

“But as they’re priced out of Strathmore, Brunswick West, Pascoe Vale South and Coburg, they’re seeing what they can get for their money in Pascoe Vale.”

Nicole Kendall bought into the suburb in 1999 for about $230,000.

The mum of two has since renovated and extended her Art Deco house at 55 Cumberland Rd to feature three bedrooms and a modern open-plan living area, and is now selling it for $1.095 million to downsize.

She said she hoped to stay in Pascoe Vale as it offered all the perks of up-market neighbour Strathmore — including zoning for the prized Strathmore Secondary College — with more affordable property prices.

“It’s at least $100,000 more for a townhouse in Strathmore. It’s just too expensive,” she said.

NEXT STOP, SAVINGS: Biggest median house price savings one stop down a train line

Hurstbridge line: Eaglemont station $1,725,750 vs. next stop Heidelberg $1.057m = $668,250 difference for two extra mins on the train

Alphington $1.725m vs. Darebin (Ivanhoe) $1.4m = $325,000 difference, two extra mins

Glen Waverley: Holmesglen (Malvern East) $1.76m vs. Jordanville (Mt Waverley) $1.215m = $545,000 difference, two extra mins

Tooronga (Malvern) $2,122,500 vs. Gardiner (Glen Iris) $1.705m = $417,500 difference, two extra mins

Alamein, Belgrave, Lilydale: Glenferrie (Hawthorn) $2,217,500 vs. Auburn (Hawthorn East) $1.73m = $487,500 difference, two extra mins

Craigieburn: Strathmore $1,242,500 vs. Pascoe Vale $840,000 = $402,500 difference, two extra mins

Sandringham: Windsor $1.4m vs. Balaclava $1.005m = $395,000 difference, two extra mins

Mernda: Thornbury $1,297,500 vs. Bell (Preston) $921,000 = $376,500 difference, one extra min

Frankston: Carrum $1,002,500 vs. Seaford $675,250 = $327,250 difference, four extra mins

Patterson (Bentleigh) $1.292m vs. Moorabbin $975,000 = $317,000 difference, two extra mins

Source: REIV, at December 31, 2018

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