1/3 Chapel Mews, South Yarra VIC 3141

Ground floor | renovated luxury | underfloor heating | Stonnington convenience | low supply building This apartment occupies a rare position as a ground-floor luxury unit in a well-maintained Stonnington building with low turnover, where half of owners have held for over a decade. The underfloor heating and full renovation reduce immediate capital outlay and appeal to downsizers or professionals seeking lock-and-leave comfort. Its 2-bedroom, 2-bathroom configuration is competitively lean relative to comparable units in the building, where a similar 2-bedroom unit sold at $1.1 million in early 2025, suggesting pricing here sits at a discount for a ground-floor entry point. The property best suits a buyer prioritising quality finishes and low-maintenance living in a tightly held pocket. The estimated value of around $850,000 sits below the listed range, meaning the buyer must negotiate from a position of caution. The building’s mixed performance—one unit grew 3.58% annually while another saw near-zero growth over six years—signals that not all apartments here appreciate equally, and ground-floor units may carry a liquidity discount. The opportunity lies in the building’s low supply and long holding patterns, which can support steady capital growth over a five-year hold. Use this property as a primary residence or a low-effort rental, with the underfloor heating and renovation providing a clear edge in tenant appeal.