The promotion coincides with the state government abolishing stamp duty for houses sold for up to $600,000.
The move has been welcomed by the state government, which is attempting to ease the pressure of rising prices by cutting some taxes and releasing land for sub-division.
But the planning, development and building process can take years, which means continued pressure on prices.
"We've committed to releasing 200 townhouses and house and land packages over four of our master-planned communities," a Stockland spokesman said.
Suburbs north and north-east of Melbourne, such as Craigieburn, were some of the top performers in weekend auctions as first-time buyers took advantage of the stamp duty, which is expected to reduce total costs by about $10,000 for an average property in the area.
Estate agents expect demand to remain strong over coming weeks, which is likely to lead to higher prices and offset the advantage of lower taxes.
Buyers are also being hit by rising interest rates, particularly for interest-only loans, demand for bigger deposits and increased scrutiny of ability to repay.
Stockland's 200 lots and townhouses are being sold at four estates, including Highlands at Craigieburn, The Grove at Tarneit and Edgebrook at Clyde.
It follows a similar campaign in Sydney.
Prices are expected to start at $390,000. Properties will include three-bedroom townhouses and four-bedroom freestanding houses.
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