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

Measures covered: house prices and numbers sold, weekly rents, building consents, employment and unemployment, GDP, business and consumer confidence, retail sales, imports.

Highlights include:

• real* value of imports by seaports for the year ended September 2024 was $29.6 billion, which was 9% lower than the year ended September 2023, but 4% higher than 5 years ago. For the rest of New Zealand, the figure was $30.6 billion (15% lower than a year ago, and the same as 5 years ago);
• average weekly rent for the month of August 2024 was $673 (similar to a year ago, in real* dollars; similar to eight years ago). For the rest of New Zealand, the figure was $575 (similar to a year ago, following over three years of minimal growth, but with strong seasonal variation);
• number of houses sold for the year ended September 2024 was 20,822 (similar to the last ten months; 14% above May 2023’s trough; 43% below July 2021 peak; below all of 2012-2022);
• median house price for the month of September 2024 was $970,000 (similar to the last two months in real* dollars; 12% below eight years ago (2016); 7% lower than a year ago; 36% below the 2021 peak);
• number of new dwellings consented in the year ended September 2024 was 13,821 (37% lower than the September 2022 peak; 1% higher than for August 2024, and the second consecutive rise since the 2022 peak; similar to early 2019);
• real* value of new non-residential buildings consented in the year ended September 2024 was $2,797 million (2% below the year ended August 2024; below most of the last three years, and 18% below the November 2022 peak, but 25% above the 2020 trough).

*Note: real dollars/values are after adjusting for the effects of inflation each quarter.

November 2024

Previous updates. 

October

January

February

March

April

May

June

July

August

September

2023

October

November

December