Victorian planning minister Richard Wynne has approved over 1400-hectares of land in Melbourne's north which will provide 15,000 new homes for 42,000 people in the suburb of Wollert.
Wollert, only 30km north of the CBD, will provide over 42,000 people as well as create 7000 jobs.
Major development groups that are currently undertaking projects within he precinct include Villawood Properties, Evolve Development, AV Jennings, ID_Land & Greencor Developments.
Victorian planning minister Richard Wynne has delivered a major boost to affordable housing in Melbourne after approving a new 1434-hectare suburb in the city's north that will provide 15,000 new homes.
The recent approval will release Melbourne's housing affordable stress with the medium price of about $240,000 for a 450 square metre lot, which is approx 40% cheaper than Syndey.
Mr Wynne said the approval of Wollert was "all about promoting affordable housing and giving new communities the world-class services and infrastructure they deserve".
"Approvals like these don't just help cater for growing population, they keep the dreams of many would-be home owners alive," he said.
Developers contributions will be in excess of $400 million which will be utilized to development infrastructure including roads, parks, common services, and other community facilities.
The project will also include new town centres, five schools as well as 340 hectares of open space which is set to bring a community vibe into the area.