Morayfield will soon have 1,300 new homes, years sooner, thanks to a $10.5 million investment from the Rudd Government's Housing Affordability Fund.
The $10.5 million will be used by the Moreton Bay Regional Council to:
* Construct critical infrastructure in the form of a vehicle, bicycle and pedestrian bridge; and
* Implement the RiskSMART planning reform tool - to speed up developments assessments, reducing the costs to builders on holding land that are usually passed on to homebuyers.
The investment will save a hundred home buyers $15,000 on the purchase of a new home, 50 of which will be reserved for workers such as police, nurses and teachers.
Hundreds more families will benefit from the increase in available houses.
The Prime Minister and the Member for Longman Jon Sullivan made the announcement during a visit to Riverbank Estate with Moreton Bay Mayor Allan Sutherland and project developer PEET Caboolture Syndicate.
Mr Sullivan said Riverbank Estate is close to services, commercial and community facilities.
"I'm delighted our Government is providing funding for this project through the Housing Affordability Fund. It targets the two of the greatest needs in our local area - housing and employment.
"I am looking forward to work getting started early. The preliminary bridge work and subsequent housing construction will provide much needed employment for local workers."
The Housing Affordability Fund is reducing the costs of planning delays and infrastructure costs, such as water, sewerage and transport.
It is also increasing the number of new homes on the market in rapidly growing areas like Moreton Bay.
Moreton Bay Regional Council area is the third largest municipality in Australia with population growth occurring at double the national average.
In total the Rudd Government is investing $512 million in the Housing Affordability Fund to reduce planning and infrastructure costs in new housing developments.