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

Highlights include:

• real* value of imports by seaports for the year ended May 2024 was $30.8 billion, which was 7% lower than the year ended May 2023, but 7% higher than 5 years ago. For the rest of New Zealand, the figure was $31.2 billion (24% lower than a year ago, and 2% lower than 5 years ago)
• average weekly rent for the month of April 2024 was $692 (similar to April 2023 in real* dollars, and the same as April 2017). For the rest of New Zealand, the figure was $578 (similar to April 2023 and most of 2020 onwards, but higher than before the Covid lockdowns began)
• number of houses sold for the year ended May 2024 was 21,179 (16% above May 2023’s trough; below all of 2012-2022, slightly below 2017-2020)
• median house price for the month of May 2024 was $1,025,000 – 4% lower than May 2016 in real* dollars (also 1% lower than a year ago; similar to most of the last 16 months; 31% below the 2021 peak)
• number of new dwellings consented in the year ended May 2024 was 14,488 (34% lower than the September 2022 peak; falling continuously since then; slightly below early 2020; higher than all of pre-2019)
• real* value of new non-residential buildings consented in the year ended May 2024 was $2,977 million (broadly similar to the last fifteen months, but 12% below the November 2022 peak)
• consumer confidence (Westpac McDermott Miller Index, greater than 100 shows more optimism than pessimism) for the June 2024 quarter was 81.0 – similar to 2022 and 2023, and below 2009 to 2021
• business confidence (NZIER QSBO) for the June 2024 quarter showed a net 41% of businesses expecting the general business situation to worsen over the next three months – better than 2022 and 2023, and early 2020, but below 2019 and earlier.

*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.

July 2024

Previous updates. 

January

February

March

April

May

June

2023

October

November

December