Harcourts Horsham auctioneer Tim Coller said the decision to sell the allotments with a declared reserve price was affirmed as strong competition meant all sold above reserve price.

"The greatest motivation in selecting the auction format was to enable all interested buyers an equal opportunity to secure an allotment in the estate rather than only a select number of buyers being contacted and many more missing out," he said.

"In the 30 years that I have been selling real estate in Horsham I have not seen such solid demand for building blocks, with scores of buyers declaring interest all the residential estates we manage it may become a regular method for all estates in the immediate future."

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Mr Coller said the declared reserve auction concept was first used successfully in Horsham in 2011, when he auctioned 19 allotments in Brigid Court adjoining Coughlin Park.

He said given the market conditions, the concept has again proven itself as the best way to market unique properties that are in limited supply and receiving strong buyer interest.

The allotments in Settlers way all featured stunning, uninterrupted views over the Colonial Estate wetlands pond and ranged in size from 2522m2 to 4332m2 with mains sewerage, underground electricity and mains water all available for connection.

The auction was extensively advertised online through major real estate portals, social media, the Wimmera Mail Times and radio with reserves price set between $230,000 and $250,000.

In a spirited auction multiple bidders competed for each allotment with final prices paid ranging from $260,000 to $282,000 creating a record price for a 4201m2 allotment in the Haven area.

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