RP Data: Sydney property values increase over year

The latest RP Data-Rismark International Home Value Index has highlighted that Sydney has experienced a 12.5 per cent increase in the value of properties over the last 12 months, which could be great news for anyone considering selling their property in Balmain.

While there has been a combined capital city value increase of 8 per cent over the last year, Sydney's development has been the most explosive, with property values reacting positively to a number of factors.

For example, the Reserve Bank of Australia's decision to reduce the cash rate to the historically low 2.5 per cent back in August has seen interest rates drop on home loans - encouraging people to consider taking out mortgages in pursuit of their dream homes and increasing buyer confidence.

According to the release, Sydney has a median property value of $640,000. However, the RP Data suburb report on Balmain has indicated that the suburb has a current median property price of $1,282,000.

This could be an encouraging sign for anyone thinking of taking advantage of the selling season. With this level of growth, these properties could also offer a number of investment opportunities in the region as investor activity has increased nationwide.

RP Data’s Senior Research Analyst Cameron Kusher said while the growth of these regions may begin to slow down in the coming months, this is due to a growing stability rather than a loss of momentum.

"The latest data from the Reserve Bank shows private sector housing credit increased by 5.0 per cent over the 12 months to October 2013, its highest annual rate of growth since June 2012," said Mr Kusher in a December 2 statement.

Now could be the perfect time to consider selling your Balmain property and secure a new home for you and your family this Christmas season.