The latest economic snapshot from the Auckland Council Social and Economic Research and Evaluation Team, covering data up to January 2025, reveals mixed conditions across the region.

Median house prices dropped to $949,000 in January, marking a 4% decrease from a year ago and a 6% decline from December's $1.01 million median.

This figure is 37% below the peak of 2021.

House sales have improved, totalling 21,977 for the year ended January—20% higher than the low point in May 2023.

Despite this increase, sales remain 40% below the peak of July 2021.

Average weekly rents in Auckland stood at $690 in December 2024, marginally lower than a year prior.

Across the rest of New Zealand, average weekly rent was $599, holding steady compared to recent years.

The number of new dwellings consented reached 13,921 for the year ending January 2025, marking a 37% drop from the September 2022 peak, but showing a modest upward trend since July 2024.

Non-residential building consents totalled $2.49 billion, a 17% decrease compared to the previous year, and down 28% from their November 2022 peak.

Employment continues to face headwinds, with a 2.0% reduction in employed individuals from the December 2023 quarter, marking six consecutive quarters of declining employment growth.

The unemployment rate reached 5.3%, equalling the highest level since the 2020 Covid lockdowns.

Auckland’s GDP contracted by 0.6% for the year ending December 2024—nearly as low as the Covid-related trough of 2020 and below most growth periods since 2010.

Retail sales saw a significant 4.3% decline over the same period.

Imports through Auckland's seaports slightly decreased by 3% to $30 billion, signalling continued cautious consumer and business spending.

Despite economic uncertainty, confidence among businesses has improved, with 27% optimistic about the next three months—the highest since 2016.

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