Data by CoreLogic and Ray White shows where home owners should have bought 10 years ago to see the biggest capital gains.

Newer suburbs that have evolved significantly over that period unsurprisingly saw some of the largest changes in property values.

Forde, in Canberra's Gungahlin region, saw the biggest increase at about 289 per cent.

The median house value in Forde was $314,000 in 2012, when the suburb was about four years old, compared to its current median of $1.22 million.

It was followed by Casey, another young suburb of Gungahlin, which saw 273 per cent growth in house values over 10 years.

Bonner, Harrison and Crace, all in the Gungahlin region, followed with growth rates of 240 per cent, 225 per cent and 199 per cent respectively.

Well-established suburbs also saw significant growth over the last decade, the data showed.

The median house value in Ainslie grew from $692,500 in 2012 to $1,647,800 in 2022, representing 138 per cent growth.

Red Hill's median house value rose 131 per cent from $1,147,500 in 2012 to $2.65 million in 2022.

Downer also saw a big jump in house values, from $580,000 to $1,331,500. It represented a 130 per cent rise.

Ray White chief economist Nerida Conisbee said the growth in some suburbs reflected a change in the types of houses being developed over time.

"Suburbs moving from a small number of older homes to a large number of new homes often see a big jump in values, primarily due to an improvement in housing stock," she said.

"Often infrastructure is also improved - better schools, public transport and retail facilities drive housing values."

Minor changes can make a difference too, Ms Conisbee said.

"An outdated retail strip revitalised by a nice cafe changes the dynamic of a suburb which can flow through to the desirability to live there."

As for what the next decade holds for property values, Ms Conisbee said it is hard to predict.

"Hobart a decade ago was the most affordable capital city in Australia and no one predicted how significantly it would change to now being one of the most expensive," she said.

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"Similarly, the pandemic drove values in regional Australia and in places like Canberra, another change that was certainly not expected even at the start of the pandemic."

Ultimately, liveability of a suburb will drive value growth, Ms Consibee said.

"While this obviously has different meanings for different people, walkability, nice retail precincts, good schools and efficient public transport seem to always be on buyers' radars," she said.

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