The short answer is: it depends where you're looking.

Property prices vary greatly across the territory, depending on a multitude of factors including location, block size, house type and more.

As house prices continue to soar and more and more properties are sold under the hammer, what constitutes a million-dollar home in Canberra continues to evolve.

Take Canberra's most expensive suburb Forrest, for example. The suburb's median house price has skyrocketed from $1,577,500 in 2012 to $2.85 million today.

We've rounded up a string of established homes across the ACT and surrounding NSW that are listed for about $1 million. With so many properties scheduled for auction, we've only scratched the surface.

Belconnen

Belconnen has been lauded as the ACT's affordable heartland however, the family-friendly region in Canberra's north isn't exempt from rising house prices. Suburb median property prices begin at $423,000 in Holt, extending to $850,000 in Aranda.

For less than $1 million you could snap up this five-bedroom, two-storey house in the popular suburb of Bruce. The residence features a fresh, neutral palette, spacious living areas and a covered al fresco area overlooking an easy-care yard. It's within walking distance of the AIS and Bruce Stadium, with green space close by.

26 Norman Fisher Circuit, Bruce: $950,000+

26 Norman Fisher Circuit, Bruce. Photo: Supplied

Gungahlin

Gungahlin has well and truly become Canberra's new "nappy valley", a title long-held by the also family-friendly Tuggeranong. Gungahlin offers a variety of residential properties at a variety of price points and has become Australia's second-fastest growing region. Suburb medians begin at $420,000 in Franklin, rising to $797,500 in Crace.

For less than $1 million you could purchase this five-bedroom residence in Nicholls. The two-level house features multiple shared spaces and a spacious backyard.

90 Lexcen Avenue, Nicholls: $930,000+

90 Lexcen Avenue, Nicholls. Photo: Supplied

Over in Crace, this contemporary four-bedroom, three-bathroom house is also set to fetch about $1 million.

4 Keewong Street, Crace: $990,000-$1,090,000

4 Keewong Street, Crace. Photo: Supplied

Inner north

Canberra's inner north is full of hot property, with the value of central land pushing up prices. Suburb medians begin at $447,500 in apartment mecca Braddon, peaking at $1,142,500 in Campbell.

In Dickson this three-bedroom brick house on a 683-square-metre block awaits offers of more than $950,000. The parcel of land is zoned for redevelopment, making the property ripe for a renovation or a complete transformation.

4 Stockdale Street, Dickson: Offers over $950,000

4 Stockdale Street, Dickson. Photo: Supplied

A spacious apartment with sweeping, ninth-floor views across Lake Burley Griffin is another option. This two-bedroom, two-bathroom residence is in Canberra's striking Nishi building.

909/25 Edinburgh Avenue, City: $970,000

909/25 Edinburgh Avenue, City (NewActon). Photo: Supplied

Inner south

Canberra's prestigious inner south has always been an enviable location. It's home to the city's most expensive suburb, Forrest, where the median property price is $1,517,500. Suburban medians start at $525,450 in apartment-heavy Kingston. So what can $1 million get you here?

A three-bedroom waterfront apartment on the Kingston Foreshore offers low-maintenance living with restaurants, cafes and watering holes on your doorstep.

7/27 Eastlake Parade, Kingston: $945,000+

7/27 Eastlake Parade, Kingston. Photo: Supplied

Narrabundah is a popular choice for buyers hoping to get a foot on the inner south property ladder. All the work has been done at this new three-bedroom, two-bathroom house, if you're willing to spend a little bit more than $1 million.

5 Tarana Street, Narrabundah: $1,100,000

5 Tarana Street, Narrabundah. Photo: Supplied

Closer to the lake is this north-facing, three-bedroom townhouse in Yarralumla. It's just a block from the popular local shops.

2/4 Hutchins Street, Yarralumla: $969,000+

2/4 Hutchins Street, Yarralumla. Photo: Supplied

Woden Valley

House prices have climbed in Woden thanks to picturesque locations, centrality and some impressive renovations. Suburb medians start at $397,500 in Phillip, where this is mostly units, and soar to $1,183,000 in O'Malley.

This four-bedroom house sits on a spacious block of more than 1000 square metres in Garran, not far from nature reserve and Canberra Hospital. It also comes with a large, detached studio. It's ready for a family to move straight in but could also be updated.

14 Savery Street, Garran: $999,000+

14 Savery Street, Garran. Photo: Supplied

Weston Creek

Weston Creek is a popular location for families thanks to its geographically-central location and schools. Many homes enjoy positions opposite nature reserve or with mountain views. Suburb medians start at $552,500 in Rivett, reaching $725,000 in Chapman.

This five-bedroom house in popular Duffy sits on a sprawling 958 square metres and features a north-facing, open-plan family and meals area and a segregated master suite.

40 Tullaroop Street, Duffy: $950,000+

40 Tullaroop Street, Duffy. Photo: Supplied

Molonglo Valley

Canberra's newest region is filled with an array of new houses at various price points, many nudging the million-dollar mark. Suburb medians include $449,950 in Wright, $559,00 in Coombs and $485,000 in Denman Prospect.

For just under $1 million you can snap up a new four-bedroom, two-bathroom house opposite reserve in Denman Prospect.

6 Batterham Crescent, Denman Prospect: $995,900

6 Batterham Crescent, Denman Prospect. Photo: Cassie Atkinson

Spend a little extra and you can purchase a five-bedroom house opposite green space.

7 Bertie Close, Denman Prospect: $1,100,000

7 Bertie Close, Denman Prospect. Photo: Supplied

Tuggeranong

Canberra's former "nappy valley" is still a popular choice for a range of buyers, thanks in part to a range of price points and picturesque landscapes. Those homes that reach $1 million or more often boast sweeping views of the region and the Brindabellas beyond or are located in the region's north, closer to Woden. Median property prices begin at $455,000 in Banks, extending to $744,500 in Fadden.

Well below the million-dollar mark is this spacious five-bedroom house in Banks. It sits on 891 square metres and features picturesque views and a pool.

27 Alison Ashby Crescent, Banks: $875,000

27 Alison Ashby Crescent, Banks. Photo: Supplied

Greater Queanbeyan

Many Canberrans have jumped ship to NSW in search of greater bang for their buck.

Queanbeyan's median property price is $390,000, while Jerrabomberra's is $700,000.

Jerrabomberra is a popular location for buyers seeking a standout, established house. This five-bedroom residence sits on more than 900 square metres opposite reserve. A large, covered alfresco space, pool and bushland views are among the highlights.

1 Teak Place, Jerrabomberra: $919,000

1 Teak Place, Jerrabomberra. Photo: Supplied

This elevated, four-bedroom Jerrabomberra house also features spacious living areas close to bushland.

17 Dennis Place, Jerrabomberra: $983,000

17 Dennis Place, Jerrabomberra. Photo: Supplied

...and beyond

If a country escape near Canberra is more to your liking, there are various options hovering around the million-dollar mark across the Southern Tablelands.

This Bungendore region property features a Hamptons-inspired home on 40 acres - and a pricetag of less than $1 million.

55 Butmaroo Road, Bungendore: $960,000

55 Butmaroo Road, Bungendore.

Wamboin offers a five-bedroom, three-bathroom house on a 7.7-hectare parcel of land. It features an in-ground pool, sheds and more.

174 Hogan Drive, Wamboin: $1,080,000

174 Hogan Drive, Wamboin. Photo: Supplied