The suburb of Wollert, 30 kilometres north of the CBD, will provide housing for 42,000 people as well as create 7000 jobs.
Developers with projects in Wollert include Villawood Properties, Evolve Development, AVJennings, ID_Land and Greencor Developments.
Melbourne has the country's most affordable house and land market with a median price of about $240,000 for a 450 square metre lot, according to project marketers red23. This is about 40 per cent cheaper than Sydney where the slow release of new residential land has contributed to rising prices.
More than $400 million in developers' contributions will cover essential infrastructure and community facilities, including roads, parks and pipelines in the suburb.
Mr Wynne said his government was working with the Victorian Planning Authority to release 100,000 lots for residential development by the end of next year to help grow communities and make housing more affordable.
Apart from creating 15,000 new dwellings, the new suburb will include a town centre, two additional town centres and five schools as well as 340 hectares of open space.
The community will be a 10-minute drive from the existing train stations of Epping and Craigieburn with land set aside for a new train station within Wollert as part of the future extension of the Epping Rail Corridor.
Villawood Properties' chief operating officer Phil Hannah said there had been strong demand since it launched its Rathdowne estate in Wollert in December with more than 60 lots sold in the past two months.
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