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.