Carlton AFL legend Fraser Brown and ASX-listed giant Stockland have led a $500 million splurge on residential land in outer Melbourne and regional Victoria as developers restock their land banks following record sales driven by the HomeBuilder grant program.

Brown Property Group is leading the pack and has struck a deal to buy a 116-hectare site at 1755 Ballarto Road in Clyde in Melbourne’s south-east from the Di Rienzo fruit and vegetable wholesaler family.