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Auckland economic update July 2024

Ross Wilson
Auckland Council Economic and Social Research and Evaluation Team
Publication date:  

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.