Seriously I can’t see any reason at all why you can’t go for a ride for exercise as long as you stay pretty close to where you live. You are allowed to travel across Melbourne to play golf if you are a member of a club, you are allowed to travel to the beach to swim, you are allowed to travel to where your horse is kept to go for a horse ride. Providing that you are being sensible and a reasonably close to home unless you get a cop who left the academy yesterday and has a chip on his shoulder I doubt there would be a problem.
Judging by the noises I heard on the weekend working outside the house there were a reasonable number of people who needed to ride high powered bikes up the Basin-Sassafras road to exercise and there are still a shit load of cyclists who have to ride up the Dandenongs most days. The only real difference with the cyclists is that they are generally riding alone not in groups.