Downsizers splash $7.2 million for two luxury Davis Avenue, South Yarra apartments

Orchard Piper’s $23 million Davis Avenue development in South Yarra has secured two significant sales, totaling $7.2 million. 

A three-bedroom half floor penthouse sold for $3.8 million and a four-bedroom apartment sold for $3.4 million through Richard Mackinnon and Marcus Chiminello of Marshall and White.

Located at 55 Davis Avenue, the Jolson designed complex with Eckersley-designed gardens features eight apartments and two half-floor penthouses.

Mackinnon says Davis Avenue has attracted downsizers that are young at heart and want to be in a vibrant location.

Three apartments remain, including a two-bedroom, three-bedroom and a half floor penthouse.

Remaining apartments range in size from 120 square metres to 234 square metres internally and are priced from $1.49 million to $3.995 million.

The 533-square-metre site previously housed a double-fronted Victorian house owned by psychiatrist Tony Miach.

The unrenovated brick home sold under the hammer for $1.5 million in August 2004.

Davis Avenue has an expected completion date of mid-2014.

The median apartment price in South Yarra is $541,000, a 14.1% change in the past five years, according to RP Data.