Developers say they are battling to keep up with demand for large,
luxury flats. One block of 59 is still under construction but all but
three apartments have been sold. And industry experts say
Auckland is witnessing a sea-change in mindset, placing us more in line
with European cities, where apartment living is the norm.
Mark
Todd of Ockham Residential, which is building the Hypatia on Khyber Pass
Rd, said the growth in the high-end apartment market was partly driven
by baby boomers looking for somewhere to live rather than to invest in.
"It's a market that is growing at about 100 per cent a
year but it is not a market catering to the first-home buyer," Mr Todd
said. "These apartments are expensive because it costs a lot to build them."
Figures
from Statistics NZ show fewer than 200 building consents for individual
apartments were issued in 2011. In the 12 months to March this year,
that figure reached more than 1900. The vast majority are in Auckland
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