Recent figures from Auckland Council’s Social and Economic Research and Evaluation Team reveal subtle economic shifts in Auckland, pointing to stabilising house prices, slowing retail sales, and consistent rental rates.

This latest data provides insight for Coasties tracking regional trends and the ripple effects they may have locally.

Auckland’s Gross Domestic Product (GDP) saw a slight decline of 0.1% for the year ending June 2024, mirroring a 0.2% decrease across New Zealand.

This dip highlights a gradual slowdown that began in mid-2023.

In housing, the median sale price remained steady at $970,000 in September 2024, down 7% from last year and 36% below the 2021 peak.

Sales activity has been moderate, with 20,822 homes sold in the year ending September 2024 – a 43% decrease from the high in July 2021.

Rent prices in Auckland averaged $673 weekly as of August 2024, closely mirroring the prior year and aligning with stable rates across New Zealand, where the average is $575.

New dwelling consents, however, have seen a decline.

Auckland recorded 13,821 new housing consents in the past year, down 37% from a 2022 peak but consistent with pre-pandemic levels in early 2019.

Non-residential building consents also dropped, though values remain 25% above the 2020 low point, indicating ongoing investment in commercial projects.

The report also flags a notable dip in retail sales.

Real retail sales in Auckland fell 3.7% over the year ending June 2024, the sharpest drop since 2009, with national figures showing a similar 4.4% decline.

Coasties observing consumer trends may note that the downturn reflects broader economic challenges impacting discretionary spending.

In the labour market, Auckland’s unemployment rate ticked up to 4.6% as of June 2024, aligning with lower labour force participation but still remaining below peaks seen during the 2009–2016 period.

This latest economic snapshot offers a glimpse of the city’s current state, as Auckland continues to adjust following recent highs and lows across sectors.