Sydney properties set for 100% price increase

People looking for home loans in order to purchase a property in Sydney could be inspired to act fast after predictions that prices in the city are expected to double.

According to new figures from Australian Property Monitors (APM), up to half of homeowners in Sydney will be property millionaires within the next ten years.

While this is good news for those who have already invested in the area, it could mean challenging times ahead for those looking to get a foot on the city's property ladder.

The figures, which were produced exclusively for the Sunday Telegraph, showed that the median property price in the city will reach $1.2 million in the next decade, meaning average growth of 7.6 per cent.

APM economist Matthew Bell told the newspaper: "We are a relatively affluent country with very good long-term prospects in terms of resources boom and population growth – I just can't see us underperforming.

"When I was young, a million dollars was a lot of money – now it's less money and that is just the power of inflation."

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