Demand sees River Road allotments sell out in Auction

The auction took place on Saturday, March 26 and saw buyers from across the state.

Mr Coller, of Harcourts Horsham, said it was the third such auction held in the past six months, and demand was still going strong.

"There's a lot of demand for vacant land from both investors to build properties that will become rental stock," Mr Coller said.

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"That will go partway to alleviating the dire shortage of rental stock in Horsham at the moment."

"But we've also seen a lot of interest from owner-occupiers, people looking to build their own homes."

Mr Coller said holding mass auctions was a way of democratising the buying process.

"We've adopted the auction process basically to be fair and transparent to all buyers," he said.

"There's certainly still an excess number of buyers building allotments, than there are lots available for sale.

"So we've adopted this process to give everyone fair and equal opportunity to purchase an allotment, rather than doing it as a closed thing where a privileged few get the opportunity."

According to Mr Coller the lots for sale sold above expectations, selling at an average price of $221,000, with a top price of $234,000.

"Market forces have generated that result," Mr Coller said.

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