Located to the south east of Melton township, Toolern is a 2,500-hectare urban growth area within the current Urban Growth Boundary. The Melton Council has commenced a $15 billion initiative to establish the area as a major growth centre for Victoria which will be one of the biggest growth precincts across metropolitan Melbourne. The massive, long term urban investment strategy is a visionary program to create a major new investment location for Victoria.
Toolern is expected to transform Melton township into a major urban centre to the west of Melbourne, with new regional infrastructure and services to support existing residents of Melton as well as future residents within Toolern itself, Eynesbury and surrounding areas, with major features to include a new major activity centre, rail station and a regional employment precinct.
The draft Toolern Precinct Structure Plan provides for a major new community of in excess of 20,000 households and 50,000 people. The plan area has been divided into a three individual precincts, each comprising a number of neighbourhoods, focused around local services and infrastructure.
The Growth Areas Authority is an independent statutory body within the Victorian state government with a broad and facilitative role to create greater certainty, faster decisions and better coordination between all parties involved in planning and development of Melbourne’s growth areas. The GAA was established in 2006 and reports to the Minister for Planning as part of the Victorian Government’s plan for outer urban development. The GAA has been appointed by the Minister for Planning to oversee planning and development in Melbourne’s five growth areas:
The GAA works with councils, developers and government agencies to:
- plan new suburbs in a way that enhances quality of life for residents, creates local jobs and is environmentally sustainable
- create affordable housing and a greater range and choice of housing
- plan for infrastructure and services as new development occurs to meet the needs of the community.
Existing houses in Melton are typically brick veneer single storey dwellings.
|Suburb||Median house price $||Weekly advertised median rent $||Gross yield $||3-year growth %||5-year growth %||Average annual growth %|
Source: Your Investment Property, December 2009
How it’s calculated:
Median price: Median price for the 12 months to August 2009
Average annual growth: Average percentage change over the past 10 years as a per annum figure
5-year growth: Median price percentage change over the past 5 years to August 2009
Weekly median advertised rent: Median price of rental listings for the 12 months to August 2009
Gross yield: Estimated rental return, based on advertised rent to median price