The New Zealand housing market remained stagnant in January, with the Real Estate Institute of New Zealand reporting a 0.2% decline in the House Price Index (HPI) and a 0.5% year-on-year drop. Sales volumes decreased by 5.4%, attributed to rising interest rate concerns and election uncertainty. Despite some price increases in Southland and Otago, the market lacks momentum as it faces headwinds from economic factors. ANZ economist Matthew Galt noted the impact of shifting interest rate expectations on market activity.
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