A budget buy in Canberra's housing market may cost home owners twice as much as its interstate equivalent, according to a report from Domain.

Using data from Australian Property Monitors, the Best Value Suburbs Report lists budget, mid-range and prestige areas in each capital city, chosen to reflect prospects for future growth as well as lifestyle factors such as cafes, transport and green spaces.

Despite being labelled as budget, the least expensive Canberran suburbs listed were more than double the price tag of interstate examples in the report.

Evatt recorded a median house price of $457,000 - more than double that of Adelaide's Elizabeth Downs at $186,250 and almost twice as expensive as Perth's Medina at $234,000.

However, the most expensive prestige buy listed in the capital was cheaper than those in Sydney, Melbourne and Perth. The most expensive suburb listed - Vaucluse in Sydney - recorded a median house price of $2.525 million, more than double the median price tag of homes in Griffith.

Canberra's housing market has experienced higher buyer activity this year, compared to the same period over the past two years the report stated, driven by an underlying shortage of housing and ongoing low unemployment rates.

''Canberra's median house prices have now reached record levels and is the first capital to achieve this milestone following the correction phase of the past two years,'' it stated.

''For this reason entry-level properties continue to represent solid buying opportunities.'' Stephanie Anderson