Auckland economic update December 2024

Author:

Ross Wilson

Source:

Auckland Council Social and Economic Research and Evaluation Team

Publication date:

2024

Topics:

Economy

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

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

Highlights include:

real* Gross Domestic Product (GDP) for the year ended September 2024 was the same as for the year ended September 2023; in the rest of New Zealand, the annual change was also no change. Both growth rates were below most periods since 2010, and falling since mid-2023, and lower than recent population growth, but still above the Covid trough of 2020 (and above the GFC trough of 2009);
real* retail sales for the year ended September 2024 were 4.5% lower than for the year ended September 2023; in the rest of New Zealand, the annual change was a 4.2% fall. Both growth rates were the worst (or near-worst) since 2009 (just after the Global Financial Crisis), even including the 2020 Covid lockdowns. Both growth rates have been falling since late 2022, although rest of New Zealand rate of fall has flattened in 2024;
number of people employed in the quarter ended September 2024 was 0.7% lower than in September 2023 quarter, with higher unemployment and lower labour force participation rate offsetting population growth;
unemployment rate in the quarter ended September 2024 was 5.2%, the highest quarter since March 2021, and above most of 2017 to 2024, but still lower than 2009 to 2015 and late 2020;real* value of imports by seaports for the year ended October 2024 was $29.5 billion, which was 8% lower than the year ended October 2023, but 4% higher than 5 years ago. For the rest of New Zealand, the figure was $30.5 billion (13% lower than a year ago, and 1% lower than 5 years ago);
average weekly rent for the month of September 2024 was $671 (2% lower than a year ago; below most of the last eight years). For the rest of New Zealand, the figure was $575 (2% higher than a year ago, following over three years of minimal growth, but with strong seasonal variation);
number of houses sold for the year ended October 2024 was 21,204 (similar to the last eleven months; 16% above May 2023’s trough; 42% below July 2021 peak; below all of 2012-2022);
median house price for the month of October 2024 was $1,000,500 (similar to nine years ago (2015) in real* dollars; 6% lower than a year ago; similar to the last two months; 34% below the 2021 peak);
number of new dwellings consented in the year ended October 2024 was 13,863 (37% lower than the September 2022 peak; 0.3% higher than for September 2024, and the third consecutive rise since the July 2024 trough; similar to five years ago);
real* value of new non-residential buildings consented in the year ended October 2024 was $2,700 million (11% below a year earlier; below nearly all of the last three years, and 21% below the November 2022 peak, but 20% above the 2020 trough).

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

December 2024

Previous updates.