Victorian planning minister Richard Wynne has approved a new 1,434-hectare suburb 30km north of Melbourne's city centre.

The suburb will accommodate 15,000 new homes and 42,000 people, and will have two town centres, five schools, community facilities, and expects to have jobs for 7,000 workers.

Conservation areas will be protected and will be bordered by walking and cycling paths.  The development will include 340 hectares of open space featuring red-river gum forests, a network of dry stone walls, and protected heritage buildings.

Local and state goverments will use the $408 million raised through development levies to fund infrastructure and community facilities.

The plan sets aside land for the future extension of the Epping Rail Corridor and a future train station in the heart of Wollert. Wollert is a 10-minute drive from the existing train stations of Epping and Craigieburn.

Wollert will include developments by Villawood Properties, Evolve Development, AVJennings, ID_Land, and Greencor Developments.

Phil Hannah, COO Villawood Properties, told The Australian Financial Review that demand for Wollert properties at its Rathdowne estate was strong, with more than 60 lots sold in the past two months.

"With projections that the population in Wollert will grow by 40 per cent by 2031 and the focus on transport infrastructure and educational facilities under Plan Melbourne, demand for land in the region is set to accelerate," he said.

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