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Auckland economic update April 2024

Ross Wilson
Auckland Council Research and Evaluation Unit, RIMU
Publication date:  

An overview of the Auckland economy for April 2024, in charts and graphs and with some commentary.

Highlights include:

  • real* value of imports by seaports for the year ended February 2024 was $31.6 billion, which was 6.2% lower than the year ended February 2023, but 7.1% higher than 5 years ago. For the rest of New Zealand, the figure was $32.6 billion (19.8% lower than a year ago);
  • average weekly rent for the month of January 2024 was $687 (1.8% higher than January 2023 in real* dollars, but the same as January 2017). For the rest of New Zealand, the figure was $621 (1.9% higher than January 2023, and also slightly higher than three years ago);
  • number of houses sold for the year ended February 2024 was 20,377 (6% higher than a year prior; higher than all of 2023; but lower than all of 2012-2022);
  • median house price for the month of February 2024 was $1,026,000 - the lowest February since 2016, in real* dollars (2% lower than a year prior; similar to most of the last 12 months; 31% below the 2021 peak);
  • number of new dwellings consented in Auckland in the year ended February 2024 was 15,254 (31% lower than the September 2023 peak; similar to the previous two months; above 2019 levels and earlier);
  • real* value of new non-residential buildings consented in Auckland in the year ended $2,999 million (broadly similar to the last twelve months, but 11% below the November 2022 peak).

*Note: real dollars are after adjusting for the effects of inflation each quarter.

Measures covered: business and consumer confidence, GDP, imports, retail sales, employment and unemployment, house prices and numbers sold, weekly rents, building consents.

April 2024

Previous updates.