Hanging Rock Reserve is a popular destination for day-trippers and holidaymakers, located approximately one-hour north-west of Melbourne's CBD, near the villages of Woodend and Mount Macedon. ABOUT HANGING ROCK Hanging Rock, or Mount Diogenes as it’s also known, is a rare volcanic formation. One of the best examples of a volcanic plug or mamelon in the world, it has been exposed to considerable weathering and erosion, resulting in a conglomeration of unusual rock formations. WHAT TO DO AT HANGING ROCK RESERVE Visitors enjoy wildlife spotting and walking on numerous trails that weave their way throughout the reserve, including the iconic Summit Trail. Go for a picnic or barbecue in the reserve, or fishing at Hanging Rock Dam.