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Auckland economy overview for April 2024

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Staff Reporter

12 May 2024, 7:30 PM

Auckland economy overview for April 2024Recent economic trends in Auckland

As the economic landscape of Auckland unfolds, recent statistics reveal both shifts and constants in key indicators.

The Auckland economy continues to navigate fluctuating trends, with notable updates across various sectors.

According to recent data, the real value of imports through Auckland's seaports for the year ended March 2024 stood at $30.9 billion.

While this reflects a 7% decline compared to the previous year, it marks a 6% increase from five years ago.

In contrast, the rest of New Zealand recorded imports totaling $31.5 billion, reflecting a significant 23% drop from the previous year.

In the realm of real estate, the average weekly rent in Auckland for February 2024 held steady at $675.

This figure mirrors the rental rates from the same period in 2023, remaining unchanged over the past eight years.

Conversely, the national average for weekly rent, at $584, maintained parity with February 2023 figures, echoing a trend observed over the last three years.

The housing market in Auckland experienced robust activity, with 20,639 houses sold for the year ending March 2024.

This represents a notable 10% increase compared to the preceding year and surpasses the total sales volume for all of 2023.

However, it falls short of the sales figures recorded from 2012 to 2022.

Median house prices in Auckland for March 2024 held steady at $1,050,000 in real terms, mirroring figures from eight years ago.

This marks a marginal 1% decrease from the previous year but aligns closely with pricing trends observed over the last 15 months.

Notably, it stands at a significant 29% below the peak recorded in 2021.

Despite fluctuations, the number of new dwellings consented in Auckland for the year ending March 2024 reached 14,699.

While this represents a 33% decrease from the peak observed in September 2022, it remains above pre-COVID-19 levels.

However, it marks the lowest recorded figure since then.

In the realm of non-residential construction, the real value of new buildings consented in Auckland for the year ended March 2024 remained stable at $2,982 million.

This figure is consistent with the previous year's data, reflecting trends observed over the past twelve months, albeit registering an 11% decline from the peak recorded in November 2022.

On the employment front, Auckland recorded an unemployment rate of 4.2% for the quarter ended December 2023.

While marginally higher than the record lows observed in the previous two years, it remains lower than the rates recorded from 2008 to 2017 and comparable or below those from 2018 to 2021.

Moreover, the number of employed individuals in Auckland for the same quarter saw a 3.6% increase compared to December 2022, attributable to both population growth and a higher labour force participation rate.

In summary, the economic landscape of Auckland in April 2024 reflects a mixture of stability, growth, and adjustments across various sectors.

While certain indicators demonstrate resilience and positive momentum, others signal the impact of external factors and ongoing trends.