A DEVELOPMENT parcel in Exford Road, Melton South, has sold to Geelong-based developer Peter Mortimer for about $90 million.

The 256 hectare site on Exford Road includes 186 hectares of developable land, according to the AFR which reported the deal today.

Two primary schools and 13 hectares of recreational space are also earmarked for the site, as is a new town centre, community space and 3100 new dwellings.

INSTITUTIONAL developers are being encouraged to submit applications, for the third stage of the Federal Government's National Rental Affordability Scheme.

The scheme gives developers incentives of almost $8,700 per dwelling built, with the properties then rented out at a substantial discount to market rates.

More than successful 10,500 applicants, including groups such as teachers, have already taken advantage of the government hand-out.

The Australian Government today formally established a significantly expanded National Rental Affordability Scheme.

Building approvals were down by 2.8 per cent in October due to a 10.4 per cent dip in the multi-unit segment. Detached house approvals posted a very small rise of 0.9 per cent to a level of 9,458.