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

Highlights include:

• real* value of imports by seaports for the year ended April 2024 was $30.9 billion, which was 8% lower than the year ended April 2023, but 7% higher than 5 years ago. For the rest of New Zealand, the figure was $31.6 billion (23% lower than a year ago);
• average weekly rent for the month of March 2024 was $679 (similar to March 2023 in real* dollars, and similar to seven years ago). For the rest of New Zealand, the figure was $578 (3% higher than March 2023);
• number of houses sold for the year ended April 2024 was 21,095 (15% higher than a year prior; the highest since 2022; but lower than all of 2012-2022);
• median house price for the month of April 2024 was $1,050,000 - the same as eight years ago in real* dollars (2% higher than a year ago; slightly above most of the last 16 months; 29% below the 2021 peak);
• number of new dwellings consented in the year ended April 2024 was 14,650 (33% lower than the September 2022 peak; falling continuously since then; similar to start of Covid 19; higher than all of pre-2020);
• real* value of new non-residential buildings consented in the year ended April 2024 was $3,134 million (above or slightly above each of the last thirteen months, but 7% below the November 2022 peak);
• real* value of Gross Domestic Product (GDP) for the year ended March 2024 was 0.5% higher than for the year ended March 2023; the rest of New Zealand saw a 0.1% rise (both growth rates were: below most periods since 2011; falling since mid-2023; lower than recent population growth; above the Covid trough of 2020);
• real* value of retail sales for the year ended March 2024 was 3.0% lower than for the year ended March 2023; in the rest of New Zealand, the annual change was a 4.2% fall (both growth rates were the worst since 2009).

*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.

June 2024

Previous updates. 

January

February

March

April

May

2023

October

November

December