An overview of the Auckland economy for August 2023, in charts and graphs and with some commentary.

Highlights this month include:

• average weekly rent for May 2023 was $646 (2.2% lower in real* dollars than May 2022; similar to five years ago, but 4.2% higher than November 2022 dip)
• the real* value of imports by sea for the year ended June 2023 was $32.9 billion, which was 2.1% higher than the year ended June 2022; Auckland’s robust post-Covid recovery slowed from 2022
• number of houses sold for the year ended June 2023 was 18,414, which was 28% lower than a year prior, but similar to recent months (so no longer falling)
• median house price for the month of June 2023 was $1,000,000, which in real* dollars was: 17% lower than a year prior; 31% below the 2021 peak; similar to 2016 and similar to recent months
• number of dwellings consented in the year ended June 2023 was 19,085 (12% lower than year ended June 2022, continuing the downtrend since September 2022)
• non-residential consent value in the year ended June 2023 was $2,957 million in real* dollars (only 4% lower than year ended June 2022, and broadly similar to most of the last two years)
• business confidence in the June 2023 quarter showed 80.9% (net) expecting a worsening general situation over the next three months, the lowest confidence since at least 1989
• measures covered: GDP, retail sales, employment and unemployment, imports/exports, business and consumer confidence, house prices and numbers sold, weekly rents, building consents.

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

August 2023

Previous 2023 updates. There is no January 2023 update.

February

March

April

May

June

July

Selected 2022 updates

November

December