REVEALED: Cost of creating Toowoomba's newest suburb
UPDATE: Toowoomba's newest housing estate has been welcomed by the local chair of the Real Estate Institute of Queensland.
The Chronicle revealed the introduction of Habitat Mt Kynoch north of Toowoomba today, with the massive 1000-lot expected to cost more than $200 million.
REIQ Toowoomba chair David Snow said the staged development was a sign of the city's growth and economic prosperity.
Does Toowoomba need more housing estates?
"It's a great vote of confidence from the investors on Toowoomba that they strongly believe we are a genuine destination for people to relocate their families," he said.
"You don't do subdivisions lightly - at the end of it, it's a calculated risk to create a brand-new suburb that will have its own design.
"The growth of Toowoomba over the past five years can only be at worst duplicated, and at best doubled."
Mr Snow said he didn't expect the Habitat's rollout to impact on the existing housing market.
"There are some that prefer to be closer to the city centre, but they won't necessarily take up those blocks of land," he said.
"These are for younger buyers who will see this as a great opportunity to get a foothold in the market."
EARLIER: A plan to create a new suburb that will house up to 5000 people has been submitted to the Toowoomba Regional Council.
If approved, the 1000-lot housing estate, called Habitat Mt Kynoch, will be situated between Harlaxton and Highfields and will be delivered by a consortium of Toowoomba developers and financial backers over 15 years.
Precinct Urban Planning's Andrew Bullen said the 146-hectare project will feature a mix of residential zones, including standard homes, units, lifestyle blocks and "hillside lots" that will use the steep topography to create views of Toowoomba.
Land sizes will range from 300 sq m to 4000 sq m.
"This is just to the north of Toowoomba, and it's very unusual because of the topography of the land and the height of it," he said.
"It's a new self-contained community at the northern extent of the urban footprint for the city.
"We've been working on the planning for well over 12 months and we've done several pre-lodgment meetings with council as that master plan has been developed."
Along with residential estates, the entrance to Habitat Mt Kynoch from the New England Highway will feature a commercial precinct including a small supermarket.
The land is owned by Clive Berghofer, who confirmed he would not be involved with the housing estate's development.
Jacob McVeigh, nephew of Groom MP John McVeigh, will oversee the development as manager.
He said the new suburb was inspired by the natural environment around it.
"Our approach has been to create a place where people will enjoy a close connection to the natural beauty and values of the site," he said.
Councillors will consider the project's approval in late 2018.