One in four Australian homeowners are now living in a property worth more than $1 million.

The housing boom throughout Australia means the value of Australia’s housing stock has increased substantially, according to CoreLogic research. Nationally about 5% of homes are now worth more than $2 million.

The research reveals property owners in greater Sydney are now more likely to live in a $1million home, with 52% of homes worth more than $1 million and about 16% of homes now worth $2 million or more.

More than a third of homeowners in greater Melbourne now have a property valued at more than $1million.

CoreLogic figures show that house prices have surged throughout Australia in the past year by over 20% in some capital cities and many regional markets.

Buyer’s agent Rich Harvey says the past two years have been the “perfect economic storm” for property owners with homes for sale down by 30% but a big rise in demand at the same time.