South Caulfield project hits 76% sold in less than 60 days

Melbourne developer Panplan Properties has achieved record local sales for its latest multi-residential development, Carmel in Caulfield South, with buyers snapping up 54 apartments – 76 per cent of total stock - in under two months.

One of Melbourne’s most established suburbs, data shows only 80 apartments were sold in Caulfield South in the last 12 months. The stunning sales result for Carmel represents 67 per cent of total apartment sales in the middle ring suburb in the last year.

Designed by Ewert Leaf, the development features 71 spacious one, two and three bedroom apartments across seven levels along with a residents’ terrace and garden on level six and an Aldi supermarket on the ground floor.

Inspired by some of the world’s finest terraced gardens, Ewart Leaf has created a structured, sculptural building that intertwines clean architectural lines with tactile materiality. The warmth of timber eaves combines with cascading greenery to create a stunning development influenced by nature. 

The homes, priced from $560,000 to $1.4 million, feature panoramic views of the city skyline and the bay, and are characterised by generous proportions, considered layouts, a sophisticated colour palette and well-appointed kitchens with stone bench tops and splashbacks.

The development is located on a tram line on Hawthorn Road near the corner of Glen Huntly Rd and is well serviced by shops, train stations, schools and parks.

Jon Ellis from project marketers The Move said buyers include a range of owner occupiers including local downsizes and professionals moving into the area, along with investors.

“We’re thrilled with the strong sales rate, which speaks to the fact that despite all the doom and gloom in Melbourne there is latent strong demand for spacious apartments in middle ring suburbs surrounded by amenity, transport and services.

“It’s also pleasing to see investors seeing value and capital growth potential, buying at price points over $1 million,” he said.

Panplan Properties co-founder Lance Blumenthal said, “To have sold 67 per cent of total apartment stock in the entire suburb in the last year is an impressive result.

“While originally we planned to retain the asset after locking in a lower construction price, we saw there was a huge undersupply of quality stock in the area and launched the development when 75 per cent of construction was complete.

“Increasing density in middle ring suburbs with well-designed, spacious apartments to boost housing supply is widely regarded as smart policy and that’s exactly what we’re doing.” Said Lance. 

“Given the strong uptake from local and interstate buyers, we expect the remaining 17 apartments to be sold relatively quickly,” said Jon. 

Construction is almost complete, with the project due to be fully finished in December.

Panplan Properties has a number of other residential developments in the pipeline including Mimosa Row in Carnegie for 40 apartments over 4 levels.

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