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

Highlights include:

• real* value of imports by seaports for the year ended June 2024 was $30.4 billion, which was 8% lower than the year ended June 2023, but 7% higher than 5 years ago. For the rest of New Zealand, the figure was $30.4 billion (23% lower than a year ago, and 3% lower than 5 years ago)
• average weekly rent for the month of May 2024 was $692 (slightly above the last two years, in real* dollars; similar/below 2018 to mid-2022). For the rest of New Zealand, the figure was $582 (2.5% above May 2023, after over three years of minimal growth, since January 2021)
• number of houses sold for the year ended June 2024 was 20,602 (12% above May 2023’s trough; 43% below July 2021 peak; below all of 2012-2022)
• median house price for the month of June 2024 was $1,048,000 (2% below eight years ago in real* dollars, but 1% higher than a year ago; similar to most of the last 18 months; 30% below the 2021 peak)
• number of new dwellings consented in the year ended June 2024 was 13,855 (37% lower than the September 2022 peak; falling continuously since then; below mid 2019 onwards; higher than all of pre-2019)
• real* value of new non-residential buildings consented in the year ended June 2024 was $2,759 million (below the last three years, and 19% below the November 2022 peak, but 24% above the 2020 trough). ...

*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.

August 2024

Previous updates. 

January

February

March

April

May

June

July

2023

October

November

December