The Quiet Suburb Thomastown Investors Keep Sleeping On, But Not For Much Longer

A rezoning proposal sitting before the Thomastown Municipal Planning Committee could transform Millbrook Flats, a low-slung, largely overlooked residential pocket wedged between the rail corridor and Harrow Lane, from a sleepy backwater into one of the city's most actively traded postcodes. The committee is scheduled to vote on the draft amendment in late August 2026, and buyers who have been watching are starting to move.

The timing matters. Thomastown's broader property market has absorbed three consecutive quarters of price growth, with the city's median house price sitting at $612,000 as of the June quarter, a figure that masks sharp divergence between established inner precincts and pockets like Millbrook Flats, where the median has lagged at roughly $389,000. That gap is precisely what is drawing attention now.

What the Rezoning Actually Means

The draft amendment, catalogued as Amendment TC-114 in the Thomastown Planning Scheme, proposes reclassifying a 14-hectare strip along Copperfield Road from Residential Zone 1, which permits single dwellings and small dual occupancies, to a mixed-use corridor designation. Under the proposed change, buildings of up to six storeys would be permitted on lots fronting Copperfield Road between the Millbrook Flats station precinct and the junction at Fennell Street. Ground-floor retail would be encouraged. Higher-density residential above it would be allowed by right rather than by permit, stripping out a layer of approval risk that has historically deterred developers.

The Thomastown Urban Renewal Authority has been quietly consulting with landholders along the strip since March. The authority's public submissions register, updated as recently as late June, lists 34 individual responses, the majority from private landholders rather than commercial developers, a sign that owner-occupiers have absorbed what is on the table. Several blocks on Copperfield Road between numbers 44 and 112 are listed in the register as having engaged with the authority's pre-lodgement advisory service.

Separately, Millbrook Flats Primary School on Glenora Street received confirmation in May that it is included in the Thomastown Department of Education's 2027 capital works program, with a new multi-storey learning wing earmarked for the site. Infrastructure investment at the school level has, in past Thomastown precincts, preceded demographic shifts and subsequent price revaluation, Carrington West being the most local example, where school upgrades in 2021 were followed by a 22 percent price increase over the subsequent 18 months.

Where the Value Is, and What to Watch

The best-positioned parcels are the older brick bungalows on the western side of Copperfield Road between Fennell Street and the Millbrook rail underpass. Lots here average around 620 square metres and are currently trading in the $410,000 to $435,000 range on the few occasions they come to market, a rate well below comparable lot sizes in Thornwick Heights or the Dalston precinct, both of which completed their own rezonings between 2022 and 2024.

Corner lots attract particular interest. A 714-square-metre corner at the intersection of Copperfield Road and Mercer Close changed hands in May for $461,000, the highest price recorded in the suburb in 14 months. The sale was unconditional, settled in 28 days, and drew four registered bidders at auction, modest by citywide standards but a notable jump in competitive interest for a suburb that averaged fewer than two bidders per auction in the 12 months prior.

There are legitimate caveats. Amendment TC-114 still requires sign-off from the State Planning Minister after the council vote, and that secondary approval could add three to six months to the timeline. Two objections lodged with the Municipal Planning Committee, both from residents on Glenora Street citing traffic and overshadowing concerns, will need to be heard and addressed before the August sitting. Committees have deferred amendments on slimmer grounds.

For buyers, the practical calculus is straightforward: purchasing before the vote locks in pre-rezoning pricing, but carries the risk of the amendment being delayed or modified. Purchasing after the vote, if it passes, means paying a premium that will be baked in within weeks. Buyers serious about Millbrook Flats should request a copy of Amendment TC-114 directly from the Thomastown Municipal Planning Committee office on Civic Drive, review the submissions register, and attend the August public hearing. The vote is currently listed for August 27.

This article is general information only and is not personal financial or investment advice. Consider your own circumstances and seek licensed professional advice before making financial decisions.