South Yarra Society Project Sells Fast

If rising interest rates and share market volatility is supposed to have sapped the heat out of the real estate market – nobody has told investors in South Yarra.

Less than three weeks after launching the 12-level Society high rise apartment project  at the corner of Bray, Ellis and Simmons Streets, boutique developer Hamton Group and joint venture partner ISPT have confirmed that 80 per cent of the 272- units have sold.

The sales follows similar success at other high density apartment projects including Acacia on the Park in Northcote, where more than two thirds of properties are reported to have been sold since the start of the month.

Steve Buxton, Hamton joint managing director described buyer interest in Society as “unprecedented”. He said the majority of buyers were owner occupiers, aged around 30, or parents buying the apartments for their children.

Richmond footballer and 2008 Cleo Bachelor of the Year nominee Andrew Raines, team mate Mark Coughlan, and lead singer of rock band The Living End, Chris Cheney, are reported to have purchased apartments in Society.

Hamton is a development company led by property developer Steve Buxton, and ex Macquarie Bank investment banker and lawyer Paul Hameister. Earlier this month it paid about $10 million for the former Coburg High School in Bell Street, which it plans to develop into townhouses, apartments and offices.

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• ISPT, Hamton Pull Out of Stonington Terraces Project, Malvern
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• Leoncelli joins Hamton to Develop Toorak University Site
• Northcote's Acacia on the Park Selling Out
• 7 Yarra Apartment Tower Selling
• Property Spruiker Henry Kaye in the Clear