The dream of owning a home in Melbourne may still seem out of reach. Even though the property market has been softening this year, prices are still too high for many prospective buyers.
But travel a few hours out of the CBD, and some of Victoria’s best bargains are on offer. Here are the state’s 11 cheapest towns, based on Domain Group data.
NHILL
Median house price: $159,000
Distance from Melbourne: 374 kilometres or 4 hours and 21 minutes
Victoria’s most affordable town, Nhill, is halfway between Adelaide and Melbourne. This quiet little nook is also in the middle of a wheat and sheep-grazing district. The town has bragging rights to Australia’s biggest single-bin grain silo and is home to the famed Australian Pinball Museum. What’s not to love? With a house price median well below $200,000, you could find your dream home for even less than that.
CHURCHILL
Median house price: $182,000
Distance from Melbourne: 162 kilometres or 1 hour and 58 minutes
Churchill is a small town in the Latrobe Valley a mere 10 kilometres from Morwell. The township has become popular with retirees looking to buy a cheap home. It is also best known for the “big cigar”, a monument to former British Prime Minister Winston Churchill after whom the town is named.
MORWELL
Median house price: $198,000
Distance from Melbourne: 152 kilometres or 1 hour and 55 minutes
Once known for the Hazelwood power plant that closed almost two years ago, Morwell is becoming known for its annual rose festival. The festival celebrates the town’s amazing rose gardens including the Centenary Rose Garden, which sits at the entrance to the main town. Surrounded by the green of the Latrobe Valley, Morwell is also the place to shop with the Midvalley Shopping Centre a major drawcard.
STAWELL
Median house price: $211,000
Distance from Melbourne: 235 kilometres or 2 hours and 48 minutes
As well as being one of Victoria’s cheapest places to buy a home, Stawell is best known for its historic buildings including a former Railway Station built in 1877. Stawell is also known for its proximity to Halls Gap and the Grampians National Park, making it a popular tourist destination for hikers, bikers and mountain climbers. The town hosts the Stawell Gift, a professional footrace run on grass, every Easter.
COHUNA
Median house price: $220,000
Distance from Melbourne: 275 kilometres or 3 hours and 8 minutes
Nestled on the Murray River between Kerang and Echuca, Cohuna is the perfect place for those who love fishing, camping and boating. As well as a riverside lifestyle, Cohuna offers residents and visitors one of the largest inland islands in Australia – Gunbower Island. It also has the Millennium Fountain, built in the year 2000 in celebration of the new millennium.
MOE
Median house price: $220,000
Distance from Melbourne: 137 kilometres or 1 hour and 46 minutes
Being so close to a couple of Victoria’s cheapest places – Morwell and Churchill – it’s no real surprise that Moe makes this list. While it gained a somewhat notorious reputation during a kidnap and murder case in the 1990s, Moe also has its beautiful side. There are several scenic trails for bushwalkers and hikers. It is also the gateway to the Mount Baw Baw and Mount St Gwinear snowfields.
KERANG
Median house price: $222,000
Distance from Melbourne: 279 kilometres or 3 hours and 5 minutes
Kerang is an irrigation district that produces grain, vegetable and lucerne crops and is also one of the cheapest towns in which to find a home. With expanses of waterways – including wetlands and larger lakes, and the Loddon River running through the town – Kerang is popular for fishing and boating. It’s main claim to fame? Former Australian Prime Minister John Gorton was born in the Kerang region.
YARRAM
Median house price: $227,500
Distance from Melbourne: 222 kilometres or 2 hours and 45 minutes
Yarram is just south of the Strzelecki Ranges. As well as memorial gardens, the town includes the historic Regent Theatre built in 1930, which is home to many theatrical performances and film festivals. It’s also close to the Tarra-Bulga National Park with its suspension bridge over a lush native fernery.
LOCH SPORT
Median house price: $230,000
Distance from Melbourne: 263 kilometres or 3 hours and 10 minutes
Anyone looking for a home near the water would love the township of Loch Sport. Found on the shores of Lake Victoria, between the Lakes National Park and Gippsland Coastal Park, it has become a mecca for all things watersport. Perfect for those who love water skiing, kayaking, swimming and fishing.
MOOROOPNA
Median house price: $230,000
Distance from Melbourne: 193 kilometres or 2 hours and 13 minutes
Close to the growing regional city of Shepparton, Mooroopna is home to a thriving and active community – including on Facebook. The township is on the banks of the Goulburn River, and with its proximity to Shepparton (just nine minutes by road), locals enjoy easy access to the shops and medical facilities there.
While it’s a small town, Mooroopna has its own football and netball club.
NUMURKAH
Median house price: $230,000
Distance from Melbourne: 228 kilometres or 2 hours and 34 minutes
Foodies and gourmands looking for a cheap home will love Nurmurkah, which is known for its local food production. Numurkah has several specialty producers including wineries, cheese, olive oil and organic honey. The town is also well-known for its strawberry growing with the famed Big Strawberry at Koonoomoo nearby. The town’s name Numurkah is reportedly derived from the language of the Yorta-Yorta people and means “war shield”.
- Towns with fewer than 50 property sales over the past year have been excluded.
