An overview of Canberra premium suburbs. Photo:

THE latest property figures has showed the value of Canberra homes has not only joined but were among those heading the nation's prices.

Data released earlier this week from the Australian Bureau of Statistics has indicated that dwellings had increased by 5.6 per cent in Canberra through to the end of March this year, just ahead of the 5.4 per cent national average.

Only Sydney and Hobart, both with a 6.1 per cent rise, had bettered Canberra's weighted average for residential property prices since the end of December last year.

The price surge comes amid Australia's highest quarterly rate rise since the end of 2009, appraising 10.6 million homes at $8.3 trillion for a $450 billion growth over three months.

But the alarming national growth has worried several federal government MPs that want to gradually bring house prices down to about three times the annual household income.

Canberra is around three times more than the preferred annual household income rate, while ensuring it remains the second strongest market in the country.

Canberra's soaring increase for the March quarter also ensured it registered the biggest jump of the capitals over the past 12 months through the pandemic.

The 10.9 per cent turnaround in the territory minimally affected by restrictions was almost double the number of Melbourne that has spent several months in lockdown for a period.

Canberra's properties had good selling numbers all round in the sign Australia's capital was much sought after on the housing market.

The house price index rose 6.4 per cent this quarter and 12 per cent for the past year.

The attached dwellings price was up 3 per cent this quarter and 7.7 per cent in 12 months.

Earlier in the month, Canberra was reported to be the only capital city in the country whose weighted average median price had not increased since summer.

The weighted average median price figure from a Real Estate Institute of Australia report is considered a more consistent measure than calculating average mean prices.

That ensured median house prices leaped by 6.8 per cent to $873,911 for this quarter but after dipping from $927,577.

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Thank you,

Ian Meikle, editor