Stockland in $540m Melbourne housing development

Listed property group Stockland will develop a $540 million residential project in Melbourne’s western growth corridor.

Stockland's Grandview residential project at Truganina, Melbourne

Listed property group Stockland will develop a $540 million residential project in Melbourne’s western growth corridor.

The 138ha community development at Truganina, 28km from the Melbourne CBD, would eventually house more than 1600 families, the company said.

Stockland general manager for Victoria Mike Davis said there would be a strong focus on infrastructure development in the area, including the duplication of the Melton railway line now under construction and the recently completed Caroline Springs Railway Station.

Stockland had about $2.4 billion invested across 15 residential communities in Melbourne’s major growth corridors, Mr Davis said.

The Grandview project at Truganina will also include a community centre, local parks, a town centre, proposed state primary and a planned 54ha conservation zone.

The community sits in the recently gazetted Mt Atkinson and Tarneit Plains Precinct, which will house more than 22,000 people in the long term and include a commercial business park earmarked for more than 19,000 jobs.

Stockland noted an innovative infrastructure funding agreement had been struck for the precinct which would deliver schools, transport and community facilities and open space early in the life of the project.

“Melbourne’s west is one of the last remaining growth areas in the city, and given its proximity to infrastructure and the CBD, interest across all projects in the region has been high,” Mr Davis said.

A report last week from the Housing Industry Association and CoreLogic found the price of an average housing lot in Sydney remained the highest in the country at $450,000, ahead of Melbourne at $330,000.

Perth had the next most expensive vacant land at an average $269,000 followed by Brisbane on $232,500, Adelaide on $220,000 and Hobart at $165,000.