Canberra's average house value rose 2.4 per cent, reaching a median house price of $933,960, while the national house value rose 1.6 per cent.

Total dwellings in the capital, which includes houses and units, rose 2.2 per cent in August, ahead of the national monthly growth of 1.5 per cent.

Canberra unit values rose 1.3 per cent in the month, compared with 1.2 per cent nationally.

Canberra house values are now up 25.7 per cent on a year ago, and units have risen 10.9 per cent

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CoreLogic research director Tim Lawless said while monthly growth was still well above average, it represented the lowest monthly rise since January.

He believes the slower growth has more to do with worsening affordability constraints than ongoing lockdowns across the east coast.

"Lockdowns are having a clear impact on consumer sentiment, however to date the restrictions have resulted in falling advertised listings and, to a lesser extent, fewer home sales, with less impact on price growth momentum," said Mr Lawless.

"It's likely the ongoing shortage of properties available for purchase is central to the upwards pressure on housing values."

At a national level, housing values are up 15.8 per cent for the first eight months of the year and 18.4 per cent higher than this time last year.

This means national dwellings have increased by approximately $103,400 in the past 12 months, while Australian wages have risen at the average annual rate of 1.7 per cent.

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Mr Lawless said Australia was seeing the fastest annual growth in housing values since 1989.

"Housing prices have risen almost 11 times faster than wages growth over the past year, creating a more significant barrier to entry for those who don't yet own a home," he said.

With the spring selling season upon us, historically this would mean an influx of new listings, however Canberra's lockdown has weakened listing numbers.

CoreLogic experts said market activity was expected to bounce back quickly once lockdown was lifted and pent-up supply was likely to boost inventory levels.