Auckland economic update August 2023
Source:Auckland Council Research and Evaluation Unit, RIMU
An overview of the Auckland economy for August 2023, in charts and graphs and with some commentary.
Highlights this month include:
- average weekly rent for May 2023 was $646 (2.2% lower in real* dollars than May 2022; similar to five years ago, but 4.2% higher than November 2022 dip)
- the real* value of imports by sea for the year ended June 2023 was $32.9 billion, which was 2.1% higher than the year ended June 2022; Auckland’s robust post-Covid recovery slowed from 2022
- number of houses sold for the year ended June 2023 was 18,414, which was 28% lower than a year prior, but similar to recent months (so no longer falling)
- median house price for the month of June 2023 was $1,000,000, which in real* dollars was: 17% lower than a year prior; 31% below the 2021 peak; similar to 2016 and similar to recent months
- number of dwellings consented in the year ended June 2023 was 19,085 (12% lower than year ended June 2022, continuing the downtrend since September 2022)
- non-residential consent value in the year ended June 2023 was $2,957 million in real* dollars (only 4% lower than year ended June 2022, and broadly similar to most of the last two years)
- business confidence in the June 2023 quarter showed 80.9% (net) expecting a worsening general situation over the next three months, the lowest confidence since at least 1989
- measures covered: GDP, retail sales, employment and unemployment, imports/exports, business and consumer confidence, house prices and numbers sold, weekly rents, building consents.
*Note: real dollars are after adjusting for the effects of inflation each quarter.
Previous 2023 updates. There is no January 2023 update.
Selected 2022 updates