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Auckland economic update February 2024

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

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

Highlights include:

  • real* value of imports by seaports for the year ended December 2023 was $31.4 billion, which was 6.2% lower than the year ended December 2022, but 7.8% higher than 5 years ago; for the rest of New Zealand, the figure was $34.2 billion (14.6% lower than a year ago);
  • average weekly rent for the month of November 2023 was $661 (3.6% higher than November 2022, but still similar to seven years ago); for the rest of New Zealand, the figure was $573 (similar to Novembers 2022 and 2021, but higher than three years ago);
  • number of houses sold for the year ended December 2023 was 19,877 (2% lower than a year prior, but rising for seven months in a row);
  • median house price for the month of December 2023 was $1,050,000 (3% lower than a year prior, in real* dollars; 29% below the 2021 peak; 3% below seven years ago; slightly above most of 2023);
  • business confidence in the quarter ended December 2023 showed a net 1% expecting an improvement in the general business situation over the next three months (much higher than 2022 and 2023, and similar to 2021, but below pre-2018).

*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.

February 2024

Previous updates.