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THE WELLINGTON and Auckland apartment markets are growing, rather than being the "flash in the pan" that some critics have suggested.
Peter Wilkin of Colliers Jardine says that until now, most apartments in the Capital have been developed from existing buildings for owner-occupiers.
However, this is likely to change with purpose-built apartments coming to the fore. These will be sought by investors for renting out, he says.
Rob McCarthy, manager of project marketing for Colliers Jardine, says likely tenants for such apartments will be business people on transfer to Wellington and young single business people seeking a city lifestyle.
In a property market report, Mark...