Median house prices across the Nation’s Capital have hit a record high, moving beyond the $900,000 mark for the first time.

The latest Domain Housing report has found local buyers can now expect to pay, on average, more than $927,000 for a house.

Senior Research Analyst, Dr Nicola Powell said In the March quarter, house prices surged by 9.7 per cent in what has now become the fastest acceleration of house prices over a quarter since Domain records began in 1993.

“They surged $92,000 in the first three months of the year.”

“House prices nationally have also reached almost $900,000, they jumped about $50,000 in the first three months of the year and this is the steepest annual rise in almost 18 years.”

Canberra remains a breakaway performer in the latest Domain report, recording the strongest annual and quarterly house price growth.

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Prices increased more than $150,000 in the past 12 months and places the Nation’s Capital as the third most expensive city to buy a home, behind Sydney and Melbourne respectively.

“Another quarter at the same percentage growth rate would push house prices above $1 million.” Dr Powell said.

“That said, this rapid growth is likely to be the peak quarterly rate and not sustained in following quarters at such ferocity.”