Housing values in Sydney increase over the year

Anyone considering selling property in Sydney's Inner West suburbs may be interested to know that the latest Westpac Melbourne Institute Index of Consumer Sentiment increased by 1.9 points between October and November - and that increasing housing confidence is responsible.

After falling in the previous month, this growth has brought it back to the peaks experienced in March and September. It grew from 108.3 points in October up to 110.3 points in November.

This almost brings it back to the highs reached during the July-December 2010 period, which experienced an average Index of 114 points.

Westpac's Chief Economist Bill Evans said there was a direct relationship between the increasing confidence of the housing market, and the growth of the Index. Nationally, house prices increased by 1.9 per cent during the September quarter.

Sydney underwent the largest growth, with house prices increasing by 3.6 per cent during the September quarter. This pushed the city's annual growth to a huge 11.4 per cent for this year so far.

With home values growing at such a rate, now could be the perfect time to sell your home in Sydney and secure a fantastic return for your future.

Other cities across the nation that underwent notable growth included Perth - where home values grew by 8.6 per cent over the year - and Melbourne, which experienced a yearly rise of 6.8 per cent.

“Confidence around the housing market was also apparent in the Index of House Price Expectations which rose by 3.1% to be 23% above its October 2012 level," Mr Evans said in a November 13 statement.

"There was also a rise in the "Time to Buy a Dwelling" Index of 4.2% including a very strong increase in NSW, solid rises in Western Australia and Queensland but falls in Victoria and South
Australia."