KEY POINTS:
The rich are reaching for the sky like never before as Auckland's penthouse market reaches previously unseen heights.
Experts say top-level living spaces are getting larger and selling faster as developers cater for high rollers seeking the kind of luxury that's common overseas.
Wealthy buyers unaffected by the
global credit crunch are splurging millions on sprawling top-floor apartments - largely bought off developers' plans.
The country's most expensive apartment, the two-level Sentinel penthouse, towering 120m over Takapuna, fetched $11.25 million last year. Tenants will be treated to a personal chef and 24-hour concierge.
And while Sydneysiders often have a two-level penthouse with exclusive lift, Stephanie Kelland, New Zealand residential and projects manager for CB Richard Ellis says Kiwis still tend to prefer single-level sprawlers. "For some, a penthouse is the only place to be. There is a desire to be on the top."
High-end real estate agent Michael Boulgaris says penthouses first became "must-haves" 10 years ago, when they were quite rare.
Some buyers wanted to ensure they were "king of the castle" on the top floor. "It's always nice to have the biggest and the flashest."
Today the term is used "loosely" in real estate, often to describe large apartments that aren't "at the top", as a proper penthouse should be.
The term didn't have the same "ego and clout" as it used to but there were some stunners around, including two on his books.
He says a downside for owners is the "very hefty" body corporate fees often attached to inner-city luxury living. Larry Murphy, head of Auckland University's property department, says there has been no specific research on New Zealand penthouses, but trends suggest apartment buyers are going for bigger spaces, of a higher quality.
Thanks to the past six to seven years of "relatively good economic times", developers have been called on to satisfy the demands of people wanting to live in the inner city - including the very rich.
"There are some very substantial and attractive apartments in the city now."
Murphy predicts the credit crunch and forecast downturn in the domestic economy could affect the market "in the near future".
Whatever happens, Auckland has a long way to go until it catches up with the market overseas.
Last month a buyer splurged a record-breaking $38.6m on an 80th floor penthouse in Hong Kong, complete with private swimming pool, spectacular view of Victoria Harbour and private rooftop terrace.
