Saving money on a house could be as easy as taking the train to the next stop for Melbourne buyers, according to research from the Real Estate Institute of Victoria. 

The REIV studied median house price gaps between Melbourne suburbs that are one stop apart on various train lines.

REIV President Robyn Waters said house hunters may only need to look one stop further down the train line to find their dream home at a more affordable price.

“The REIV analysis showed that the biggest price differential could be found between houses in Heidelberg and Eaglemont, which are just one stop apart on the Hurstbridge train line,” she said. 

“Canny buyers can also look one stop further down the Glen Waverley line, from Malvern East, serviced by Holmesglen Station, to Mount Waverley, served by Jordanville station, and save around $545,000. 

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Source: REIV

“Similarly, spending a few minutes extra on the train commute between Hawthorn, serviced by Glenferrie station, and Hawthorn East, serviced by Auburn station, on the Alamein Line could nab savings of around $487,500.” 

Ms Waters said people hunting for a home for less than a million dollars could look to Pascoe Vale, where the median house price in December 2018 was $840,000, rather than Strathmore, where the median is $1.24 million. 

“Most Inner Melbourne suburbs and many Middle Melbourne suburbs now have median house prices of more than a million dollars, which makes it difficult for purchasers to break in to that market,” Ms Waters said. 

“Often these suburbs are on the cusp of emulating their fancier neighbours’ appeal which generally results in rises in property values over time, such as Richmond, next to South Yarra, where property values have increased over recent years.” 

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