Auckland economic update October 2023
Source:Auckland Council Research and Evaluation Unit, RIMU
An overview of the Auckland economy for October 2023, in charts and graphs and with some commentary.
- average weekly rent for July 2023 was $661 (1.6% higher in real* dollars than July 2022, but still slightly lower than five years ago, but 6.1% higher than November 2022 dip)
- real* value of imports by seaports for the year ended August 2023 was $32.7 billion, which was 0.9% higher than the year ended August 2022; Auckland’s robust post-Covid growth slowed from 2022
- number of houses sold for the year ended August 2023 was 18,967 (19% lower than a year prior, but rising slightly for the third consecutive month)
- median house price for the month of August 2023 was $1,010,000, which in real* dollars was: 13% lower than a year prior; 30% below the 2021 peak; the same as seven years ago; similar to the last several months
- number of dwellings consented in the year ended August 2023 was 18,003 (16% lower than year ended August 2022, continuing the downtrend since September 2022, but still above pre-Covid levels)
- non-residential consent value in the year ended August 2023 was $2,948 million in real* dollars (only 2% lower than year ended August 2022, and broadly similar to most of May 2021 onwards)
- consumer confidence index at 82.9 was similar in the quarter (not year) ended September 2023 to recent quarters, but still well below the levels from 1989 to 2021.
*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.
Previous 2023 updates. There is no January 2023 update.
Selected 2022 updates