Charlotte Knightley was hosting a party in South Yarra on Saturday night when she heard screams.
A woman at another gathering on the opposite side of Toorak Road had fallen three storeys after the balcony she was leaning on gave way and partially collapsed about 11.30pm.
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Balcony wall collapse injures woman
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The host of a house party in South Yarra has been injured after the wall to her thrid floor balcony partially collapsed.
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Balcony wall collapse injures woman
The host of a house party in South Yarra has been injured after the wall to her thrid floor balcony partially collapsed.
Trees broke the 27-year-old woman's fall but she was pinned beneath the rubble of the balcony's broken brick wall.
Neighbours reported hearing screaming followed by a loud crash. They feared the woman had died.
Paramedics arrived at the scene, pulling the woman from the rubble before rushing her to The Alfred hospital in a critical condition.
Ms Knightley said the party had been "full on".
"Earlier, there was a bunch of people on the balcony, about 20 people, and they were all yelling at people on the street," she said.
"Then we heard screaming ... I'm very sorry for the girl who was injured. We thought she'd passed away. It really can happen to anyone with these old buildings."
The owner of the unit had only just settled on purchase of the property for an undisclosed sum in February.
She moved into the flat last week and was hosting a housewarming party to celebrate with friends.
The property is one of the top-level flats in the building, built in 1969.
On Sunday, a sign had been taped to the front fence of the apartment building that read: "Warning, there has been a balcony collapse, please avoid your balconies".
Cal, a tenant in the building, said he hadn't had any issues with his balcony but would tell his girlfriend to steer clear of the balcony edge.
Another tenant, Srana Srinivasa Bhupacan, said his balcony was also crumbling and he feared for the safety of his wife and young daughter.
The woman's condition was downgraded from critical to serious but stable on Sunday at The Alfred hospital where she was receiving treatment for leg injuries and possible internal bleeding.
At the request of Victoria Police, Stonnington building surveyor Ian Robson arrived at the property on Sunday morning to assess whether the balcony was structurally safe enough to remain in place for another 24 hours.
He said the structure wouldn't fall, but the whole building needed to be reviewed.
"We'll ask the owners' corporation to get an engineer to do a thorough review," he said.
"Buildings of this area can be hit and miss, there was a boom in the 1960s and some of them weren't built that well. The whole building will have to be reviewed now.
"It was never strong enough when it was built, that's the thing, but it's probably deteriorated."
Stonnington mayor Jami Klisaris said the council would write to the owner's corporation requesting they send an engineer to inspect and report on the property.