Melbourne’s outer suburbs and parts of regional Victoria have emerged as the strongest performers in the REIV’s latest median price data for the March 2026 quarter.
Released today, the data shows sustained annual growth across all major market segments. Metropolitan house prices climbed to a median of $991,500, the highest level since September 2022, signalling continued stability in Melbourne’s housing market.
In a notable statewide shift, the median regional house price has overtaken the median metropolitan unit price for the first time. Regional house prices rose 3.8 per cent over the quarter to $672,000, placing them more than $10,000 above their metropolitan unit counterparts. The trend points to a sustained growth in Victoria’s regional centres.
This result also marks the strongest quarterly growth for regional house prices since 2021, supported by more modest regional unit growth of 0.7 per cent. Taken together, regional home values have now reached record highs for three consecutive quarters.
While growth across metropolitan markets was more moderate, it remained consistent. House and unit prices rose 1.9 per cent and 1.1 per cent respectively over the quarter, extending a steady trend to five consecutive quarters of gains.
Looking closer, Melbourne’s outer ring dominated quarterly house price growth. Taylors Lakes, Lilydale and Mornington each recorded increases of at least 10 per cent, highlighting momentum across metro Melbourne. Meanwhile, Keilor Park entered the million-dollar club for the first time, with house price growth of 12.8 per cent, respectively. Double-digit annual growth was recorded across Melbourne, Carrum Downs and Frankston in the southeast to Kurunjang and Hoppers Crossing in Melbourne’s west all of which recorded annual growth exceeding 12 per cent.
REIV CEO Toby Balazs said the latest data once again confirms the stability of Victoria’s property market.
“The current uncertainty in international markets, rising interest rates and general cost of living pressures, these results confirm the sound investment credentials of Victoria’s housing market.
“In an election year, all eyes are on State Leaders to take a closer look at the data and design policy that supports market stability, delivering stronger housing outcomes for all Victorians.”
Mr Balazs said the upcoming Budget presents a critical opportunity to recalibrate tax policy settings that have placed mounting pressure on investors and, in turn, constrained housing availability.
Media Contact: media@reiv.com.au - 03 9205 6607