Auckland’s property industry continues growth trajectory

Property is Auckland’s largest industry, with a direct impact of $13.0 billion to the regional economy, according to new data released by Property Council New Zealand and Urban Economics. 

In 2022, the wider economic impact of the Auckland property industry was $36.7 billion (GDP). This includes a $13.0 billion ‘direct impact’ (from property industry activity), a $10.9 billion ‘indirect impact’ (from supplier activity) and a $12.8 billion ‘induced impact’ (from employee spending).  

The Auckland property industry provides a direct contribution to GDP of 10.5% – higher than Professional Services (10.3%), Financial and Insurance Services (9.9%) and Manufacturing (9.7%). 

The Auckland region’s property stock is currently worth $977.8 billion (residential at $811.5 billion and commercial at $166.8 billion). 

The property industry is Auckland’s largest employer, accounting for 10.7% of the local workforce. In 2022, 87,080 people were directly employed in the Auckland property industry. 

Total rate revenue in Auckland total $2.5 billion, with residential general rates representing 58% and commercial general rates representing 32%. 

The wider context

In 2023, New Zealand’s property stock was worth approximately $2,250 billion, of which the Auckland property market accounted for 43% ($978 billion).  

In the years between 2019 and 2023, the Auckland property market appreciated by 40%. Most other regions experienced a similar increase in value, with Otago experiencing the greatest appreciation of 56%. 

The average appreciation across all regions between 2019 – 2023 was 49%. 

Note: Value is taken from latest Council valuation data, dates differ for each Council. 

Read the Full Report

View the New Zealand Property Industry Impact Report 2024

The latest

Industry Leadership & Advocacy Update

Catch up on the latest Property Council advocacy and submissions for property in Aotearoa New Zealand: Resource Management Fast Track Approvals Act 2024 Insulation​​ Plan Change 14 to the Hamilton

Share this article
LinkedIn
Twitter
Facebook