Stating how close a property is to a local train station is also a key marketing tactic employed by regional estate agents, says REIV CEO Enzo Raimondo.

“In Ballarat, agents say that in areas close to the station, such as Soldiers Hill, where the median house price rose by 49 per cent in the five years to June 30, the market is being driven by commuters,” Mr Raimondo said. “They are attracted to period homes at far cheaper prices than in Melbourne and to the city's excellent schools.

“Areas near the new Wendouree station are being marketed into Melbourne – Lake Gardens, near the station, lake and golf course, for example.”

Mr Raimondo said the regional property market had changed significantly in recent years. An increase in the number of people seeking improved property affordability and liveability through easier access to parks, schools and driveability, in general, was driving the influx of “tree and sea changers “ into regional areas, which in turn “has seen a number of areas growing in value and popularity”.

“Agents in towns within commuting distance of Melbourne are reporting more competition for properties in and on the outskirts of their towns – and also a change in which areas are most sought-after,” he said.

“Agents in Bendigo and others in Gippsland towns, say a tree change used to be associated with retirement, as older people sought to relax, downsize and get more value for their superannuation dollar.

“Now, lifestyle and affordability mean many young families are making the move and the tree change home could range from a small home to one in a subdivision on the fringes.”

It is a story being repeated in Kyneton, Birregurra, Daylesford, Traralgon and Barwon Heads, he said, where the regional house price of $690,000 was higher than Melbourne's.

“Bendigo, also with excellent schools and infrastructure including the new hospital project, even has a laneway culture now,” he said, which has added to the appeal of a lifestyle change.

But the trend was not confined to large towns, Mr Raimondo said, with Castlemaine in central Victoria reporting an increase in property prices close to its train station.

“Areas west of the railway were previously regarded as the wrong side of the tracks, while streets on the eastern side were seen as among the town's finest,” he said. “Now, though, westside property values have been driven up by demand from commuters wanting to be close to the station.”

Other areas where the median topped the half million mark included beachside Apollo Bay, Ocean Grove and Torquay, Newtown in Geelong, Ballarat's Lake Wendouree, and the Macedon Ranges towns of Gisborne, Macedon, Woodend.

“The good news is that, for regional homeowners in these areas, prices are likely to continue to grow as more Melburnians opt for a rural lifestyle, while still being able to work in the city – or even just visit the CBD – when they choose,” Mr Raimondo said.