New Zealand's nationwide housing market value fell by 0.7% year-on-year in January, with Auckland down 2.6% and areas outside Auckland seeing a modest 0.4% rise, Real Estate Institute of New Zealand (REINZ) said on Monday.

According to the REINZ House Price Index (HPI), Southland retained the top spot for annual HPI percentage growth over the 12 months, followed by Otago and Canterbury.

Northland saw median home prices fall almost 13% from the prior corresponding period, recording the region's second-largest annual decline and signaling weaker market performance than most other areas.

However, Northland's HPI rose 1.5% over the past year, marking the region's fourth-best annual HPI performance and reflecting stronger long-term property value growth than most regions.