Canberra has recorded the highest annual house price growth in the country, as 10 suburbs have now pushed past the million dollar median mark.
The latest Australian Bureau of Statistics data found Canberra surpassed every capital city with a 10.9 per cent property price increase over the past 12 months.
The data revealed NSW was the first jurisdiction to reach a $1 million average residential dwelling price, but analysts say Canberra's market will likely slow and delay it reaching that milestone.
Meanwhile, a separate report found Ainslie and O'Connor had a 26 and 23 per cent annual price increase respectively, pushing the median house price in both suburbs to $1.2 million.
They were among several suburbs with double-digit growth, including Garran with a 17 per cent spike, according to Hotspotting's Price Predictor Index report.
The report used sales activity and trends in patterns of growth and decline across suburbs.
Griffith and Red Hill had the highest median house prices in the report, of $1.6 million.
Yarralumla came in close behind at $1.5 million followed by Campbell ($1.3 million), Ainslie ($1.23 million), O'Connor ($1.2 million), Garran ($1.18 million), Hughes, Narrabundah and Curtin ($1 million).
Charnwood had the lowest median house price of $505,000.
Macgregor and Ngunnawal came in with next with $590,00 and $585,000 respectively.
The Hotspotting report found 90 per cent of Canberra suburbs recorded an increase in the median house price in the past year.
The ABS reported a 5.6 per cent growth across Canberra in the March quarter.
Sydney led the pack last quarter with a 6.1 per cent increase while the average price for a residential dwelling in NSW surpassed $1 million.
It is the first time that milestone has been recorded in any state or territory.
CoreLogic head of research Eliza Owen said Canberra's housing market would likely begin to slow down before it hit a million dollar median.
She said Canberra's median house value was $852,398 compared to Sydney's median $1.2 million.
"I think some of that momentum is likely to come out of the market off the back of affordability constraints," Ms Owen said.
Ms Owen said while there had been an increase in properties for sale of 12 per cent in the past month, the supply-and-demand dynamic was "pretty extreme across the ACT".
The median price for all ACT dwellings is $746,573, which Ms Owen said "eclipsed" all capital cities except Sydney, which was $970,000.
CoreLogic estimated there were 2700 residential property sales across the ACT in the three months to May while just 1900 new properties were listed.
"That basically means for every new listing that comes onto the market there's more than one sale happening," Ms Owen said.
"That's leading to this depletion of total stock levels, while you've got that demand-and-supply dynamic going on, that really supports property prices [and] it signals that demand is still pretty high."
Nationally, residential property prices rose 5.4 per cent in the March quarter, which was the the strongest quarterly growth since the December quarter in 2009, according to the ABS.
There was a 7.5 per cent increase in property prices over the year.
ABS head of price statistics Michelle Marquardt said total value of residential dwellings surpassed $8 trillion for the first time.
"Results this quarter were consistent with housing market conditions," Ms Marquardt said.
"Strong demand for housing was supported by record low interest rates, government initiatives, and rising consumer confidence.
"Price rises were observed in all segments of the housing market with growth in house prices continuing to outpace price growth in attached dwellings."
