Bright is the perfect place to base your self and do day trips to enjoy the surrounding areas.
From Bright to Beechworth to Rutherglen. The area is really well known for its wine.
If you are wanting to set out on your own, you can get some great info on wine in the region by visiting "High Country Wine Regions"
Rather than doing it on your own, you can also take a tour. There are over 80 cellar doors and 150 vineyards in the North East Victoria Wine Region and North East Vineyard tours choose about 20 of these. Visits depend on opening hours and particular requests. Plus they do door to door pickup.
Another group you might want to check out is A Taste of Wine Tours who also do door to door pickup.
They provide special wine and food experiences for small groups, with itineraries tailored to suit the needs of each group.
Hedonistic hiking now run a selection of half and full-day hikes in Victoria's beautiful High Country for a minimum of two people. The hikes are available daily depending on availability.
If you don’t mind a little bit of walking (and perhaps a swim) the waterfalls at Mt Buffalo are definitely worth a visit.
Ladies Bath Falls is one of the loveliest spots.
This is only a very short walk - just 400 meters from where you park your car. It's perfect for a dip on a warm day or you can just sit by the waterfall and relax.
If you want to continue, the track takes you to Lower Eurobin Falls. You can continue on a slightly steeper track that takes you to the base of the Upper Falls, here you can have a picnic and spend some time enjoying the falls. This is approx. a 1.5 km return walk.
Rollasons Falls is another very picturesque place to visit. This is a longer walk, and is quite steep in places, but is worth the trek. It is around a 4 km return track and there are both upper and lower viewing points of the falls.
If you feel like a day over at Mt Beauty, why not do the Mt Beauty Gorge walk. It is well sign posted, however, you will have to get wet to complete the walk as wading across the river and climbing over rocks at times is required. You can get more info here.