Due to overwhelming demand, all 63 lots in stage one were sold to pre-registered buyers before their public release last month.

Prices for the lots with uninterrupted views across Port Phillip Bay ranged from $279,000 to $870,000, with one- and three-bedroom apartments to be sold for between $254,000 and $569,000.

Stage two will be released this month, with priority given to those who have already made a deposit.

Ninety-nine-year wet berth leases, ranging from 10-30metres, will also be available from $99,000, with 390 dry berth leases on offer for $3200 a year for a six-metre reservation.

Wyndham Harbour senior development manager Sonya Miller said the response had exceeded expectations, with strong demand for all types, particularly the waterfront lots.

"We are excited that buyers have reacted so positively and decisively to the release of stage one.

"Our vision is for a luxury master-planned waterfront community that will become a major activity and tourism destination for the west is clearly resonating with buyers."

The development has received final planning approvals with construction, including dredging, expected to begin in June.

The first stage is expected to be completed by 2012, with the final development to be finished by 2015.