According to the latest Property Industry Impact Report, property is the Bay of Plenty’s largest industry, with a direct impact of $2.0 billion to the regional economy (GDP). Meanwhile, the sector continues to grow in Waikato with a direct impact of $2.9 billion to the regional economy, making it the region’s second largest employer behind Manufacturing ($3.1 billion).
Waikato in focus
In 2022, the wider economic impact of the Waikato property industry was $7.2 billion. This includes a $2.9 billion ‘direct impact’ (from property industry activity), a $2.3 billion ‘indirect impact’ (from supplier activity) and a $2.0 billion ‘induced impact’ (from employee spending).
The Waikato region’s property stock is currently worth $197.5 billion, with residential property representing $171.5 billion and commercial property representing $26.0 billion.
The property industry is Waikato’s third largest employer, accounting for 10.9% of the local workforce. In 2022, 22,100 people were directly employed in the Waikato property industry.
Bay of Plenty in focus
The wider economic impact of the Bay of Plenty property industry in 2022 was $5.1 billion. This is made up of a $2.0 billion ‘direct impact’ (from property industry activity), a $1.5 billion ‘indirect impact’ (from supplier activity) and a $1.6 billion ‘induced impact’ (from employee spending).
The Bay of Plenty property industry provides a direct contribution to GDP of 10.3% – higher than agriculture (8.5%), manufacturing (8.4%) and professional services (4.96%).
The Bay of Plenty region’s property stock is currently worth $144.5 billion, with residential property representing $122.0 billion and commercial property representing $22.5 billion.
The property industry is the Bay’s third largest employer, accounting for 9.8% of the local workforce. In 2022, 13,700 people were directly employed in the Bay of Plenty property industry.
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 Bay of Plenty experienced an appreciation of 48% and Waikato experienced 52% appreciation.
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.