Over half of property owners in Sydney, Australia are set to become property millionaires by 2020 as house prices are predicted to double by 2020, according to Australian Property Monitors (APM).

The average price of property in Sydney will reach more than AU$1.5m, with steady annual increases of around 7.5% being forecast over the next ten years.

Sydney is not the only city predicted to see such huge price gains, with Perth being forecast to see a rise of more than 12% a year while Brisbane and Melbourne’s residential property prices are set to appreciate by an average of 10% a year.

Many organisations are now calling for more residential housing to be planned around the country to try and avert the imminent housing shortage and which could help to temper price rises.