The private residential land developer Satterley has acquired another 68 hectares in Donnybrook, 50 kilometres north of Melbourne CBD for $34 million.
It will be another house and land project for the BRW rich lister Nigel Satterley, following the sale of its project, Riverstone at Plenty River in Doreen, also in Melbourne's north.
Donnybrook will consist of about 1000 lots with a variety of residential housing products including land, house and land, and townhouses.
It will be available for sale in 2018.
"There is still good demand for housing in Melbourne and land is becoming scarce," he said.
The Donnybrook purchase is Satterley's eighth landholding in Melbourne.
Other residential communities include: Coburg Hill, Coburg; Riverstone at Plenty River, Doreen; True North, Greenvale; Springtime at Mickleham, Mickleham; Arcadia, Officer; Upper Point Cook, Point Cook; and Habitat on Davis Creek, Tarneit.