Are you dreaming of a beach getaway without the hefty price tag? With summer in full swing, many families find themselves unable to afford holiday homes or coastal properties that are within a two-hour drive from Melbourne. However, if you're willing to venture a bit further—three or four hours away—you'll discover some hidden gems that offer excellent value for your money.
Let's dive into four budget-friendly beach towns that might just surprise you with their charm and affordability, all while keeping your wallet intact.
Port Fairy
Located nearly four hours west of Melbourne, Port Fairy is a picturesque coastal town nestled along the banks of the Moyne River. Renowned for its superb surf break at the river mouth, vibrant artistic community, and culinary delights, Port Fairy also hosts an annual four-day folk festival that attracts many visitors.
Despite a few older homes lining the highway, the entry-level prices can be quite challenging for local first-time buyers to match. The median house price here currently stands at $857,000, which reflects a significant 12.5 percent decrease from last year, yet it showcases a remarkable 30.6 percent increase over the past five years. It’s common for well-located homes in the town center to command prices around $1.5 million, while properties along South Beach typically range around $1.2 million, according to Sarah McCorkell from Stockdale & Leggo Port Fairy.
"There’s been quite a variety of sales and buyers lately. Out of the ten properties set to settle, two are first-time buyers, three are downsizers, and the rest are either relocating or purchasing holiday homes," she shared. "We feel fortunate that buyers from Melbourne are drawn to Port Fairy; it retains that rural country town vibe with fantastic dining and hospitality options."
Portland
On the far western coast of Victoria lies Portland, a maritime haven boasting at least a dozen stunning beaches and some of the state’s most consistent surfing conditions, paired with surprisingly affordable seaside housing. Situated approximately four and a half hours from Melbourne, Portland's economy is bolstered by local industries such as Alcoa’s aluminum smelter, the deepwater port, forestry, logistics, and agriculture, alongside a thriving arts and sporting community.
Currently, the median house price in Portland is around $415,000, which reflects an impressive 45.6 percent increase over the last five years. With the recent opening of a Bunnings store in July, local real estate agent Nash Wollard noted a surge in investment activity, particularly in cafes and shops, which is positively impacting the housing market.
For instance, a three-bedroom, two-bathroom home that sold for $280,000 back in 2018 has recently changed hands for $410,000; it may now fetch between $490,000 and $550,000, according to Wollard. "The numbers add up nicely. You can find houses available for $350,000 or $380,000, with rental potential of around $450 per week," he explained.
Wollard values the Portland lifestyle immensely: "You can easily leave your home, jog down to the beach, enjoy a quick tennis match, or kick the footy, all in just a couple of hours. I can’t imagine fitting that into a day in Melbourne!"
Venus Bay
Venus Bay is a quaint coastal hamlet where the current median house price is $507,500. This represents an 8.6 percent decrease from the previous year but shows an impressive rise of 41.3 percent over the last five years.
"Venus Bay reminds me of Rye or Rosebud from three decades ago," noted Dan Lawrie, an agent with Alex Scott & Staff Venus Bay. "During the COVID years, about 90 percent of our buyers were from Melbourne seeking holiday homes, but recently, that number has shifted to 95 percent being owner-occupiers. It’s a refreshing change, especially as people find it hard to justify the cost of a vacation property right now."
"I’m a strong proponent of Venus Bay—not just because I live here, but due to our vibrant, creative community, numerous sports clubs, a community center, and even a Landcare group, plus a pony club!" Lawrie added. "Buyers can still find options below $500,000, although a little bit of fresh paint might be necessary. If you’re looking for something not too extravagant, a modern three-bedroom, two-bathroom home will run you around $600,000."
"Why do we get overlooked? We offer incredible value and opportunities for remote work with NBN services, plus there’s so much to do here!"
Lakes Entrance
Nestled in Gippsland, Lakes Entrance is a delightful destination located about four hours east of Melbourne, perfect for families seeking a friendly atmosphere. With a median house price also standing at $507,500, Lakes Entrance sits at one end of the stunning Ninety Mile Beach, adjacent to Australia’s largest network of inland waterways, making it a favorite spot for camping.
Rachael Newman, a local agent at Shoreside Real Estate, highlighted the town's appeal: "While it may be farther than a trip to the Mornington Peninsula, you can snag properties here for less than half the price. For city folks who simply want to unwind and enjoy summer by the beach, Lakes Entrance is an ideal spot."
In conclusion, these four Victorian beach towns offer more than just beautiful views; they present viable options for those looking to escape the high costs typically associated with coastal living near Melbourne. So, whether you're seeking a permanent residence or a vacation retreat, these lesser-known locales might be just what you need.
What do you think? Have you considered any of these towns for your next holiday home? Or do you believe that the allure of more popular destinations remains unmatched? Let us know your thoughts in the comments!
