But for those looking to get a foot in the door, it's still possible to land a property for under $500,000.

Property analysts have predicted unit price growth will cool in 2022, after a year of surging prices.

MORE PROPERTY NEWS:

In the latest CoreLogic home value index, research director Tim Lawless said the peak of property growth has likely passed.

"The rise in listings and softening of key vendor metrics implies the housing market may be moving through peak selling conditions, however it will be important to see if this trend towards higher listings continues after the festive season," Mr Lawless said.

While $500,000 certainly won't buy a Canberra house anymore, there are a number of suburbs where buyers can secure an apartment with a more modest budget.

If you're after a two-bedroom apartment, the Tuggeranong district has plenty of options.

This seventh-level apartment at 265/325 Anketell Street, Greenway (pictured above) is just over 70 square metres in size and features two bedrooms, a bathroom and en suite, plus a balcony with a custom-built timber bar.

The property was listed with a price guide of $469,000-plus and is now under offer.

Living close to the city doesn't necessarily mean living in a towering apartment complex.

For example, 5/68 MacLeay Street, Turner is located in a block of apartments set over three levels.

The one-bedroom apartment is listed for $425,000-plus and is a short distance to shops, parks and public transport.

In Canberra's north, the Gungahlin district is another popular choice for first home buyers looking to get in the market for under $500,000.

For example, 44/148 Flemington Road Harrison was listed in December as accepting offers of more than $349,000. The property is now listed as under offer at $380,000.

The one-bedroom apartment spans more than 80 square metres and is in walking distance to the light rail.

For investors, the property was last listed for rent in February at $380 per week.

Kaleen also offers buyers a chance to secure a larger apartment within a $550,000 budget.

A three-bedroom apartment at 35/112 Baldwin Drive has been refreshed with new carpets and paint since it last sold in 2012 for $394,500.

With an initial price guide of $479,000-plus, the 114 square metre apartment sold in December for $550,000.

Located in the Molonglo Valley district, Wright offers myriad options for buyers with modest budgets.

This ground floor apartment, at 117/61 John Gorton Drive, features one bedroom, a small, contemporary kitchen and a 21 square metre courtyard.

The sellers are seeking offers of more than $350,000.

Our journalists work hard to provide local, up-to-date news to the community. This is how you can continue to access our trusted content: