An overview of the Auckland economy for July 2023, in charts and graphs and with some commentary.

Highlights this month include:

• average weekly rent for April 2023 was $673 (0.5% higher in real* dollars than April 2022; similar to five years ago; 8.7% above November 2022 dip)
• number of houses sold for the year ended May 2023 was 18,190, which was 32% lower than a year prior, and the lowest since 2009
• median house price for the month of May 2023 was $995,000, which in real* dollars was: 16% lower than a year prior; 30% below the 2021 peak; similar to 2016
• dwellings consented in the year ended May 2023 was 19,539 (10% lower than year ended May 2022, continuing the downtrend since September 2022)
• non-residential consent value in the year ended May 2023 was $2,834 million in real* dollars (6% lower than year ended May 2022, and below most of 2022, but still above all of 2020 and most of 2021
• consumer confidence in the June 2023 quarter was 84.0 – broadly similar to recent quarters, but still well below the levels from 1989 to 2021
• other measures covered: GDP, retail sales, employment and unemployment, 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.

July 2023

Previous 2023 updates. There is no January 2023 update.

February

March

April

May

June

Selected 2022 updates

November

December