Completed Olive Green apartments find its market with Caulfield South downsizers

The completion of Olive Green in Caulfield South has given local downsizers something that has been increasingly difficult to find across Melbourne's tightly held inner south-east: a large, brand-new apartment they can walk through before deciding to sell the family home.

The 44-apartment development at 380 Hawthorn Road has recently completed, with Gary Peer Projects seeing the strongest interest in the remaining two and three-bedroom apartments come from downsizers already living in Caulfield South and its surrounding suburbs.

Developed by Freeman Group and built by Balmain and Co, Olive Green was designed by WMK Architecture around larger, owner-occupier floorplans rather than the smaller investor-focused apartments that have traditionally made up much of Melbourne's apartment stock.

Gary Peer Projects Director Julian Millman said that approach was now resonating with locals looking to leave larger family homes without having to leave the area, or compromise too heavily on space.

"What we're seeing is predominantly local downsizers looking at the larger two and three-bedroom apartments," Millman said.

"They know Caulfield South, their family and friends are here, and in many cases they have lived in this part of Melbourne for a very long time. They don't necessarily want to change their lifestyle or move suburbs just because they're ready to move out of the family home.

"The challenge has been finding the right new apartment product locally. There simply hasn't been a lot of new supply at this end of the market, particularly apartments with the size and quality that a downsizer coming from a substantial home expects."

That relative scarcity is part of what makes Olive Green's completion significant.

New apartment development across Caulfield South remains limited, particularly when narrowed to larger owner-occupier stock. Olive Green itself comprises just 44 residences, while several other approved projects in the suburb are considerably smaller.

Olive Green's location also lends itself naturally to the downsizer market.

Sitting on the corner of Hawthorn Road and Olive Street, residents have Woolworths and ALDI virtually on their doorstep, while tram routes run along Hawthorn Road and nearby Glen Huntly Road. Glen Huntly and Elsternwick train stations are also within a short drive.

Millman said the ability to retain those everyday conveniences had become an important part of the downsizing decision.

"For a downsizer, it isn't just about the apartment," Millman said.

"It's about what life looks like once they move. Here you've got two supermarkets within around 50 metres, public transport essentially outside the building and the shops, cafés and amenity of Caulfield South and Glen Huntly all around you.

"You can move out of a home that might have become too large or too difficult to maintain without giving up the neighbourhood and conveniences you've become accustomed to."

The apartments themselves have been designed to help bridge that gap.

Large open-plan living areas are complemented by dedicated study spaces, substantial storage and generous private terraces, while the building's island-style position means apartments benefit from open outlooks and strong natural light.

The specification includes timber flooring, natural stone benchtops, bespoke joinery and Miele appliances, with a refrigerator, washing machine and dryer also included. Secure basement parking and storage are provided, while residents have access to a rooftop entertaining terrace overlooking the city skyline and Port Phillip Bay.

Millman said including those items was about making the transition from a family home as straightforward as possible.

"Downsizers don't want to move into an apartment and then have a long list of things they need to organise," he said.

"The fridge is there, the washing machine and dryer are there, the appliances are there. The idea is that you can make the move and immediately start enjoying the home."

Completion has also removed one of the traditional hurdles facing downsizers buying new property.

Rather than committing to an apartment from plans and renders, purchasers can now walk through the finished building, understand the scale of the rooms and terraces and see the outlook from the exact apartment they are considering.

Gary Peer Projects is also accepting five per cent deposits and offering flexible settlement terms, giving downsizers greater flexibility around the timing of selling their existing home. The five per cent deposit offer and flexible settlement arrangements are currently being advertised on the completed project.

"That flexibility is really important for this buyer," Millman said.

"They might have lived in their home for 20 or 30 years and they don't want to feel pressured into selling it before they're ready.

"Being able to secure an apartment with a five per cent deposit and discuss a longer settlement gives them time to prepare their home for sale and choose when they want to bring it to market."

Millman said pricing had also adjusted alongside the broader Melbourne market, helping keep Olive Green within reach of locals looking to make the transition from house to apartment.

"We've moved with the market," he said.

"The focus now is making sure the apartments represent value for the area. For someone selling a long-held family home locally, there is an opportunity to move into a brand-new, high-quality apartment, stay in the neighbourhood they know and potentially free up capital at the same time."